Record uptake of group shares

Turners Automotive Group has announced it has issued shares under its 2026 employee share scheme (ESS) and 2023 long-term incentive programme (LTIP) to a record number of employees. 

Todd Hunter, chief executive officer, says the share scheme is in its fifth year and 72 per cent of the group’s wider team have shareholdings in the company. 

“This is a fantastic outcome for our team and for our broader shareholder base,” adds Hunter, pictured. 

“The ownership mindset combined with our high team engagement levels continues to be a powerful combination and a strong advantage for the Turners organisation. 

“It is an important competitive advantage for us as a business.” 

Turners says in a September 14 announcement to the NZX that employees applied for a total of 104,139 shares in the record 2026 ESS round.

After utilising shares already held by the share scheme trustees, 77,978 new shares have been issued representing 0.09 per cent of issued capital. 

The company’s ESS gives permanent part-time and full-time employees an opportunity to invest $1,000 and receive $2,000 worth of shares at the completion of a three-year vesting period. 

To encourage broad participation, Turners offers all staff a three-year interest-free loan to acquire the shares.

It notes it is also issuing 85,562 LTIP shares to 23 leaders across the wider business to reward performance, loyalty and tenure, and to “ensure retention of key talent essential to Turners’ future success”.