Vector Limited (Vector
) has had an employee share purchase scheme (the Scheme
) since 2011. The Scheme is designed to provide Vector’s employees with the opportunity to share in the future of Vector as shareholders. The shares are acquired by employees through a trustee that administers the scheme, at a market price.
In connection with the 2018 Scheme, Vector has given financial assistance for the purchase of shares in Vector. The financial assistance has been provided under section 80 of the Companies Act 1993. Under section 80(1)(b) of the Companies Act 1993, Vector is required to provide NZX Limited with the following notice in respect of this financial assistance.
This notice is for information only and no action is required.
The details of the financial assistance provided by Vector are as follows:
|Recipients of the financial assistance
||Employees of Vector who applied to acquire Shares under the Scheme at a market price. The Shares are held by Vector ESPS Trustee Limited as trustee for the participants in the Scheme
|Shares in respect of which the financial assistance was provided
||71,162 ordinary shares in Vector (the Shares).
|Consideration paid for the Shares
||$3.23 per Share.
|Nature and amount of the financial assistance
||The financial assistance was given in the form of interest free loans to participants in the Scheme, repayable over a three-year period under the terms of the Scheme. The total amount of the loans made was $229,853.26.