12/10/2012 - 15:17

AHG's Howson cashes in $2.5m incentive

12/10/2012 - 15:17

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Automotive Holdings Group chairman Bronte Howson sold off $2.5 million in shares he received as an incentive after the car dealer network achieved a 94th percentile ranking in shareholder returns over the past three years.

AHG announced today that Mr Howson had received full vesting of a long-term incentive, which was part of his remuneration package for the three years ended June 30.

The level of vesting was based on cumulative total shareholder returns, as compared to a reference group comprising the ASX300, excluding resources firms and financial institutions.

An independent measure of AHG's cumulative TSR ranking over the three years by Oreint Capital confirmed the car dealer achieved a 94th percentile ranking.

Mr Howson was issued with 843,882 shares, and sold off 800,000 of them, to fund anticipated tax obligations and balance his investments.

At today's closing share price of $3.13, the securities Mr Howson sold were worth around $2.5 million.

Meanwhile, AHG also announced today it had acquired a Newcastle-based Iveco trucks dealership for $3.35 million.

The purchase includes dealerships in Gosford, Tamworth, Scone and Coffs Harbour.

AHG said forecast revenue for the operations was around $32 million.

 

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