DNZ's Duffy gets second bonus in two months
DNZ Property Fund chief executive Paul Duffy has landed his second bonus in as many months, after the property investor's stock met a performance target.
Duffy received 1 million shares today after the stock held above $1.17 for five trading days. The latest bonus brings his total bonus shares to 1.7 million, worth $2.1 million at today's share price.
The bonus adds to the $17.5 million he gained at the time of DNZ's listing last month, comprising $12.5 million in cash and $5 million in DNZ shares at the issue price.
Investors have been attracted to DNZ because of its internal management contract, which makes it an attractive proposition compared to its peers. DNZ had to abort its first attempt to list on the stock exchange after activist shareholders led by NZ Funds blocked the proposed buy-out of the management contract with Duffy and Alastair Hassell.
Shareholders eventually agreed to a deal that gave Duffy and Hassell $35 million in cash and shares.
DNZ shares rose 0.8% to $1.22 in trading today, and have jumped 21% since they listed in August.
Duffy, who commands a salary of $650,000, stands to gain access to another million shares if the price holds above $1.27 a share over a five-day period in the next three years.
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