Tuesday 25th January 2011 6 Comments
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A share plan created by Pyne Gould Corp for key executives and senior managers acknowledges recent efforts including creating Building Society Holdings (BSH).
The scheme would have an impact on net profit after tax in financial year 2011 of $1.7 million, of which $1.4 million would be for Pyne Gould and $300,000 for BSH, with a $100,000 impact in 2012 for BSH, Pyne Gould said today.
Earlier this month, the legal merger of CBS Canterbury, Southern Cross Building Society and Pyne Gould subsidiary Marac was completed with the allotment of shares in holding company BSH.
Former CBS Canterbury shareholders received 13.04% of BSH, with former Southern Cross shareholders having 14.75%. The remaining 72.21% was held by Pyne Gould.
Under the share plan announced today, up to 4.4m new shares would be issued at 36.74c, being the volume weighted average price five days prior to the shares being granted, Pyne Gould said.
Half the shares would immediately be issued to eligible employees.
The rest would be put into escrow until October 1 when, provided the employee remained employed by the BSH group at that date, those shares would be released to the employee in three tranches over three months.
BSH chairman Bruce Irvine said the share plan rewarded senior management for their vision in creating a financial services group capable of meeting the financial needs of small to medium enterprises and individuals nationwide. It also provided an incentive for them to be part of its future development and growth.
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