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

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 My Tags

Comment & Question

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 0.7947 -0.0018 -0.23%
AUD 0.9039 -0.0041 -0.45%
EUR 0.6280 0.0015 0.24%
GBP 0.4956 0.0013 0.26%
HKD 6.1660 -0.0121 -0.20%
JPY 85.2030 -0.0360 -0.04%

Commods

Commodity Price Change Time
Gold Index 1248.5 1.960 2014-10-21T00:
Oil Brent 86.2 -0.850 2014-10-21T00:
Oil Nymex 82.5 -0.270 2014-10-21T00:
Silver Index 17.5 0.195 2014-10-21T00:

Indices

Symbol Open High Last %
NZX 50 5233.1 5284.3 5233.1 0.89%
NASDAQ 4429.2 4433.4 4419.5 0.24%
DAX 8934.5 8957.2 8887.0 0.46%
DJI 16615.3 16647.6 16614.8 0.12%
FTSE 6372.3 6397.8 6372.3 0.31%
HKSE 23300.5 23460.8 23088.6 1.37%
NI225 15038.2 15195.8 14804.3 2.64%