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ROYAL BAFOKENG PLATINUM LIMITED - RBPlat Employee Incentive Scheme Awards

Release Date: 24/05/2016 14:00
Code(s): RBP     PDF:  
Wrap Text
RBPlat Employee Incentive Scheme Awards

Royal Bafokeng Platinum Limited
(Incorporated in South Africa)
Registration number 2008/015696/06
Share code: RBP
ISIN: ZAE000149936
("RBPlat" or "the Company")

RBPLAT EMPLOYEE INCENTIVE SCHEME AWARDS

Shareholders are advised that upon recommendation of the Remuneration and
Nominations Committee, the Board has reconsidered the senior employee
retention structures and its related risks to the Company, especially
with regard to the business requirements and crucial ramp up of the
Styldrift I expansion project during the next few years. Given the
prevailing adverse market conditions during the past number of years, the
current long term incentives are ineffectual.

In light of the above, the Board approved retention incentive awards
(“Retention Incentives”) in the form of cash (36%) and performance linked
forfeitable share based incentives (64%)(“FSP Retention Shares”) over the
five year period from 2017 to 2021. The first two years will be cash
settled and the remaining three years, 2019, 2020 and 2021 will be
settled in FSP Retention Shares, in equal tranches.

The FSP Retention Shares will be allotted in three tranches of 1 398 715
shares in 2016, 2017 and 2018. These shares will vest subject to
performance linked targets being met in 2019, 2020 and 2021,
respectively.

In addition, 69 019 Bonus Share Plan (BSP) and 642 357 Forfeitable Share
Plan (FSP) awards are to be made in terms of the annual BSP and FSP
scheme awards for 2016. The BSP shares will vest on the third anniversary
of the allocation date whilst the FSP shares will vest on the third,
fourth and fifth anniversary of the award date at 33.33% respectively.

Shareholders are therefore advised that in terms of the abovementioned
awards, 2 110 091 ordinary shares have been awarded to eligible employees
in 2016.

All scheme shares are to be held by the Company’s escrow agent on behalf
of employees until the relevant date of maturity of such shares which
shall vest in terms of the scheme rules. All the awards were approved by
the Board on 23 May 2016 and are issued at an effective date of 1 April
2016.

The following executive directors, directors of a major subsidiary and
the company secretary, will receive awards as follows:

SD Phiri (Chief Executive Officer)
162 435 shares in respect of the annual FSP award
183 119 shares in respect of the first tranche of FSP Retention Shares
         awarded in 2016
Total deemed award value for 2016: R13 404 039.66*
(a further two FSP Retention Share tranches of 183 119 each to be awarded
in 2017 and 2018)
MJL Prinsloo (Chief Financial Officer)
113 750 shares in respect of the annual FSP award
128 235 shares in respect of the first tranche of FSP Retention Shares
         awarded in 2016
Total deemed award value for 2016: R9 386 598.15*
(a further two FSP Retention Share tranches of 128 235 each to be awarded
in 2017 and 2018)

NA Carr (Director of Major Subsidiary)
85 000   shares in respect of the annual FSP award
103 809 shares in respect of the first tranche of FSP Retention Shares
         awarded in 2016
Total deemed award value for 2016: R7 323 901.11*
(a further two FSP Retention Share tranches of 103 809 each to be awarded
in 2017 and 2018)

KV Tlhabanelo (Director of Major Subsidiary)
50 551 shares in respect of the annual FSP award
43 303 shares in respect of the first tranche of FSP Retention Shares
        awarded in 2016
Total deemed award value for 2016: R3 640 596.66*
(a further two FSP Retention Share tranches of 95 605 each to be awarded
in 2017 and 2018)

LC Jooste (Company Secretary)
28 145 shares in respect of the first tranche of FSP Retention Shares
        awarded in 2016
Total deemed award value for 2016: R1 091 744.55*
(a further two FSP Retention Share tranches of 28 145 each to be awarded
in 2017 and 2018)

*The deemed value is determined using the current 30 day VWAP of R38,79.

No BSP scheme shares have been awarded to the above officers of the
Company as no bonus payments were made in respect of the 2015 financial
year.

The nature and extent of interests in the above transactions are direct
beneficial (once vested). All the aforementioned trades were done off
market and clearance to trade has been given in terms of the JSE Listings
Requirements.

Johannesburg
24 May 2016

JSE Sponsor
Merrill Lynch South Africa (Pty) Limited

For further enquiries, please contact:

Lester Jooste
Company Secretary
Tel: +27 (0)10 590 4519
Email: lester@bafokengplatinum.co.za

Date: 24/05/2016 02:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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