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- Release Date: 22/11/13 14:44
- Summary: GENERAL: PGC: ERA rules in favour of PGC over bonus
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PGC
22/11/2013 12:44
GENERAL
REL: 1244 HRS Pyne Gould Corporation Limited
GENERAL: PGC: ERA rules in favour of PGC over bonus
NZX ANNOUNCEMENT - FOR IMMEDIATE RELEASE
22 November 2013
ERA rules in favour of PGC over bonus
Pyne Gould Corporation ("PGC") today welcomed a Employment Relations
Authority's (ERA) determination ruling that former managing director John
Duncan was not entitled to a bonus of two million PGC shares which would
currently be worth $880,000.
The ERA has ruled:
- Mr Duncan is not entitled to a claimed bonus of 2 million PGC shares
or its cash equivalent.
- There was no relevant change of control entitling him to redundancy
compensation.
PGC has to pay him around $4000, comprising holiday pay interest and a small
penalty of $2000.
Events around the bonus payment led to the departure of Mr Duncan in April
2012 following a breakdown in trust between him and the PGC board. This
occurred after he and the former Financial Controller, James West, paid
themselves and others $1.92 million of cash bonuses, as was referred to in
the 2013 annual report.
The full text of the determination is available from the ERA or upon request.
For media enquiry, contact David Lewis +64-21-976 119
End CA:00244183 For:PGC Type:GENERAL Time:2013-11-22 12:44:02
