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RMB HOLDINGS LIMITED - Realisation of benefits under deferred bonus plan

Release Date: 09/11/2012 08:15
Code(s): RMH     PDF:  
Wrap Text
Realisation of benefits under deferred bonus plan

RMB HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
Registration number 1987/005115/06)
ISIN: ZAE000024501
JSE Ordinary Share Code: RMH
("RMBH" or "the company")

REALISATION OF BENEFITS UNDER DEFERRED BONUS PLAN

In compliance with the JSE Limited Listings Requirements, the
following information is disclosed:

In September 2010 RMBH granted Mr Peter Cooper performance related
remuneration of which R1 000 000 was converted to RMBH shares,
with delivery deferred for two years. Further details of the grant
made are set out in the company’s annual integrated report. The
company hedged the exposure by acquiring the commensurate number
of RMBH ordinary shares in the market.

During 2011 RMBH unbundled its insurance interests with each
shareholder receiving one Rand Merchant Insurance Holdings Limited
(“RMI”) share for every RMBH share held. As the grant of RMBH
shares was made before the unbundling the board confirmed that
Mr Cooper, as an RMBH shareholder, would receive the RMI shares
arising from the unbundling. Shareholders are referred to the
announcement released on SENS today by RMI for details of the RMI
dealings.

Mr Cooper became entitled to the benefit under the plan on
14 September 2012, on which date the RMBH share price was R35.15.
The final restrictive condition has now been complied with and the
benefits that accrue to the participant are as follows:

Director                        :   Peter Cooper
Company                         :   RMBH
Date of transaction             :   8 November 2012
Nature of transaction and       :   Off market settlement of
class of securities                 deferred bonus award in respect
                                    of ordinary shares
Number of RMBH shares           :   29 087
delivered
Deemed price                    :   R35.15
Vesting date                        14 September 2012
Value of settlement             :   R 1 022 408.05
Directors’ interest             :   Direct beneficial
Clearance obtained              :   Yes

The restriction on the deferred bonus was lifted on 8 November
2012. Mr Cooper elected to take delivery of the total number of
shares that constitute the award and will fund the tax liability
arising from his own resources.

Sandton
9 November 2012

Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

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