KAL Group Limited Announces Acceptance of Awards Under Long-Term Incentive Plan

  • KAL Group Limited announces acceptance of awards under its long-term incentive plan (LTIP).
  • Directors of KAL and its subsidiaries accept options to acquire ordinary shares as part of the LTIP.
  • The acceptance reflects the commitment of directors to the long-term growth and success of KAL.

KAL Group Limited (previously known as Kaap Agri Limited), a prominent company incorporated in the Republic of South Africa, has recently announced the acceptance of awards under its long-term incentive plan (LTIP). This disclosure, made in compliance with the JSE Limited Listings Requirements, provides valuable insights into the participation of key directors in the company’s incentive program.

The directors who have accepted awards under the LTIP include S Walsh, GW Sim, DC Gempies, HJ Smit, T Sulaiman-Bray, A Abeln, and LJ Abrams. These individuals hold positions in various companies associated with KAL, such as KAL itself, Kaap Agri Bedryf Limited (a major subsidiary of KAL), and TFC Operations Proprietary Limited (another significant subsidiary of KAL).

The participating directors comprise both executive and non-executive directors, with S Walsh and GW Sim being executive directors of KAL, while the executive directors of Bedryf encompass S Walsh, GW Sim, DC Gempies, HJ Smit, T Sulaiman-Bray, and A Abeln. Additionally, LJ Abrams serves as the executive director of TFC, and non-executive directors of TFC include S Walsh, GW Sim, and T Sulaiman-Bray.

The options awarded under the LTIP are aimed at acquiring ordinary shares of the company. This acceptance of options by the directors signifies their commitment to the long-term growth and success of KAL. Notably, the options were granted on 24 May 2023 and subsequently accepted on the same day, with a nil cost associated with the options.

The number of options accepted varies among the directors, with S Walsh accepting 272,366 options, GW Sim accepting 142,422 options, DC Gempies accepting 88,991 options, HJ Smit accepting 92,093 options, T Sulaiman-Bray accepting 77,559 options, A Abeln accepting 113,813 options, and LJ Abrams accepting 106,091 options.

Based on the closing share price of KAL on 23 May 2023, the total rand value of the options accepted by the directors is as follows: R9,674,440.32 for S Walsh, R5,058,829.44 for GW Sim, R3,160,960.32 for DC Gempies, R3,271,143.36 for HJ Smit, R2,754,895.68 for T Sulaiman-Bray, R4,042,637.76 for A Abeln, and R3,768,352.32 for LJ Abrams.

The vesting of the options will occur in tranches of 25% each, with vesting dates tied to the second, third, fourth, and fifth anniversaries of the award date. Additionally, the vesting may be subject to the satisfaction of performance conditions and other imposed requirements as determined by the remuneration committee.

Settlement in respect of the options will take place within 30 days of the applicable vesting date, ensuring transparency and adherence to the terms of the LTIP.



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