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

Tuesday 10th January 2017

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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

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