Summerset Group [NZX: SUM], the retirement village operator asking shareholders to boost directors' fees 50 percent, lifted occupation rights in the first quarter from a year earlier.
The Wellington-based company increased sales of occupation rights by 3.4 percent to 92 in the three months ended March 31, from 89 a year earlier, it said in a statement. Of that, 48 were new sales, and 44 were resales, compared to 64 and 25 respectively a year earlier.
Late last month the group said it wanted to lift the pool for directors' fees from $400,000 to $600,000 to compensate the directors who replaced representatives of former cornerstone shareholder Quadrant Private Equity and add one board member. Earlier this year the company reported a profit of $34 million in calendar 2013, as sales of occupation rights to its retirement units reach an all-time high.
Shareholders will vote on the pool increase at its annual meeting in Wellington on April 30.
Shares in the company were at $3.41 before trading opened and have gained 4.9 percent this year, under-performing the benchmark index's 6.2 percent rise. Since Quadrant sold down its stake and listed the company on the NZX stock exchange the share price has gained 153 percent.
This article is tagged with the following keywords. Find out more about MyNBR Tags
- Bayleys fined $2.2m, Success Realty fined $900,000 in first of 13 price-fixing cases
- NBR ONLINE paid member subscribers top 4000
- MARKET CLOSE: NZ shares rise as speculation on interest rate cuts fuels global equities buying
- Time to call a smoko on smokers
- Fonterra the first of six companies taking Z Energy's new biodiesel
Most listened to
- Business Week in Review with Grant Walker & Andrew Patterson
- Matthew Hooton on the state of the British Labour party under Jeremy Corbyn
- Rodney Hide on the Ombudsman’s investigation into SSC conduct of MFAT leaks inquiry
- David Cohen on how to walk out of a TV interview
- Imperial Tobacco lobbyist insists NZ visit about “contributing expertise,” not pressuring government on plain packaging law