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

 

Future Brighter Money: RBNZ Releases New Bank Note Designs

New Zealand’s banknotes are getting brighter and better, with the Reserve Bank today unveiling more vibrant and secure banknote designs which will progressively enter circulation later next year. More>>

ALSO:

Commerce: Supermarket Inquiry Finds No Breaches By Countdown

The Commerce Commission inquiry into anti-competitive behaviour by Countdown supermarkets, alleged by former Labour Party MP Shane Jones, has found nothing to warrant prosecution, although it warns supermarkets to take care in the way they communicate... More>>

ALSO:

Crown Accounts: English Flags ‘Challenge’ To Budget Surplus

Finance Minister Bill English is warning next month’s half yearly fiscal and economic update from the Treasury may not forecast a budget surplus, saying that returning the government’s accounts to surplus in 2015 will be “a challenge”, given the decline in commodity prices and weak global inflation. More>>

ALSO:

March 2015: Netflix To Launch In Australia And New Zealand

World’s Leading Internet Television Network to Offer Original Series, Movies, Documentaries, Stand-Up Comedy Specials and TV Shows for Low Monthly Price More>>

ALSO:

Price Of Cheese (Is Up): Dairy Product Prices Fall To Five-Year Low

Dairy product prices fell in the latest GlobalDairyTrade auction to the lowest level in more than five years, led by declines in rennet casein and skim milk powder. More>>

ALSO:

Gordon Campbell: On The Australians Scoring Trade Points Against Us With The Chinese

It hasn’t been a great year for Trade Minister Tim Groser... To top it off, Australia has just signed a FTA with China that has far better provisions on dairy exports than what New Zealand currently enjoys in our own FTA with China. More>>

ALSO:

Iwi & Local Consultation: Oil And Gas Block Offer 2015 Begins

Energy and Resources Minister Simon Bridges today announced the start of the Block Offer 2015 process for awarding oil and gas exploration permits. More>>

Industrial Action: Stats NZ Throwing Public Money Away Duplicating Data

The Public Service Association (PSA) says Statistics NZ are throwing money away by collecting the same data twice for official statistics such as the Consumer Price Index... As part of the ongoing industrial action, field interviewers who are PSA members are continuing to collect data, but are not sending it through to Statistics NZ. More>>

ALSO:

Other Stats:

Space: Rosetta's 'Philae' Makes Historic First Landing On A Comet

After more than a decade traveling through space, a robotic lander built by the European Space Agency has made the first-ever soft landing of a spacecraft on a comet. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news