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

 


DNZ Property Fund axes five jobs to cut costs

DNZ Property Fund axes five jobs to cut costs

By Suze Metherell

April 14 (BusinessDesk) – DNZ Property Fund, the worst performing property stock on the NZX 50 Index the past year, will shed five jobs, including two executives as it looks to cut costs.

The restructure, initiated by chief executive Peter Alexander who joined the company in December, will save $1 million in annual remuneration from the 2016 financial year, the Auckland-based company said in a statement.

In the 2013 financial year DNZ spent $3 million on key management personnel costs, with $2.5 million on salary and other short-term benefits while the remainder was share incentive scheme costs. The two senior executives, Philip Brown, the general manager of investment, development and capital management, and Patrick O’Reilly, the general manager property who acted as chief executive before Alexander joined DNZ, fall under those costs.

DNZ declined to say who the other three employees were, but said they were not reflected in the key management personnel costs. The property fund expected the restructure to be completed this quarter.

Last June the fund asked shareholders to boost the directors’ fee pool by 27 percent citing the board presiding over a surging share price since the diversified property investor listed in 2010.

Shares in the property fund rose 0.3 percent to $1.54. The stock has an average recommendation of “hold” according to five analysts surveyed by Reuters, with a median price target of $1.61.In the past year DNZ has declined 14 percent, underperforming the benchmark index’s 14 percent gain.

(BusinessDesk)


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Maritime: Navigation Safety Review Raises Big Issues For The Govt

Shipping Federation: "The reports makes it clear that the ratification of the Maritime Labour convention (MLC) is long overdue. Only when the MLC is ratified will Maritime NZ be able to inspect and enforce the labour conditions on international ships visiting our ports." More>>

ALSO:

100 Years After Einstein Prediction: Gravitational Waves Found

For the first time, scientists have observed ripples in the fabric of spacetime called gravitational waves, arriving at the earth from a cataclysmic event in the distant universe. This confirms a major prediction of Albert Einstein’s 1915 general theory of relativity and opens an unprecedented new window onto the cosmos. More>>

ALSO:

Farming: Alliance Plans To Start Docking Farmer Payments

Alliance Group, New Zealand's second-largest meat cooperative, plans to start withholding some stock payments to its farmers from next week to bolster its balance sheet and force suppliers to meet their share requirements. More>>

ALSO:

Gambling: SkyCity First Half Profit Rises 30%, Helped By High Rollers

SkyCity anticipates the Auckland business will benefit from government gaming concessions which were triggered on Nov. 11 in recognition of SkyCity’s $470 million Convention Centre development. Morrison said the concessions would allow the Auckland business to lift its activity during peak period, noting it had a record revenue week over the Christmas and New Year period. More>>

ALSO:

Money For Light: Kiwi Scientists Secure Preferential Access To Synchrotron

Science and Innovation Minister Steven Joyce today announced a three-year investment of $2.8 million in the Australian Synchrotron, the largest piece of scientific infrastructure in the Southern Hemisphere, to secure preferential access for Kiwi scientists. More>>

Telco Industry Report: Investment Hits $1.7 Bln A Year

Investment in the telecommunications sector is $1.7 billion a year, proportionately one of the highest levels in the OECD, according to a report released today on the status of the New Zealand sector. More>>

ALSO:

PGPs: New Programme Sets Sights On Strong Wool

A new collaboration between The New Zealand Merino Company (NZM) and the Ministry for Primary Industries (MPI), announced today, aims to deliver premiums for New Zealand's strong wool sector... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news