PGG Wrightson Ltd is buying shares, which are currently trading at 57c each, back from a former executive at an average $2.75 a share.The company will buy 454,904 shares on October 29 from Michael Skilling, a senior executive who left the company on July
PGG Wrightson Ltd is buying shares, which are currently trading at 57c each, back from a former executive at an average $2.75 a share.
The company will buy 454,904 shares on October 29 from Michael Skilling, a senior executive who left the company on July 2.
Under the terms of his senior executive share incentive scheme PGG Wrightson is required to buy the shares from Mr Skilling at the August to September 2008 on-market purchase price Mr Skilling paid for the shares, which is an average of $2.75 per share.
Mr Skilling does not end up with the cash though as the money paid to him is used to repay loans provided by PGG Wrightson to him to originally purchase the shares.
The shares will be cancelled on acquisition.
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