Provided by NZX
  • SKC4.4

    $ 0.0000%

  • Open 4.4 High 4.4 Low 4.36 Bid Price 4.38

    Offer Price 4.44 Value 631399.43 Volume 144224

Current as of 29/05/17 07:40PM NZST

SkyCity boss's exit costs him $700,000 in forfeited shares

By Edwin Mitson

The departure of Ejaaz Dean, former President of International Business, was announced in October. Photo / Kenny Rodger
The departure of Ejaaz Dean, former President of International Business, was announced in October. Photo / Kenny Rodger

SkyCity Entertainment Group's former President of International Business, Ejaaz Dean, forfeited the right to 177,500 shares through the company's long-term incentive plan for executives when he left last year, documents published by the NZX show.

The Auckland-based casino and gaming group announced Dean's departure in October, telling investors he was leaving to become the managing director of a gaming property in Europe.

His exit came a week before the arrest of competitor Crown Resorts' executive vice president VIP International Jason O'Connor in China. Seventeen other employees of Crown were arrested in what was seen as a crackdown by Beijing on the flouting of a law which means it is illegal to arrange for more than 10 people to travel to gamble overseas.

At the current share price of $3.91, Dean's exit means he lost out on $694,025. He remains a holder of 13,177 shares, valued at $51,522.07

Shares of SkyCity fell 0.3 per cent in trading yesterday to $3.91. They've fallen 0.3 per cent since the start of 2017 and are down 0.6 per cent on a year ago.

- BusinessDesk

Get the news delivered straight to your inbox

Receive the day’s news, sport and entertainment in our daily email newsletter

SIGN UP NOW

© Copyright 2017, NZME. Publishing Limited

Assembled by: (static) on production bpcf05 at 30 May 2017 00:15:39 Processing Time: 330ms