Hey all, Just browsing the Financial statement for 2007 and noticed on page 103 the directors have taken out $33,586,771 in loans from Centro to purchase Centro shares. I have no doubt that this is a common but I thought It was interesting.
A. T. Scott 5,912,848 - 631,107 10,479,538 10,479,538 Other key management personnel of the Group G. Terry 3,547,709 - 384,043 6,427,421 6,427,421 M. Wilson 2,051,646 - 340,779 6,799,754 6,799,754 T. Torney 3,226,588 - 320,815 5,106,263 5,106,263 P.Kelly 1,281,262 - 241,104 4,981,189 4,981,189 R. Nenna 3,813,174 - 335,092 4,890,523 4,890,523 J. Hutchinson 3,661,854 - 348,174 5,381,621 5,381,621 Total 17,582,233 - 1,970,007 33,586,771 33,586,771
And I love the terms of the loan.
"These loans are provided to key management personnel to fund the acquisition of securities under the Employee Security Plan and Executive Option Plan. These loans are to be repaid via distributions received from the underlying security holding, subject to certain loan to security value criteria. The loan term is a period of 10 years. The amounts shown for interest not charged in the above tables represent the difference between the amounts paid/payable for the year and the amount of interest that would have been charged on an arm’s length basis. No write downs or allowances for doubtful receivables have been recognised in relation to any loans made to Key Management Personnel."
CNP Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
