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 Election 2017: Labour’s plan to unlock Canterbury’s potential

28 Aug 2017 News
Jacinda Ardern on August 28, 2017 Christchurch’s rebuild will be fast-... more

Updated plan to address Auckland’s growth

11 Aug 2017 News
11 August 2017 Transport Minister Simon Bridges has released a joint report by the Government and Auckland Council, which updates work... more

Business

Rocket launch a huge step for New Zealand’s space industry

25 May 2017 Business News
25 May 2017 Minister for Economic Development Simon Bridges has congratulated the team at Rocket Lab on the successful launch of... more

Increased investor confidence welcomed

29 May 2017 Business News
29 May 2017 Commerce and Consumer Affairs Minister Jacqui Dean today welcomed the Financial Markets Authority annual survey results... more

Living

5 Kiwi Entrepreneurs Living Their Dream In London

10 Oct 2017 London By Emma Creese
With a number 8 wire mentality embedded in the New Zealand psyche, it shouldn't be a surprise that there are a number of Kiwi... more

Austen vs Ashton - NZ's Penny Ashton is back with "Promise and Promiscuity"

17 Sep 2017 Arts By Penny Ashton
In 2016 all my Jane Austen dreams came true when I married my own personal Mr Darcy. I say that not because he had a universally... more

Property

New Zealand Housing Affordability Measure released

10 May 2017 Property
10 May 2017 The Ministry of Business, Innovation and Employment’s (MBIE) new Housing Affordability Measure will allow the market... more

NZ house prices gain 11% in October

14 Nov 2016 Property
Article - BusinessDesk Monday 14 November 2016 10:28 AM NZ house prices gain 11% in October, driven by sales of higher value homes By... more

Migration

Suspension of decision making authority

25 Apr 2017 Migration
24 April 2017Immigration Minister Michael Woodhouse is taking steps to improve Immigration New Zealand’s decision making... more

Recognised Seasonal Employers employ more Kiwis

8 Feb 2017 Migration
7 Feb 2017 Immigration Minister Michael Woodhouse welcomes a report showing the vast majority of employers who take on seasonal... more

Travel

NZ Election 2017: Tourism fund for infrastructure and conservation

28 Aug 2017 Travel & Tourism
Tourism fund for infrastructure and conservation Posted by Kris Faafoi on August 28, 2017 more

International visitors projected to spend $15 billion

12 May 2017 Travel & Tourism
12 May 2017 New Zealand’s tourism sector is forecast to grow significantly over the next seven years, with international... more

Sport

All Blacks v Barbarians at Twickenham, 4 November - under a month to go! £55 tickets!

17 Oct 2017 Rugby
The Barbarians will kick start the Autumn Internationals and take on the Double World Champions and... more

OPINION | Wallabies came out firing and didn’t wilt

27 Aug 2017 Opinion By Jim Kayes
27 August 2017 @JIMKAYES   Jim Kayes has been covering rugby since the late 1990... more

Columns

Gordon Campbell on the Gareth Morgan crusade

11 Nov 2016 Opinion
Column - Gordon Campbell   Gordon Campbell on the Gareth Morgan crusade First published on Werewolf more

Gordon Campbell on the US election outcome

10 Nov 2016 Opinion
Column - Gordon Campbell   Gordon Campbell on the US election outcome more

Kiwi Success

Law Commissioner appointed

29 May 2017 Appointments
29 May 2017 Former Secretary for Justice Belinda Clark has been appointed as Law Commissioner, Justice Minister Amy Adams announced... more

Spencer to be Acting Governor of Reserve Bank

8 Feb 2017 Appointments
7 Feb 2017 Finance Minister Steven Joyce will appoint current Deputy Reserve Bank Governor Grant Spencer as the Acting Governor of... more

Recruitment

Online job ads continue growing strongly

26 Jun 2017 Recruitment
23 June 2017 Tertiary Education, Skills and Employment Minister Paul Goldsmith says the latest Jobs Online report shows strong growth... more

New employment resource for young people

1 Mar 2017 Recruitment
28 Feb 2017 Tertiary Education, Skills and Employment Minister Paul Goldsmith and Associate Education Minister Louise Upston have... more

s