WBHO boss cashes in

sells shares worth r50,5m to diversify.

mike wiley, ceo of wilson bayly holmes - ovcon (jse: wbo) sold 500 000 shares or 0,75% of the issued shares on tuesday at r101 a share, thereby realising r50,5m.

wiley told moneyweb: "wbho shares are the only shares i have ever owned. i have been accumulating shares since 1970. this is also the only job i have ever had and i am scheduled to retire next year. i decided it would be wise to diversify. that's why i sold.

"i have absolute faith in the company. its shares will always enjoy a heavy weighting in my portfolio."

wiley retains 1,7m shares worth r170m. the wbho share price has remained firm at r100, which gives the company a market capitalisation of r6,6bn, a pe of 6,4 and a dividend yield of 2,9%.

he said there was plenty of new work and no doom and gloom - but he doubted the growth of the past three years - 40%, 40% and 150% - could be maintained.