Former DNZ Property Fund Ltd chief executive Paul Duffy has sold $3.1 million of shares in the NZX-listed company in the last week.
Mr Duffy retired as chief executive last September and as a director in October, but remained an employee until the end of the financial year, 31 March.
His company, Hayphil Investments Ltd, held 5.75 million shares at the end of May and Mr Duffy was registered personally as the holder of 3 million shares. Hayphil sold 1.89 million shares on market last week. DNZ paid Mr Duffy $986,000 in salary, benefits & bonuses in his last year as an employee.
It was very much his company, from the time he was appointed in 2001 to manage the Dominion Funds Group of property syndicates, through merging those interests into 2 syndicate-owning groups and a brief appearance on the Unlisted register, then internalising management and on to an NZX listing in 2010.
DNZ’s shares listed at 99c in August 2010, were at $1.535 on 31 March and had risen to $1.64 yesterday.
Attribution: Company release.