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

 

Tourism: China Southern Airlines To Fly To Christchurch

China Southern Airlines, in partnership with Christchurch Airport and the South Island tourism industry, has announced today it will begin flying directly between Guangzhou, Mainland China and the South Island. More>>

ALSO:

Dodgy: Truck Shops Come Under Scrutiny

Mobile traders, or truck shops, target poorer communities, particularly in Auckland, with non-compliant contracts, steep prices and often lower-quality goods than can be bought at ordinary shops, a Commerce Commission investigation has found. More>>

ALSO:

Auckland Transport: Government, Council Agree On Funding Approach

The government and Auckland Council have reached a detente over transport funding, establishing a one-year, collaborative timetable for decisions on funding for the city's transport infrastructure growth in the next 30 years after the government refused to fund the $2 billion of short and medium-term plans outlined in Auckland's draft Unitary Plan. More>>

ALSO:

Bullish On China Shock: Slumping Equities, Commodities May Continue, But Not A GFC

The biggest selloff in stock markets in at least four years, slumping commodity prices and a surge in Wall Street's fear gauge don't mean the world economy is heading for another global financial crisis, fund managers say. More>>

ALSO:

Real Estate: Investors Driving Up Auckland Housing Risk - RBNZ

The growing presence of investors in Auckland's property market is increasing the risks, and is likely to both amplify the housing cycle and worsen the potential damage from a downturn both to the financial system and the broader economy, said Reserve Bank deputy governor Grant Spencer. More>>

ALSO:

Annual Record: Overseas Visitors Hit 3 Million Milestone

Visitor arrivals to New Zealand surpassed 3 million for the first time in the July 2015 year, Statistics New Zealand said today. The record-breaking 3,002,982 visitors this year was 7 percent higher than the July 2014 year. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news