Share
- Release Date: 12/06/12 16:03
- Summary: GENERAL: ABA: Abano Announces Fixed Trading Share Plan for Directors
- Price Sensitive: No
- Download Document 1.71KB
ABA
12/06/2012 14:03
GENERAL
REL: 1403 HRS Abano Healthcare Group Limited
GENERAL: ABA: Abano Announces Fixed Trading Share Plan for Directors
The Board of Abano Healthcare Group has approved the implementation of a new
director remuneration arrangement, whereby 50% of after tax fees for
non-executive directors will be paid in shares, which will be acquired on
market on a quarterly basis.
Chairman of Abano, Trevor Janes, commented: "The Abano Board believes that
directors should own shares in the Company, and all Board members are
supportive of this arrangement. Due to trading restrictions, there are
limited opportunities for Abano's directors to purchase the Company's shares.
The new Fixed Trading Share Plan will allow access to Abano shares, and will
further align directors' interests with those of our shareholders.
"This policy is in line with NZX Corporate Governance Best Practice Code
whereby directors are encouraged to invest a portion of their cash
remuneration in the Company's shares."
To avoid large numbers of shares being acquired all at once, the purchases
will be alternated, with 50% of participating directors acquiring shares in
one quarter, and the other 50% of directors acquiring shares in the next
quarter. Craigs Investment Partners will be responsible for the share
transactions and acquisitions on behalf of the directors, with purchases made
according to a predetermined, fixed timetable.
The plan is for a set period of three years, and only executive directors
(who are not paid directors' fees and so will not participate in the
arrangements) will be able to vote at Board level on any modifications and
changes within that time.
ENDS
End CA:00223777 For:ABA Type:GENERAL Time:2012-06-12 14:03:39
