AQUARIUS PLATINUM LIMITED - Board and Executive Management Cash reduction initiatives

Board and Executive Management Cash reduction initiatives

Aquarius Platinum Limited  
(Incorporated in Bermuda)  
Registration Number: EC26290  
Share Code JSE: AQP  
ISIN Code: BMG0440M1284  
 
16 September 2013 
 
Board and Executive Management Cash reduction initiatives 
 
Aquarius Platinum Limited (Aquarius) advises a range of initiatives designed to reduce operating costs and conserve 
cash resources during the present difficult operating environment.  
 
To assist in the preservation of the Company's cash resources the non-executive directors have agreed to a reduction 
in directors' fees of 10% and offered to receive 25% of their remaining director fees in shares in lieu of cash subject to 
regulatory and shareholder approval at the Company's AGM to be held in late November 2013. The number of shares 
would be calculated by dividing 25% of the residual fee by the simple average of the share price over the preceding 
calendar quarter. The first affected payment would be due on 31 March 2014.  

In terms of an unsolicited proposal which Mr Nel, CEO, submitted to the Board on 3 July 2013, he offered to receive 
approximately 70% of his salary and any applicable bonuses he may receive over the next three years (commencing 
from 1 July 2013) in shares instead of cash. The number of shares to be issued will be fixed at 708,000 per annum and 
set at US$0.62 per share, being the VWAP of the share price on the LSE for the month of June 2013, being the month 
preceding the date of submission of the proposal. Any shares issued as part of a bonus will be issued on the same 
terms. In addition, Mr. Nel has, for the second consecutive year, asked not to be considered for a salary increase in 
2014.  

The Remuneration Committee and Board of Aquarius, after having taken appropriate legal and governance advice 
unanimously approved the proposal, subject to shareholder approval.  
 
A Directors/Employees Share Plan (Plan) will be placed before shareholders for approval at the November 2013 AGM 
to allow participants to acquire shares in the Company by way of a salary sacrifice at terms and conditions as agreed. 
This Plan will act as a quasi long term incentive plan and reduce the cash component of remuneration of participating 
individuals.  Participants will be entitled to sell some of the shares issued to them to the extent that it is required to 
cover any taxes due by the Participant. 
 
The Board of the Company believes that the implementation of the Directors/Employees Share Plan, the proposed 
reduction in the cash component of Mr Nels salary and the proposed amendments to non-executive directors' fees 
demonstrate an acknowledgement of the difficult operating conditions and need for restraint and also demonstrate a 
further alignment of: 
           
      - the Company and its key executives,  
      - a reduction in cash outflows at a time when corporate costs are being restructured, and  
      - the long term objectives of the Company and its shareholders. 
           
With the initiatives detailed above as well as other corporate cost saving initiatives, Aquarius' cash corporate costs in 
the Group has been reduced by in excess of 50% to below $6 million per annum. 
 
Full details will be outlined in the Company's AGM notice of meeting that will be mailed to shareholders in early 
November 2013. 
 
For further information please contact: 
Jean Nel - CEO                                                            Willi Boehm - Company Secretary 
+27100012848                                                              +61893675211 
                                                                          or visit: www.aquariusplatinum.com 
 
Sponsor 
RAND MERCHANT BANK (A division of FirstRand Bank Limited)




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