NZX's Bennett rounds out 2012 filings with $1.8m share acquisition

Free audio stream, including stories that are padlocked on our site. Listen on any device, anywhere. Updated twice daily. The audio stream takes several seconds to start on Android devices.

Launch Radio player

NZX chief executive Tim Bennett featured in the final NZX stock filing for 2012 with an announcement he had acquired 1.58 million shares from his long-term incentive scheme.

Mr Bennett acquired the $1.87 million stake, which amounts to 0.6% of the shares on issue, as part of his incentive scheme, according to the statement to the NZX.

The shares were issued at $1.19 apiece, a 1.7% discount to the stock's closing price of $1.21.

The incentive scheme runs for five years and means Mr Bennett can buy the shares at that price, funded by a loan from NZX, which will bear the interest costs.

If the total shareholder return exceeds a margin of 1% over NZX's weighted average cost of capital, which is determined by the board, he will receive a bonus equivalent to the value of the loan and a transfer of the shares.

If he misses the hurdle rate, then he has to repay the loan from his own pocket.

Mr Bennett can't sell the shares until 10 business days after publication of the group's results, six months after the end of the scheme, which is scheduled for the middle of 2017.

In September, Mr Bennett bought almost 310,000 shares at $1.10 apiece from an NZX subsidiary that held the stock as part of a previous group share scheme that hadn't vested.

The stock rose 0.8% today, rounding out a 24% annual gain, and is rated an average "hold" based on three analyst recommendations compiled by Reuters with a median target price of $1.19.

BusinessDesk


This article is tagged with the following keywords. Find out more about MyNBR Tags

Comments & Questions

Commenter icon key: Subscriber Verified

Post New comment or question

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7397 -0.0089 -1.19%
AUD 0.9527 -0.0091 -0.95%
EUR 0.6802 0.0014 0.21%
GBP 0.4900 -0.0011 -0.22%
HKD 5.7398 -0.0680 -1.17%
JPY 89.3900 -0.5150 -0.57%

Commods

Commodity Price Change Time
Gold Index 1198.1 -1.940 2015-03-05T00:
Oil Brent 61.0 -0.700 2015-03-05T00:
Oil Nymex 52.5 -0.730 2015-03-05T00:
Silver Index 16.1 0.000 2015-03-05T00:

Indices

Symbol Open High Last %
NZX 50 5856.8 5903.6 5856.8 0.79%
NASDAQ 4979.9 4993.5 4967.1 0.32%
DAX 11513.9 11572.3 11504.0 0.46%
DJI 18096.9 18160.3 18096.9 0.21%
FTSE 6961.1 6961.2 6961.1 -0.53%
HKSE 24235.8 24294.4 24193.0 -0.12%
NI225 18814.8 18979.6 18751.8 1.17%