Nuplex scraps scheme

Nuplex Industries is closing its executive share schemes.

"Having regard to the movement in sharemarkets generally during the previous twelve months, it is clear that our share-based incentive schemes have become obsolete and the board believes they no longer serve the company's best interests," said chairman Rob Aitken.

Under a 2007 scheme, employees acquired shares in the company utilising a loan from the company.

Shares issued under the 2007 scheme will be sold and the proceeds utilised to repay loans made by Nuplex.

- NZPA