Friday 15th October 2010 3 Comments |
Text too small? |
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.
Businesswire.co.nz
DNZ appoints Auckland Airport property GM Peter Alexander as new chief
DNZ Property sells $60M of shares to institutions at 1.8 percent discount
DNZ annual earnings fall 14 percent, signals $80M capital raising for new acquisitions
DNZ Property Fund increases occupancy rate to 99.2 percent
DNZ boss Duffy cashes in at share price peak with $1.65M sale
DNZ Property lifts first half profit on stable rents, falling expenses
DNZ lifts contracted rentals slightly, extends lease term
DNZ boosts annual earnings 27%, flags dividend rise in 2013
DNZ portfolio's value steady, occupancy & lease terms rise
DNZ sells in Wellington, buys in Auckland