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NZX gets approval for new employee share scheme

Tuesday 25th May 2010

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NZX, which operates and regulates New Zealand’s  stock exchange, has been granted approval to set up a new employee share scheme.  

In a late statement to the exchange, NZX said it has been granted a waiver by its NZ Markets Disciplinary Tribunal Special Division on May 14 allowing it to offer selected senior employees non-participating redeemable shares at a set price.

Directors of the bourse operator won’t be able to participate in the plan, which excludes only chief executive Mark Weldon.  

The Special Division approved the waiver, saying the plan won’t disadvantage existing participating shareholders, nor did it breach the NZX’s listing rules. It also noted there had been several precedents for similar plans.  

The NZX asked for the decision to stay confidential until it released its 2010 notice of annual meeting, or lodged the plan’s prospectus with the Companies Office.  The shares sank 6.1% to $1.55 in trading today.  

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