Valim Francisco 4

What Happened

• Francisco Valim, CEO of izzi (Grupo Televisa's cable unit) exercised in‑the‑money derivative rights and sold underlying securities. On May 6, 2026 he exercised 225,000 CPO-equivalent shares at $0.09 each (cost $20,250) and sold those 225,000 shares in the open market at a VWAP of $0.57, generating $128,250 in proceeds. The filing also shows an additional exercise of 225,000 shares on May 7, 2026 reported as a derivative disposition with $0 cash reported; the filing does not provide further explanation for that entry.
• The May 6 activity is effectively a cashless exercise followed by an immediate sale (exercise + sell). Sales are often routine liquidity or tax-related actions rather than a directional bet on the stock.

Key Details

• Transaction dates & amounts:
  • 2026-05-06: Exercise (X) — 225,000 shares acquired @ $0.09 each; total reported $20,250 (USD).
  • 2026-05-06: Sale (S) — 225,000 shares sold in open market @ $0.57 VWAP; total reported $128,250 (USD). Actual MXN prices ranged 9.9100–9.9900 (per filing).
  • 2026-05-07: Exercise (X) — 225,000 shares reported as disposed (derivative) with $0 reported.
• Shares owned after transaction: not specified in the filing.
• Notable footnotes:
  • F1: Each CPO represents multiple underlying share classes (see filing).
  • F2: USD amounts converted from MXN at 17.3969 MXN/USD (May 1, 2026).
  • F3: VWAP and price range for the May 6 sale were disclosed; detailed per-price breakdown available upon request.
• Filing timeliness: Report covers 2026-05-06 and was filed 2026-05-07 — appears timely (no late filing indicated).

Context

• For retail investors: an exercise immediately followed by a sale is a cashless or liquidity-driven move; it does not necessarily signal the insider's long‑term view on the company. The filing records both the exercise and the sale separately, and also shows a second exercise entry with no cash reported on May 7 that the filing does not further explain.
• CPO note: these are certificated units that represent multiple Grupo Televisa share classes (see F1), so reported counts refer to CPOs, not single-class ordinary shares.