Menu
Renaissance gains waiver for executive shares

Renaissance gains waiver for executive shares

Due to a long-term decline in its share price, IT distributor and retailer Renaissance Corporation has been forced to apply to the NZX to issue shares to its new CEO and CFO.

Renaissance's falling share price is the reason behind the NZ Stock Exchange granting a waiver from NZX listing rules that require shareholder approval to issue performance-based share packages to executives under certain circumstances.

Renaissance applied to the NZX for a wavier of of the rule that require a shareholder meeting if share packages issued to executives exceed 3 percent of a company’s total share capital.

The reason: the slide in Renaissance’s share price since the previous executive incentive scheme, under which shares were issued to former CEO Paul Johnston and CFO Clive Lewis in 2008.

The difference in the share price between now and then is such that for new CEO Richard Webb and incoming CFO Shaun Rendell to be granted share packages worth a similar dollar amount, packages comprising a higher volume of Renaissance’s total share capital have to be issued.

Johnston and Lewis’ packages, granted in 2008, comprised 1.5 percent of Renaissance’s issued capital while the packages that Renaissance intends to grant to Webb and Rendell make up 3.7 percent.

Read more at Computerworld.


Follow Us

Join the newsletter!

Error: Please check your email address.

Tags renaissance

Featured

Slideshows

Kiwi channel closes 2017 with After Hours

Kiwi channel closes 2017 with After Hours

The channel in New Zealand came together to celebrate the close of 2017, as the final After Hours played out in front of a bumper Auckland crowd.

Kiwi channel closes 2017 with After Hours
Meet the top performing HP partners in NZ

Meet the top performing HP partners in NZ

HP honoured leading partners across the channel at the Partner Awards 2017 in New Zealand, recognising excellence across the entire print and personal systems portfolio.

Meet the top performing HP partners in NZ
Tech industry comes together as Lexel celebrates turning 30

Tech industry comes together as Lexel celebrates turning 30

Leading figures within the technology industry across New Zealand came together to celebrate 30 years of success for Lexel Systems, at a milestone birthday occasion at St Matthews in the City.​

Tech industry comes together as Lexel celebrates turning 30
Show Comments