Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


NZX boss Bennett gets $1.87M of stock under incentive scheme

NZX boss Bennett rounds out 2012 filings with $1.87M share acquisition

Dec. 31 (BusinessDesk) - NZX boss Tim Bennett featured in the final NZX stock filing for 2012, an announcement that he has acquired 1.58 million shares in the bourse operator from his long-term incentive scheme.

The stock exchange's chief executive acquired the $1.87 million stake, which amounts to 0.6 percent of the company's shares on issue, as part of his incentive scheme, according to a statement to the NZX. The shares were issued at $1.19 apiece, a 1.7 percent discount to the stock's closing price of $1.21.

The incentive scheme runs for five years and meant Bennett could buy the shares at that price, funded by a loan from NZX, which will bear the interest costs.

If the stock exchange operator's total shareholder return exceeds a margin of 1 percent over NZX's weighted average cost of capital, which is determined by the board, Bennett will receive a bonus equivalent to the value of the loan and a transfer of the shares.

If he misses the hurdle rate, then he has to repay the loan from his own pocket.

Bennett can't sell the shares until 10 business days after publication of the group's results, six months after the end of the scheme, which is scheduled for the middle of 2017.

In September, Bennett bought almost 310,000 shares at $1.10 apiece from an NZX subsidiary that held the stock as part of a previous group share scheme that hadn't vested.

The stock rose 0.8 percent today, rounding out a 24 percent annual gain, and is rated an average 'hold' based on three analyst recommendations compiled by Reuters with a median target price of $1.19.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Half Full: Dairy Payouts Steady, Cash Will Be Tight

Industry body DairyNZ is advising farmers to focus on strong cashflow management as they look ahead to the 2015-16 season following Fonterra's half-year results announcement today. More>>

ALSO:

First Union: Cotton On Plans To Use “Tea Break” Law

“The Prime Minister reassured New Zealanders that ‘post the passing of this law, will you all of a sudden find thousands of workers who are denied having a tea break? The answer is absolutely not’... Cotton On is proposing to remove tea and meal breaks for workers in its safety sensitive distribution centre. How long before other major chains try and follow suit?” More>>

ALSO:

Scoop Business: NZ-Korea FTA Signed Amid Spying, Lost Sovereignty Claims

A long-awaited free trade agreement between New Zealand and South Korea has been signed in Seoul by Prime Minister John Key and the Korean president, Park Geun-hye. More>>

ALSO:

PM Visit: NZ And Viet Nam Agree Ambitious Trade Target

New Zealand and Viet Nam have agreed an ambitious target of doubling two-way goods and service trade to around $2.2 billion by 2020, Prime Minister John Key has announced. More>>

ALSO:

Scoop Business: NZ Economy Grows 0.8% In Fourth Quarter

The New Zealand economy expanded in the fourth quarter as tourists drove growth in retailing and accommodation, and property sales increased demand for real estate services. More>>

ALSO:

Scoop Business: RBNZ’s Wheeler Keeps OCR On Hold, No Rate Hikes Ahead

The Reserve Bank has removed the prospect of future interest rate hikes from its forecast horizon as a strong kiwi dollar and cheap oil hold down inflation, and the central bank ponders whether to lower its assessment of where “neutral” interest rates should be. The kiwi dollar gained. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news