Sharechat Logo

Mainfreight shareholders support employee scheme

By Campbell McIlroy

Friday 28th July 2000

Text too small?
Speculation that institutional investors would oppose an extension to Mainfreight's share purchase scheme was proved wrong at yesterday's annual meeting as it was passed unopposed.

Mainfreight managing director Bruce Plested said the institutions that had criticised the plan had not done their homework as they wrongly thought it was a scheme for a small group of executives.

The scheme will be available to all employees. It made sense to have people committed to the company as shareholders and was the way business should be done, Mr Plested said.

The motion will enable the company to offer employees up to 1.4 million shares or 2% of the shares on issue and the company will lend up to $2 million for employees to buy into the scheme.

Mainfreight recorded a $9 million after-tax profit for the year to March 31, up 30.4% from last year on turnover of $312 million, up 9% from the previous year.

In April, Mainfreight bought underperforming Australian freight forwarder K & S Express and has renamed it Mainfreight Distribution Pty. The price was $A9.4 million.

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.
Bookmark and Share   Printable version
Related News

MARKET CLOSE: NZ shares drop; TradeMe, A2 Milk fall while Summerset, Intueri gain
NZ dollar falls as rising US bond yields drive up greenback
Pumpkin Patch receivers to close seven stores, laying off 57 staff
Fat Prophets Hot Stock - Oil Search (OSH)
Youi braces for $350,000 penalty on dodgy sales tactics
Chinese dairy investor faces hurdles to develop NZ dairy factory
Augusta seeks to oust NPT board after rebuff over management contract
KiwiRail sees some green shoots in outlook for coal volumes, 'wall of wood'
Countdown sales rise 1.9% in 1Q as Woolworths looks to Christmas for profit
Meridian CEO Mark Binns hopes Tiwai smelter will stay, 'but not at any cost'

IRG See IRG research reports