Sharechat Logo

SkyCity international boss's exit costs him $700,000 in forfeited shares

Tuesday 10th January 2017

Text too small?

SkyCity Entertainment Group's former President of International Business, Ejaaz Dean, forfeited the right to 177,500 shares through the company's long-term incentive plan for executives when he left last year, documents published by the NZX show. 

The Auckland-based casino and gaming group announced Dean's departure in October, telling investors he was leaving to become the managing director of a gaming property in Europe.

His exit came a week before the arrest of competitor Crown Resorts' executive vice president VIP International Jason O'Connor in China. Seventeen other employees of Crown were arrested in what was seen as a crackdown by Beijing on the flouting of a law which means it is illegal to arrange for more than 10 people to travel to gamble overseas.

At the current share price of $3.91, Dean's exit means he lost out on $694,025. He remains a holder of 13,177 shares, valued at $51,522.07 

Shares of SkyCity fell 0.3 percent in trading today to $3.91. They've fallen 0.3 percent since the start of 2017 and are down 0.6 percent on a year ago. 

 

BusinessDesk.co.nz

  General Finance Advertising    

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.

Related News:

NZ farm sales fall 11% in March quarter as mycoplasma bovis keeps farmers nervous
NXT-listed QEX Logistics says annual gross margins wider than anticipated
High Court orders Forestlands IRD debt can be paid from $18M funds in trust; liquidation sought by FMA
April 23rd Morning Report
NZ dollar falls near 72 US cts as growing inflationary pressures drive up US Treasury yields
World Week Ahead: Gearing up for tech earnings
MARKET CLOSE: NZ shares fall as MSCI changes debated, Mercury falls, Fletcher gains
NZ dollar heads for 1.6% weekly fall as greenback finds favour on rate hike view
FMA keeping close tabs on Australian Royal Commission as AMP chief Meller departs
NZ's R&D tax incentive plan viewed as positive by business

IRG See IRG research reports