Windfall profit

Trilogy International independent director Mandy Sigaloff is sitting on a paper profit of $664,000 after she exercised share options granted before her appointment in 2013. Sigaloff was granted the right to buy 200,000 ordinary shares at 80c each as part of her agreement to join the board. The options were authorised by the directors on November 22, 2013, when shares traded at 60c. A notice to the NZX shows Sigaloff exercised her right to buy on September 26, paying $160,000 in cash. At the end of trading that day, Trilogy shares closed at $4.12, valuing her 200,000 shares at $824,000, delivering a paper profit of $664,000.