AWF to buy back shares in preparation for incentive scheme   28 May 2012

AWF Group, the contract labour company whose shares have soared 47 percent in the past year, will buy back 1.9 percent of its stock over the next 10 months so that it has a source of equity available to offer an executive incentive scheme.

The Auckland-based company will buy back as many as 500,000 shares by March 31, 2013, it said in a statement to the NZX today. The shares last traded at $2.50, having reached a record $2.70 during trading on April 27.

AWF expects to announce details of the senior management share scheme within the next month, said chief executive Mike Huddleston, adding that he would participate in the plan.

“We don’t have anything of that nature at this time,” he told BusinessDesk. The scheme would encourage senior managers and provide a “golden handcuff situation”. The details haven’t yet been approved but it was likely to be a share loan scheme rather than an offer of options, he said.

The company has been on an acquisition spree this year, buying Nursing NZ and Tradeforce NZ. Earlier this month, it reported annual sales jumped by 25 percent to $119 million and underlying earnings growth of 27 percent.

Net profit fell 18 percent reflecting a “significant write down of non cash items as required under NZIFRS standards.”

(BusinessDesk)

Add a comment

Bookmark and Share

News

NZ Labour Party Names Review Team

19 Oct 2014 Politics
New Zealand Labour Party Labour Names Review Team Labour’s New Zealand Council has appointed Bryan Gould as Convenor of its ... more

The Nation: RSA President BJ Clark & Ian Taylor, New NZ Flag

18 Oct 2014 News
The Nation Lisa Owen interviews RSA President BJ Clark and tech innovator Ian Taylor about changing the NZ flag Lisa Owen: Welcome... more

Business

Visiting Harvard Prof Bloom urges NZ to raise retirement age

17 Oct 2014 Business News By Suze Metherell
Oct. 17 (BusinessDesk) - New Zealand needs to lift its retirement age and take advantage of an adaptable workforce before it gets... more

Danone says court delay would cause injustice

15 Oct 2014 Business News By Tina Morrison
  Danone says court delay would cause injustice if Fonterra arbitration fails Oct. 15 (BusinessDesk) - Danone Asia Pacific... more

Living

WW100 - why did NZ fight? Was it for democracy or empire?

20 Oct 2014 ANZAC By Charlotte Everett
On Thursday 16 October, the NZ-UK Link Foundation held their Inaugural Annual Lecture at the University of London’s Senate... more

A major win for organic New Zealand wine in the European Union

16 Oct 2014 Food & Wine
New Zealand’s organic wine industry has scored a major export victory with the announcement that the European Commission... more

Property

Reform of RMA critical to reforming housing affordability

15 Oct 2014 Property
The Resource Management Act needs to explicitly recognise the importance of New Zealanders’ access to more affordable housing... more

National Property Market Analysis

15 Oct 2014 Property
Auckland and Christchurch have recovered from the winter lull that is traditional in real estate, with written sales up and average... more

Migration

Migrants filliing employment gaps

22 Oct 2014 Migration
A stream of migrants has helped plug some of the gaps in New Zealand's steady employment growth. New data reveals migration numbers... more

UK Government: Indefinite Leave to Remain made simple

30 Sep 2014 Migration
There are thousands of expats living in the UK who are aiming for permanent residency status and, eventually, a British passport. But... more

Travel

NZ guest nights flat in August as foreign stays taper off

10 Oct 2014 Travel & Tourism By Paul McBeth
  By Paul McBeth Oct. 10 (BusinessDesk) - New Zealand guest nights were largely flat in August from a month earlier as a gain... more

Business tourism industry applauds Key's vision

6 Oct 2014 NZ Tourism
Conventions & Incentives New Zealand (CINZ) is welcoming news that Prime Minister John Key is to retain his Tourism portfolio... more

Sport

Henare makes it three-in-a-row at Gisborne

19 Oct 2014 Sport
New Master Woolhandler Joel Henare continued an unbeaten start to the new shearing sports season with a triumphant homecoming in ... more

Te Iwi Kiwi jersey captures Pacific roots

17 Oct 2014 Rugby League
When the NZ Kiwis run onto Whangarei’s Toll Stadium for their Four Nations clash with Toa Samoa on November 1, they will pay ... more

Columns

Gordon Campbell on New Zealand (again) in other peoples wars

16 Oct 2014 Opinion By Gordon Campbell
  Gordon Campbell on New Zealand getting involved (again) in other peoples wars Apparently, the Key government is still... more

Gordon Campbell: child poverty and Shearer’s latest outburst

15 Oct 2014 Opinion By Gordon Campbell
The politicisation of (a) the public service and (b) the operations of the Official Information Act have been highlighted by the ... more

Kiwi Success

Corban honoured by Institute of Directors

17 Oct 2014 Appointments
Institute Of Directors Local businessman Brian Corban was made a Distinguished Fellow of the Institute of Directors yesterday, in a... more

Kiwi Income Property reshuffles executive positions

13 Oct 2014 Appointments
Article - BusinessDesk   Kiwi Income Property reshuffles executive positions By Suze Metherell Oct. 13 (BusinessDesk) - Kiwi... more

Recruitment

Ngati Awa Cast Net Wide In Search For Commercial Leaders

9 Oct 2014 Recruitment
Te Runanga o Ngati Awa is widening its scope in the hunt for directors for the Whakatane based iwi authority’s commercial arm... more

NZ's top pay packet revealed: $4.1m

30 Sep 2014 Recruitment
With a total pay package worth $4.1 million, ANZ New Zealand's David Hisco is the top-paid boss in the Business Herald's executive pay... more