NZX shareholders approve fee hike, capital return

Article – BusinessDesk

April 30 (BusinessDesk) – Shareholders in the NZX, the stock exchange operator, have signed off on the first increase in directors fees in seven years and approved the company’s plan to return up to $35 million to investors.

NZX shareholders approve increase in directors’ fees, plan to return capital

By Hannah Lynch

April 30 (BusinessDesk) – Shareholders in the NZX, the stock exchange operator, have signed off on the first increase in directors fees in seven years and approved the company’s plan to return up to $35 million to investors.

At the company’s annual general meeting in Wellington investors approved an increase in directors’ fees to $435,000 from $375,000. Separately, investors voted in favour of a capital return plan that will see circa $32.5 million to $35 million returned to shareholders.

The company will also pay a quarterly dividend of 3.25 cents a share.

In a statement released earlier today, the stock exchange operator announced it had lifted its first-quarter revenue by 3 percent on increased agri information sales. The company’s information markets and infrastructure assets underpinned its quarterly sales of $13.9 million, up from $13.5 million in the same period a year earlier.

This was outgoing chief executive Mark Weldon’s final meeting before he hands over the reins to relative unknown Tim Bennett next week.

Weldon is leaving NZX after a decade at the helm, driving a strategy to diversify away from stock trading revenue and listings to electricity, agricultural commodities, media and data services.

Bennett will focus on strengthening the exchange’s domestic markets, while maintaining a high degree of connectivity to Asia and other exchange operators, NZX chairman Andrew Harmos said in a statement in January.

NZX shares have gained about 26 percent this year and closed the day up 0.72 percent to $2.79.

(BusinessDesk)

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