NZX shareholders increase directors' fees, plan to return capital
First fee hike in seven years approved.
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BUSINESS DESK: Shareholders in the NZX, the stock exchange operator, have signed off on the first increase in directors fees in seven years and approved the company's plan to return up to $35 million to investors.
At the company's annual general meeting in Wellington investors approved an increase in directors' fees to $435,000 from $375,000.
Separately, investors voted in favour of a capital return plan that will see circa $32.5m to $35m returned to shareholders.
The company will also pay a quarterly dividend of 3.25 cents a share.
In a statement released earlier today, the stock exchange operator announced it had lifted its first-quarter revenue by 3%on increased agri information sales.
The company’s information markets and infrastructure assets underpinned its quarterly sales of $13.9m, up from $13.5m in the same period a year earlier.
This was outgoing chief executive Mark Weldon's final meeting before he hands over the reins to relative unknown Tim Bennett next week.
Weldon is leaving NZX after a decade at the helm, driving a strategy to diversify away from stock trading revenue and listings to electricity, agricultural commodities, media and data services.
Mr Bennett will focus on strengthening the exchange’s domestic markets, while maintaining a high degree of connectivity to Asia and other exchange operators, NZX chairman Andrew Harmos said in a statement in January.
NZX shares have gained about 26 percent this year and closed the day up 0.72% to $2.79.
Hannah Lynch
Mon, 30 Apr 2012
Mon, 30 Apr 2012
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NZX shareholders increase directors' fees, plan to return capital
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