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
Comment:
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

Metlifecare likely to see share price surge, says First NZ Capital
'Under pressure' Weldon froze funding for Grain Exchange that led to losses, court hears
No road user charges feature in govt's electric vehicles package
Cyber-attacks a standard part of doing business with China, security experts say
RMA reforms running into heavy weather at select committee
NZ Super Fund 'happy' with Z Energy stake as shares hit record high
Industry to advise on new cyber crime unit; SMEs credentials scheme planned
Key's lawyer, Whitney, no longer a lawyer
UPDATE: Fonterra cuts Australian farmgate milk price, offers loan to farmers
GeoOp shareholders approve merger with InterfaceIT, vote in Sharp as director

IRG See IRG research reports