Air New Zealand senior manager Mike Tod exercises options, sells shares

Air New Zealand senior manager Mike Tod exercises options, sells shares

By Edwin Mitson

Oct. 4 (BusinessDesk) - Air New Zealand chief marketing & customer officer Mike Tod has exercised options to buy 405,743 shares in the national airline, selling almost all of them straight away.

Notices filed to NZX show Tod exercised 1,101,947 rights at zero cost to buy the shares on Sept. 26, selling 403,051 for $726,983.09, a price of $1.80 a share.

Tod currently holds 217,919 ordinary shares and 389,376 performance rights. He's been in his current role at Air New Zealand since the beginning of January 2013 but originally joined the airline from Fonterra Cooperative Group in 2003, his Linkedin profile shows.

Last week, chief executive Christopher Luxon reiterated a warning to shareholders that increased competition would hurt revenue this financial year, as the slump in the cost of oil has led to increased number of airlines operating flights to New Zealand.

The shares ended the day at $1.79, down 1.6 percent, or 3 cents. The stock has fallen 31 percent since the start of the year, and last traded at these levels in October 2014.

(BusinessDesk)

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