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

NZ residential building consents rise 6.6% in April as housing intentions jump
TruScreen signs up another Chinese cancer screening programme
G3 Group's full-year profit rises 12% on improved UK, NZ earnings
Wynyard continues with board changes, hires former NZME exec Phil Eustace as interim CFO
Finzsoft annual profit slumps 93% as Asian opportunities take longer than expected
NZ dollar little changed as closed markets in US, UK keep traders eyeing Fed
Global mobile marketer VMob oversubscribed in $3.3M local capital-raise
Panama Papers: NZ to hasten completion of anti-money laundering regime
MARKET CLOSE: NZ shares hit record, Air NZ and Tower gain, Steel & Tube slides
Air New Zealand cancels two regional routes blaming low demand

IRG See IRG research reports