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

 

Sky City : Auckland Convention Centre Cost Jumps By A Fifth

SkyCity Entertainment Group, the casino and hotel operator, is in talks with the government on how to fund the increased cost of as much as $130 million to build an international convention centre in downtown Auckland, with further gambling concessions ruled out. The Auckland-based company has increased its estimate to build the centre to between $470 million and $530 million as the construction boom across the country drives up building costs and design changes add to the bill.
More>>

ALSO:

RMTU: Mediation Between Lyttelton Port And Union Fails

The Rail and Maritime Union (RMTU) has opted to continue its overtime ban indefinitely after mediation with the Lyttelton Port of Christchurch (LPC) failed to progress collective bargaining. More>>

Earlier:

Science Policy: Callaghan, NSC Funding Knocked In Submissions

Callaghan Innovation, which was last year allocated a budget of $566 million over four years to dish out research and development grants, and the National Science Challenges attracted criticism in submissions on the government’s draft national statement of science investment, with science funding largely seen as too fragmented. More>>

ALSO:

Scoop Business: Spark, Voda And Telstra To Lay New Trans-Tasman Cable

Spark New Zealand and Vodafone, New Zealand’s two dominant telecommunications providers, in partnership with Australian provider Telstra, will spend US$70 million building a trans-Tasman submarine cable to bolster broadband traffic between the neighbouring countries and the rest of the world. More>>

ALSO:

More:

Statistics: Current Account Deficit Widens

New Zealand's annual current account deficit was $6.1 billion (2.6 percent of GDP) for the year ended September 2014. This compares with a deficit of $5.8 billion (2.5 percent of GDP) for the year ended June 2014. More>>

ALSO:

Still In The Red: NZ Govt Shunts Out Surplus To 2016

The New Zealand government has pushed out its targeted return to surplus for a year as falling dairy prices and a low inflation environment has kept a lid on its rising tax take, but is still dangling a possible tax cut in 2017, the next election year and promising to try and achieve the surplus pledge on which it campaigned for election in September. More>>

ALSO:

Job Insecurity: Time For Jobs That Count In The Meat Industry

“Meat Workers face it all”, says Graham Cooke, Meat Workers Union National Secretary. “Seasonal work, dangerous jobs, casual and zero hours contracts, and increasing pressure on workers to join non-union individual agreements. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

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