INDEPENDENT NEWS

Argosy directors seek 31% hike in fee pool to expand board

Published: Fri 9 Aug 2013 09:38 AM
Argosy directors seek 31% hike in fee pool to expand board
Aug 9 (BusinessDesk) - Argosy Property will seek a 31 percent hike in the pool for directors’ fees at this month’s annual meeting as the company seeks to expand its board by two directors.
Shareholders will be asked to approve lifting the fee pool to $655,000 from $500,000 at the Aug. 23 meeting in Auckland, the first lift since Argosy bought out its external management contract with ANZ-owned OnePath in late 2011. The board expects the hike will lift the chairman’s fee by $10,000 to $130,000, and other directors will get a $2,500 bump to $65,000. The remainder will go to adding two new directors.
“The company’s operations have expanded and the board continues to be active in seeking accretive growth opportunities,” the company said in its notice of meeting. “The board considers the fee increase proposed is fair and reflective of market conditions.”
Earlier this week the company raised $86.9 million from a rights issue and placement to repay debt taken on for its recent acquisitions in Wellington.
The shares rose 1 percent to 99 cents yesterday, and have gained 10 percent this year.
(BusinessDesk)
BusinessDesk
Independent, Trustworthy New Zealand Business News
The Wellington-based BusinessDesk team provides a daily news feed for a serious business audience.
Contact BusinessDesk
Email:

Next in Business, Science, and Tech

Hospitality Wages Jump 9% To Pass Living Wage
By: Hospitality New Zealand
Climate Leaders Coalition Launches New Statement Of Ambition, Appoints New CEO Convenor
By: Sustainable Business Council
New Law Paves Way For Greater Supermarket Competition
By: New Zealand Government
New Data Shows Increase In SMEs Experiencing Stress And Anxiety
By: MYOB
Cashing In On Carbon: The New Carbon Marketplace Helping Native Forest To Thrive
By: Carbonz
Entrust Dividend Will Be Welcomed After Another Tough Year
By: Entrust
View as: DESKTOP | MOBILE © Scoop Media