Don Braid, managing director of Mainfreight. Photo / Natalie Slade
Don Braid, managing director of Mainfreight. Photo / Natalie Slade
Mainfreight managing director Don Braid bought $500,000 worth of his son’s equity this week to help him buy a family home in Chicago.
An NZX disclosure statement showed Jason Braid, son of Don and Mainfreight Americas regional manager, offloaded more than 10,000 shares in the company on Monday, with 6701shares sold to his father.
The off market sale to Don Braid was set at $74.61 a share, netting a price tag just shy of half a million dollars.
“Jason is buying a family home in Chicago having moved from the Netherlands last year to take up the USA role,” Don Braid told the Herald.
The average value of a house in Chicago was US$310,452, according to the Zillow Home Value Index.
Regarding the price paid for the shares, Don Braid said it was the “average price for the day’s trading”.
The skyline in Chicago, the United States' third-biggest urban economy. Jason Braid is buying a family home in the city. The Americas has had the least impressive performance by region for Mainfreight lately and Braid has moved to the US from the Netherlands. Photo / Getty
He added: “We continue to invest in the business. Such is our commitment and confidence.”
The purchase took Don Braid’s equity in the company to a value of $218.2 million at its last closing price of $75 a share.
Jason Braid sold 4020 shares on market to unknown buyers, at a slightly lower price of $74.49 a share, netting almost exactly $300,000. In total, the sale earned him $800,000.
“The sale proceeds are to assist the funding of a personal property purchase,” the disclosure statement said.
The transaction was pre-approved, with written clearance given in writing on February 10th, the disclosure statement said.
It was authorised by Mainfreight chief financial officer Tim Williams.
Jason Braid now held $2.47m worth of equity.
Mainfreight’s share price peaked at $95 a share in September 2021.
It was due to release its full year result to the end of March 2023, on May 25.
