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:
Carbon recycler LanzaTech narrows loss to $34.7M, shifting into commercialisation phase
Pushpay revenue climbs as US churches sign up for service
NZX 'strongly opposes' exemption for Unlisted, saying it could tarnish capital markets
Greece debt crisis: Eurozone sets 'final deadline' for new plan
New Mega constitution paves way for listing after backdoor route closed
NZX milk powder futures suggest dairy prices will extend slide at next week's GDT auction
NZ govt surplus widens in 11 months on company, PIE tax inflows; delayed education spend
OceanaGold sees more life in Macraes goldfield
NZ dollar touches fresh five-year low as commodity prices drop
While you were sleeping: Wall Street recovers
Most Commented On
NZX 15 Index