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

 

NZ's Space Programme: Rocket Lab Makes It To Space (But Not Orbit)

Electron lifted-off at 16:20 NZST from Rocket Lab Launch Complex 1 on the Mahia Peninsula in New Zealand. It was the first orbital-class rocket launched from from a private launch site in the world. More>>

ALSO:

Earlier:

Budget: Irrigate (Good Times, Come On!)

Additional grant funding of $26.7 million over the next three years plus a capital boost of $63 million towards irrigation investments in Budget 2017 will deliver economic and environmental benefits through better use of water... More>>

ALSO:

Silver Fern Farms: Proposal To Close Fairton Sheepmeat Plant

Silver Fern Farms has advised its people of the proposal to permanently close the site, and has discussed potential transfer options to its other sites in the region as part of the consultation process...
More>>

ALSO:

MPI: Myrtle Rust Appears In Taranaki

The nursery in Waitara (just north of New Plymouth) reported suspected myrtle rust symptoms on young plants to the Ministry’s 0800 number yesterday (Tuesday). More>>

ALSO: