By CHRIS DANIELS
Vending machine company VTL Group has decided to double the pay of its two founders, since they are now based in the UK.
At present Mervyn Doolan and John Hotchin are paid $300,000 a year, but will get $600,000, along with a 20,000 pound ($53,400) ex-gratia payment to cover
the cost of moving to the UK.
Doolan and Hotchin together control more than 55 per cent of VTL group shares.
VTL asked the stock exchange's market surveillance panel for permission to double their pay. It put forward a report from KPMG which recommended yearly pay of $733,995 for Doolan, saying it would put him in the same position as if he had remained in New Zealand.
Company chairman Gary Stevens told the stock exchange in April that Doolan and Hotchin were relocating to London to "better spearhead the growth of our franchised brands, 24seven and Shop24, into Europe, the United Kingdom and US".
They have been posted to the UK for two to three years.
VTL is about to mark its fourth anniversary as a listed company, with its 90c share price less than its original offer price of $1.
Shares have been as high as $3.70 and as low as 56c.
