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.
This article is tagged with the following keywords. Find out more about MyNBR Tags
- NZ dollar gains as upbeat data across Asia spurs US dollar selling
- MARKET CLOSE: Shares rise as Trade Me gains, F&P reaches record; A2 Milk falls
- Costly court forgery for twice-bankrupted property developer
- Opportunity to own a slice of prehistoric New Zealand
- Will Hellaby's lumpy contract oil and gas business finally deliver?
Most listened to
- Hellaby’s oil & gas services business could deliver this year, says new managing director Alan Clarke
- Hamish McNicol talks about Yoghurt Story
- TrueNet's John Butt on internet speeds
- Snakk Media chief executive Mark Ryan wonders how to "move the needle" on Snakk's share price
- Head-to-head: Federated Farmers director Katie Milne and SAFE executive director Hans kriek debate dairy industry's treatment of bobby calves