AusRAIL, Market Sectors

Tranz Rail executives hold on to shares

<p>Former and present Tranz Rail senior managers are holding on to significant quantities of shares in the company to help defy new owner Toll the numbers it needs to enforce compulsory buy-out.</p> <p>New Zealand media reports that two former chief financial officers, Ron Russ and Wayne Collins, and the present group general manager of rail services, Noel Coom, are still major shareholders.</p> <p>Mr Russ has 313,998 shares, Mr Collins 100,000 and Mr Coom 554,937.</p> <p>The NZ$1.55 share price &#8211 NZ45 cents above Toll’s last offer &#8211 has vindicated their stand, it was reported.</p> <p>The biggest remaining holdings are in nominee companies and shareholders using the New Zealand Central Securities Depository.</p> <br />