Mainfreight shareholders support employee scheme
By Campbell McIlroy
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:
Orion Health reports $61M full-year loss, beats prospectus on recurring revenue
NZ trade surplus narrows as expected in April as whole milk powder exports decline
FMA gives NZX clean bill of health for its regulation of markets
SkyCity lifts minimum convention centre investment to $430M, says total cost could reach $470M
Tower posts first-half loss on increased quake costs, underlying earnings rise in line with guidance
NZ dollar little changed in quiet trading as major markets closed for holidays
New health and safety law likely to be softened on small employers' fears
MARKET CLOSE: NZ shares rise, led by Contact; F&P, MetroGlass advance
Sanford 1H profit falls 18% on $6.8 mln mussel plant, fleet write-downs
Most Commented On
NZX 15 Index