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

 

Onetai Station: Overseas Investment Office Puts Ceol & Muir On Notice

The Overseas Investment Office (OIO) has issued a formal warning to Ceol & Muir and its owners, Argentinian brothers Rafael and Federico Grozovsky, for failing to provide complete and accurate information when they applied to buy Onetai Station in 2013. More>>

ALSO:

Tomorrow, The UN: Feds President Takes Reins At World Farming Body

Federated Farmers president Dr William Rolleston has been appointed acting president of the World Farmers’ Organisation (WFO) at a meeting in Geneva overnight. More>>

ALSO:

I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>

ALSO:

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news