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Rural services company PGG Wrightson is buying back up to 2.5 million shares on-market for its chief executive's share incentive scheme.
The buyback, less than 1 per cent of PGG Wrightson stock, will end on March 31.
The shares will be offered to chief executive Tim Miles at a price of $2 a share, compared with their close on Monday of $2.21.
Miles joins PGG Wrightson a year after returning to New Zealand, having spent two years in Britain with Vodafone UK and Vodafone Group.
Miles will join the group next month and take over formally in March. He succeeds Barry Brook as chief executive.
Brook will stay with PGG Wrightson as group general manager South America.
- NZPA
