Wakefield Health wants to become Acurity
BUSINESSDESK: Wakefield Health, the private hospital investor, will ask shareholders next month to approve a name change to Acurity Health Group and a 5% increase in the pool of directors’ fees.
Wakefield has carried its name since it began with just one facility, Wakefield Hospital. It has since grown into an investor in hospitals across the North Island and the original name was less relevant to the enlarged group, it said.
There has also been confusion about using the same branding for the group and the original hospital in Wellington.
Shareholders will also be asked at the August 3 meeting to approve an increase in the directors’ fee pool to $420,000 from $400,000, the first rise in fees since 2008.
Shares of Wakefield last traded at $4.80, valuing the company at $82.8 million, and have declined 9.4% in the past 12 months.
In May, the company posted a 27% jump in full-year earnings as demand for ACC-funded surgery made up for flatter private revenue.
Back to home
Back to top
Print
Latest
NBR SERVICES
SUBSCRIPTIONS
Sign up for NBR subscriber content or email alerts
Comments and questions4
Why are the directors being paid more when the shares have declined in value.
If there was a 27% jump in revenues obviously the expenses blew out or the increased surgery was done at either a loss or at very low profit.
The Directors then should not get a pay rise. The only rweason put forward is that they have not had a rise since 2008. Well boo hoo increase the profit for the shareholders and you will geta pay rise.
The only time directors should get a pay rise is when profits have increased and the shareholders recieve a better price for their shares. I cannot see this here.
Well I'm getting out.
I like the Wakefield name and the history with it. What marketers wet dream is Acurity. What does it mean, accuracy and security - yawn. How much did this cost? And the rebranding cost, signs, notepads etc...
The Directors fees increase is another big flag - I remember when the shares started with an 8!! No pay rise till it gets back chaps!
Yuk - agree with four ships - hate the name. Nothing wrong with Wakefield .
Shares have fallen steadily over the years ever since the engagement of the now Chief Executive Andrew Blair. He spends more time across the ditch working on his own personal agenda than he does focusing on issues to re-build the Wakefield brand.