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Fri 15 Sep 2023
Close: 3 750c 
Day's move: 0c (0.00%)
Volume: 0
Trades: 0
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RBPlat - expiry of CEO fixed term contract
Shareholders were referred to the announcement of 26 April 2022, advising that the Board of the Company had reached an agreement with the CEO to retain his services beyond his planned retirement date at the 2022 Annual General Meeting, in order to maintain organisational stability while the Company was undergoing corporate action. The Company entered into the Contract with the CEO for a period of 12 months with effect from 8 April 2023, which extended his services to 7 October 2023 or until certainty on the future of RBPlat had been achieved with regard to the final outcome of the corporate action, whichever was the earlier (the Contract Expiry Date).
On his retirement, the CEO became entitled to pro-rated accelerated vesting of a portion of his RBPlat incentive scheme awards, in accordance with the rules of the applicable schemes. To incentivise the CEO to enter into the Contract and to remain with the Company for the fixed period, the Company exercised a discretion under the applicable scheme rules to permit the vesting of the balance of the long-term incentive awards the CEO would otherwise have forfeited as a consequence of his retirement (the Deferred Award). The vesting of the Deferred Award was made subject to the CEO remaining in the Company’s employ until the Contract Expiry Date (the Employment Condition) and to his satisfying the performance conditions prescribed in the FTC (the Performance Conditions).
The Board, through the Remuneration and Nominations Committee, has satisfied itself that the Employment Condition and the Performance Conditions have been fully discharged by the CEO. Accordingly, the full cash consideration will be paid to the CEO in terms of the Contract on or about 31 August 2023.
To date, Impala Platinum Holdings Ltd. (Implats) has acquired 98.91% of the issued ordinary share capital of RBPlat and has invoked section 124(1) in terms of the Companies Act to compulsorily acquire the remaining RBPlat shares not already held by Implats. RBPlat shares were suspended from trading on the JSE Limited (JSE) with effect from the commencement of trade on Wednesday, 2 August 2023 and it is expected that they will be delisted from the JSE on Monday, 18 September 2023. RBPlat will become a wholly-owned subsidiary of Implats on conclusion of the section 124(1) process.
The above developments have resulted in certainty achieved on the future of the Company. As a result, the CEO’s Contract will automatically expire on 31 August 2023. The Board and Management wish to thank the CEO for his dedication and considerable contribution to RBPlat for more than a decade and wish him well in his future endeavours.
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RBPlats - compulsory acquisition and suspension
RBPlat referred shareholders to the SENS announcement released by Implats on 1 August 2023 stating that Implats has elected to invoke the provisions of section 124(1) of the Companies Act to compulsorily acquire all of the RBPlat shares from RBPlat shareholders who did not accept the Mandatory Offer. RBPlat Shares will be suspended from trading on the JSE with effect from the commencement of trade on Wednesday, 2 August 2023. The rights of RBPlat shareholders, the salient dates and times for the Compulsory Acquisition and other pertinent information relating to the Compulsory Acquisition are set out in the Implats Announcement.
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Royal Bafokeng Platinum Ltd. - Disclosure of Chang
The company has issued a statement regarding an interest in shares.
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| Closing price data source: JSE Ltd. All other statistics calculated by ProfileData. |
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