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

 

Bad Day For Rope: Donaghys Job Losses Another Blow To Dunedin

The loss of 30 jobs from Donaghys rope and twine factory is yet another blow to the people and economy of Dunedin, says Dunedin South Labour MP Clare Curran. More>>

ALSO:

Oil: 2014 New Zealand Petroleum Summit

Simon Bridges: Our abundance of energy and minerals resources provides us with unique opportunities to build the New Zealand economy.

Over the past three years the Government has made significant changes to how the sector is regulated. More>>

ALSO:

WWF Report: Solutions In Reach; World Biodiversity Suffers Major Decline

Global wildlife populations have declined by more than half in just 40 years as measured in WWF's Living Planet Report 2014. Wildlife's continued decline highlights the need for sustainable solutions to heal the planet... More>>

ALSO:

Scoop Business: NZ Dollar Catches Breath After "Goldilocks" Slump

The New Zealand dollar edged up following its dramatic slump yesterday after the Reserve Bank confirmed speculation it intervened in the currency market last month and PM John Key suggested a “Goldilocks” level far lower than at present. More>>

ALSO:

Biosecurity: Kiwifruit Claim To Hold Officials Accountable For Psa

Kiwifruit growers have joined forces to hold Biosecurity NZ accountable in the courts for its negligence in allowing 2010’s Psa outbreak that devastated New Zealand’s kiwifruit industry and exports. Foundation claimants representing well ... More>>

ALSO:

Poison: Anglers Advised Not To Eat Trout In 1080 Areas

With the fishing season opening in just a few days (1 October 2014), anglers are being warned by the Department of Conservation(DOC) not to eat trout from pristine backcountry waters and their downstream catchments, where the department is conducting 1080 poisoning operations. More>>.

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news