By Geoff Senescall
If Brierley Investments' share price moves no higher than its present level in the next two years, chairman Sir Selwyn Cushing will still have made just over $1 million profit from options. Sir Selwyn has been given 15 million options over ordinary shares with a exercise price of 45c a shares, the company said on Friday. The shares last traded at 52c.
The options must still be approved by Brierley shareholders. But they were agreed with Sir Selwyn in late 1998 when his appointment was under discussion.
Sir Selwyn was coaxed on to the board by key Brierley shareholders to try to sort the company out.
At the time, Brierley's board was in disarray, it was in breach of its banking covenants and a US investment house wanted to take control.
Tan Sri Quek Leng Chan, who controls Brierley's 20 per cent shareholder Camerlin Group, had also lost faith with the previous chair, Sir Roger Douglas.
Since his appointment, Sir Selwyn has seen off the US firm and sold out of two key assets to pay down debt. He then put together a $1.2 billion refinancing package and found a new chief executive. Sir Selwyn can cash in half his options after July next year and the other half the year after. They expire on November 2004, or when he ceases to be a director.
Cushing options to bring in $1 million
AdvertisementAdvertise with NZME.