Wrap Text
Dealings in securities
ABSA GROUP LIMITED
Incorporated in the Republic of South Africa
Registration number: 1986/003934/06
ISIN: ZAE000255915
JSE share code: ABG
(“Absa Group” or “the Group”)
DEALINGS BY ABSA GROUP DIRECTORS AND OFFICERS
In accordance with paragraph 3.63 of the JSE Listings Requirements, shareholders are advised that the
following ordinary shares have been awarded to executive directors, prescribed officers and the company
secretary of Absa Group:
1. Absa Group Share Incentive Plan – Long-Term Performance Award
The Share Incentive Plan – Long-Term Performance Award (Performance Share Award) is designed to
incentivise long-term performance with vesting of awards subject to fulfilment of a combination of
financial and non-financial Group performance targets measured over a three-year performance period.
The awards were also considered in the context of moving a greater proportion of total remuneration into
variable remuneration and, in this instance, longer term performance. For executive directors and the
prescribed officers, this award will vest in three equal tranches on the third, fourth and fifth anniversary of
the grant date subject to the achievement of the performance targets, and continued employment
requirements as set out in the Plan Rules. Dividend equivalents may be added to the awards at the
vesting of an award tranche in terms of the Scheme Rules and will be paid to the extent that the shares
vest.
The number of shares under the Performance Share Award was fixed with reference to the 20-day
volume-weighted average price preceding the grant date (being 1 April 2020), which was the award date
determined by the Absa Group Remuneration Committee. The quantum of the awards was determined
having regard to 2019 Group performance and individual ability to support and influence the future
execution of the Group strategy. The share awards were granted to the executive directors, prescribed
officers and company secretary as set out in the table below. These awards have since been accepted
on the date indicated below.
On Target value at
Number of Price of
Acceptance award date (ZAR),
Officer Grant Date Award Type Shares Shares at
Date subject to performance
Awarded * Grant (ZAR)
targets *
Daniel Mminele 01 April 2020 14 April 2020 Performance 162,902 R92.08 R15,000,000
Award
Jason Quinn 01 April 2020 14 April 2020 Performance 130,321 R92.08 R12,000,000
Award
Arrie Rautenbach 01 April 2020 14 April 2020 Performance 130,321 R92.08 R12,000,000
Award
Charles Russon 01 April 2020 14 April 2020 Performance 99,370 R92.08 R9,150,000
Award
Nadine Drutman** 01 April 2020 14 April 2020 Performance 32,580 R92.08 R3,000,000
Award
Note: * The value and number of shares will vest, subject to the extent that the performance targets have been met.
** For the company secretary vesting will be on the third anniversary of the grant date, but subject also to the Group
performance conditions and the employment condition.
Page 1 of 2
2. Absa Group Share Incentive Plan - Deferred Award
In terms of our Remuneration Policy on incentive awards, executive directors and prescribed officers are
obliged to defer 50% of the value of their total bonus into shares. In prior years, the deferral element
comprised of a combination of deferred cash and shares. For 2019 awards onwards, all deferral is in the
form of shares.
The mechanism used for this is the Deferred Award, which is a conditional right to receive Absa Group
shares. Dividend equivalents may be added to the Deferred Awards at the vesting of a Deferred Award
tranche. The Deferred Award is subject to continued employment at date of vesting.
The number of shares under the Deferred Awards (in respect of the 2019 financial year performance, and
as already set out in our 2019 Remuneration Report) were fixed with reference to the 20-day volume-
weighted average price preceding 1 April 2020 (the grant date). This table sets out the deferred
incentives which were awarded under the Deferred Award and granted to the executive directors,
prescribed officers and company secretary off market. Deferred Awards will vest in three equal tranches,
on the first, second and third anniversary of the grant date subject to the rules of the Share Incentive Plan
(as amended from time to time). These awards have since been accepted on the date indicated below.
Number of
Acceptance Price of Shares Value at award
Officer Grant Date Award Type Shares
Date at Grant (ZAR) date (ZAR)
Awarded
Jason Quinn 01 April 2020 14 April 2020 Deferred Award 62,446 R92.08 R5,750,000
Peter Matlare 01 April 2020 14 April 2020 Deferred Award 59,731 R92.08 R5,500,000
Arrie Rautenbach 01 April 2020 14 April 2020 Deferred Award 59,731 R92.08 R5,500,000
Charles Russon 01 April 2020 14 April 2020 Deferred Award 45,341 R92.08 R4,175,000
Nadine Drutman 01 April 2020 14 April 2020 Deferred Award 10,426 R92.08 R960,000
Clearance to deal has been obtained for the abovementioned transactions.
Johannesburg
15 April 2020
Enquiries:
Nadine Drutman
(+2711) 350-5347
E-mail: nadine.drutman@absa.africa
Lead Independent Sponsor:
J.P. Morgan Equities South Africa Proprietary Limited
Joint Sponsor:
Absa Bank Limited (Corporate & Investment Bank)
Page 2 of 2
Date: 15-04-2020 05:01:00
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