Heartland director sells shares
Investors often react negatively to a director of a listed company selling shares but some sales are more noteworthy than others.
Monday, 16 January 2012
by Jenny Ruth
A notice filed with the stock exchange yesterday showed Heartland New Zealand director Graham Kennedy sold 148,560 shares in the company on market between December 5 and January 4 for a total of $71,808.
Kennedy says the shares were held by family trusts and were sold because Heartland hasn't paid any dividends since it listed a year ago and the trusts needed cashflow.
The sale followed a rearrangement late last year of shares held by family trusts - a stock exchange notice in December showed Kennedy transferred 100,000 Heartland shares from one family trust to another of which he isn't a trustee.
He hasn't sold any of his own shares, Kennedy says. The annual report shows Kennedy owned 392,023 shares beneficially at June 30 last year, persons associated with him held 2,830 shares and there were another 2.08 million shares held non-beneficially. The latter are those held by trusts of which he is trustee.
Kennedy also participated in Heartland's share purchase plan last August which partly financed its acquisition of PGG Wrightson Finance, paying $45,000.
Heartland was formed from the merger of Marac Finance, CBS Canterbury and Southern Cross Building Society.
Kennedy was a director of CBS Canterbury for 24 years and was its chairman between 2002 and 2008.
Commenting is closed
Weekly Updates including news and commentary
Today's Best Bank Rates
Today's Top 5 Deposit Rates
Find a Rate
Cash PIE Rates
3 July 2017
21 June 2017
6 June 2017
4 May 2017
10 April 2017
Disclaimer - Every possible effort has been made to keep the information in the tables and on this site as accurate as possible, however, neither the publisher, Tarawera Publishing, nor anyone engaged to compile the rates and this site accept any liability for inaccuracies or any loss suffered as a result. It is strongly advised that readers check loan details with providers. The full terms and conditions of this site can be found here.
© Copyright 1997-2021. Tarawera Publishing Ltd. All Rights Reserved.