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

 

Summerset first-quarter occupation rights rise 3.4%

Summerset first-quarter occupation rights rise 3.4%

By Suze Metherell

April 9 (BusinessDesk) – Summerset Group, the retirement village operator asking shareholders to boost directors’ fees 50 percent, lifted occupation rights in the first quarter from a year earlier.

The Wellington-based company increased sales of occupation rights by 3.4 percent to 92 in the three months ended March 31, from 89 a year earlier, it said in a statement. Of that, 48 were new sales, and 44 were resales, compared to 64 and 25 respectively a year earlier.

Late last month the group said it wanted to lift the pool for directors’ fees from $400,000 to $600,000 to compensate the directors who replaced representatives of former cornerstone shareholder Quadrant Private Equity and add one board member. Earlier this year the company reported a profit of $34 million in calendar 2013, as sales of occupation rights to its retirement units reach an all-time high.

Shareholders will vote on the pool increase at its annual meeting in Wellington on April 30.

Shares in the company were at $3.41 before trading opened and have gained 4.9 percent this year, under-performing the benchmark index’s 6.2 percent rise. Since Quadrant sold down its stake and listed the company on the NZX stock exchange the share price has gained 153 percent.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Reserve Bank: Official Cash Rate Unchanged At 1.75 Percent

Global economic growth has increased and become more broad-based. However, major challenges remain with on-going surplus capacity and extensive political uncertainty... More>>

Kaikōura Earthquake: Private Insurers Receive $1.8b Claims

Insurance Council Chief Executive Tim Grafton said most is for commercial loss at $1.36 billion, with residential claims amounting to over $460 million. “...We have a high level of confidence that most people will have received settlement offers by the end of this year." More>>

ALSO:

Forms And Data: New Proposals To Simplify Personal Income Tax

The Government is proposing to make tax simpler for individuals, with people whose only income is from a salary, wages or investments no longer being required to file tax returns to receive tax refunds or to calculate any additional tax. More>>