A2 Milk chief executive Jayne Hrdlicka caused a stir on the sharemarket last year with the sale of her shares in the company and it's looking likely that there will another sale in August.

In response to a shareholder question at November's annual meeting, Hrdlicka said the majority of her remaining "transition shares" would need to be sold to pay tax and complete an investment for a decision made in 2016. She also indicated a small portion would be retained to begin to build a position in a2 Milk.

As part of her package, Hrdlicka settled on compensation of about two thirds of the value of her then Qantas entitlements.

A2 Milk regards the "transition" shares - essentially compensation for value foregone as a result of her move away from Qantas - and are separate from any awards that might occur under incentive schemes.


In reply to a query from the Herald, a2 Milk said another tranche of shares is due to be vested with Hrdlicka in August.

Last September, Hrdlicka controversially sold about 340,000 shares a2 Milk for a total of around $4.3m.

Under the terms of employment released to NZX, Hrdlicka's salary is A$1.5m per year, reviewed annually, with a yearly bonus of up to 100 per cent of her salary based on performance against key indicators.

The a2 Milk board can also increase or decrease that by 20 per cent on its own assessment of her performance.

Hrdlicka was chief executive of the Qantas unit, Jetstar Group, for five years before she joined a2 Milk.

A2 Milk last month reported a 55 per cent lift in net profit to $152.7 million for the six months to December, prompting a sharp rally in its share price.

On strength of the result, analysts are now looking at revenue coming in at $1.35b for the June year, which would be up 46 per cent on last year's figure, and ebitda of $420m, up 48.4 per cent.

A2 Milk's shares last traded at $14.47 after hitting a record of $14.84 following last month's result.