Metlifecare wants 67% rise in directors' fee pool after merger
The request for a bigger fee pool is the first since 2004.
BUSINESSDESK: Retirement village operator Metlifecare wants shareholders to sign off on a 67% bump in the pool for directors' fees after expanding its operations in the merger with Vision Senior Living and Private Life Care.
Shareholders will be asked to approve lifting the fee pool to $500,000 from $300,000 at their October 30 annual meeting in Auckland to cater for the extra two independent directors after the July merger, the company says in its notice of meeting.
The increase is smaller than the aggregate fee pool across the three entities and will not result in a bump for individual directors' fees.
"It is important that the company can attract and retain directors of the highest calibre and remunerate them appropriately as the company moves forward after its recent merger," it says.
"The new proposed limit recognises that the board is represented by a majority of independent directors and is no longer a Retirement Villages Group controlled entity."
The all-scrip merger valued at $91.8 million added eight villages to Metlifecare's portfolio taking it to 24, three of which are in development, and increased the number of units to 3902 from 2460.
The request for a bigger directors' fee pool is the first since 2004.
Metlifecare's shares rose 1% to $2.92 and have gained 28% this year.
Paul McBeth
Wed, 11 Jul 2018
Wed, 11 Jul 2018
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Metlifecare wants 67% rise in directors' fee pool after merger
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