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

 

Insurers Up For More Payouts: Chch Property Investor Wins Policy Appeal In Supreme Court

Ridgecrest NZ, a property investor, has won an appeal in the Supreme Court over insurance cover provided by IAG New Zealand for a Christchurch building damaged in four successive earthquakes. More>>

ALSO:

Other Cases:

Royal Society: Review Finds Community Water Fluoridation Safe And Effective

A review of the scientific evidence for and against the efficacy and safety of fluoridation of public water supplies has found that the levels of fluoridation used in New Zealand create no health risks and provide protection against tooth decay. More>>

ALSO:

Scoop Business: Croxley Calls Time On NZ Production In Face Of Cheap Imports

Croxley Stationery, whose stationery brands include Olympic, Warwick and Collins, plans to cease manufacturing in New Zealand because it has struggled to compete with lower-cost imports in a market where the printed word is giving way to electronic communications. More>>

ALSO:

Prefu Roundup: Forecasts Revised, Surplus Intact

The National government heads into the election with its Budget surplus target broadly intact, delivering a set of economic and fiscal forecasts marginally revised from May to reflect weaker commodity prices and a lower tax take. More>>

ALSO:

Convention Centre: Major New SkyCity Hotel And Laneway For Auckland

Today SKYCITY Entertainment Group Limited revealed plans to build a new hotel and pedestrian laneway of bars, restaurants and boutique shopping on land it owns in the Nelson and Hobson Streets block, expanding the SKYCITY Entertainment Precinct. More>>

ALSO:

Igniting The Spark: Bringing The Digital Enabler To Life

Changing a name is, relatively speaking, the easy part of a re-invention. Changing a culture, getting all the ducks in a row, turning yourself inside-out to become customer-inspired is a much bigger challenge. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

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