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

 


Abano wins bid to sack rebel shareholder Hutson, wife

Abano wins bid to sack rebel shareholder Hutson from job at audiology joint venture

By Paul McBeth

May 19 (BusinessDesk) - Abano Healthcare won a bid to sack rebel shareholder Peter Hutson and his wife Anya from their audiology joint venture, Bay International.

The Employment Relations Authority ruled the Abano directors on the Bay board had the right to end the employment agreements of the Hutsons, who own half the audiology firm, Abano said in a statement. The ruling doesn’t affect the Hutsons’ shareholding, or their rights to board representation.

Abano sought to oust the Hutsons after they rejected a suggestion protocols be put in place to manage conflicts of interest when Peter Hutson’s involvement in a takeover bid emerged last year.

Peter Hutson, as chief executive and executive chair, and Anya Hutson, as human resources director, claimed their continuing employment after the initial three-year fixed term of their contracts meant the Bay board’s right to terminate their employment fell away.

“The meaning advocated flouts business common sense and would produce a commercially absurd outcome,” ERA member Tania Tetitaha said in her May 16 determination. “The respondents would in effect upon becoming permanent employees also become masters in the employment relationship.”

The ruling binds the Hutsons to the terms and conditions of the 2009 agreement, granting the Abano-appointed directors the ability to end their employment. Costs were reserved.

The employment skirmish is the latest in running dispute between Peter Hutson, who owns 15 percent of Abano, and the company’s board. Hutson and fellow shareholder James Reeves are seeking a special meeting to dump chairman Trevor Janes and refresh the board.

Hutson was a director of Abano last September during an attempt by Hutson and Reeves to mount a full takeover bid for Abano pitched as high as $7.80 a share, but which Janes rejected, relying in part on a report by investment house Grant Samuel, which Hutson and Reeves says gave an inflated valuation.

Abano’s shares were unchanged at $7 on Friday, and have gained 9.9 percent this year.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Balance Of Trade: NZ Posts Trade Deficit In October On Falling Dairy Exports

New Zealand’s posted its largest monthly trade deficit for October in six years, while narrowing the shortfall from September, led by a fall in dairy exports to China while all main imports into the country rose. More>>

ALSO:

Gigatown Winner: Plenty Of Positives For Dunedin

Although the city has taken the Gigatown title, along with new ultrafast 1Gbps broadband and funding for $700,000 worth of UFB-related initiatives across the community, Mr Cull says Dunedin has gained so much more through its involvement. More>>

ALSO:

R18: The Warehouse Group Praised For Removing Games

The decision by New Zealand’s largest retailer The Warehouse Group (TW Group), to withdraw stocks of the latest version of Grand Theft Auto V (GTA V) and other R18 games, has been praised by advocacy group Stop Demand Foundation. More>>

ALSO:

Air NZ Wine Awards: Victory For Villa Maria As Pinot Noir Thrills

It was a night to remember as Villa Maria Estate picked up one of the highest accolades of the evening, the O-I New Zealand Reserve Wine of the Show Trophy, at the 28th Air New Zealand Wine Awards. The Villa Maria Single Vineyard Southern Clays Marlborough ... More>>

ALSO:

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:

Get More From Scoop

 
 
Standards New Zealand

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