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

 

Final Frontier: Rocket Lab And NASA Sign Commercial Space Launch Agreement

Rocket Lab has signed a Commercial Space Launch Act Agreement with the National Aeronautics and Space Administration (NASA). The agreement enables Rocket Lab to use NASA resources - including personnel, facilities and equipment - for launch and reentry efforts. More>>

ALSO:

Scoop Business: Wheeler Downplays Scope For ‘Large’ Rates Fall

Reserve Bank governor Graeme Wheeler says some market commentators are predicting further declines in interest rates that would only make sense for an economy in recession, although some easing is likely to be needed to maintain New Zealand’s economic growth. More>>

ALSO:

Ruataniwha Dam: Consent Conditions Could Mean Reduced Intensity

Legal advice sought by the Hawke’s Bay Regional Council on the Ruataniwha Dam consent conditions has confirmed that farmers who sign up to take water from the dam could be required to reduce the intensity of their farming operation to meet the catchment’s strict nitrogen limit. More>>

Health And Safety: Bill Now Sees Rules Relaxed For Small Businesses

Health and safety law reform sparked by the Pike River coalmine disaster has been reported back from the industrial relations select committee with weakened requirements on small businesses to appoint health and safety representatives and committees. More>>

ALSO:

Bearing Fruit: Annual Fruit Exports Hit $2 Billion For First Time

The value of fruit exported rose 20 percent (up $330 million) for the June 2015 year when compared with the year ended June 2014. Both higher prices and a greater quantity of exports (up 9.0 percent) contributed to the overall rise. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news