In a move to incentivize and reward its key executives and officers, Aveng Limited granted performance shares to several individuals within the company. The recipients include Sean Joseph Flanagan, Chief Executive Officer, who was awarded 936,900 shares at an award price of R8.74 per share, with a total value of R8,188,506. Adrian Henry Macartney, Financial Director, received 630,600 shares valued at R5,511,444. Liesl Tweedie, a Prescribed Officer, was awarded 211,000 shares worth R1,844,140. Dale Morrison, also a Prescribed Officer, received 493,300 shares valued at R4,311,442. Scott Cummins, a Prescribed Officer, was granted 1,281,500 shares worth R11,200,310. Finally, Reginald Engelbrecht, another Prescribed Officer, received 242,100 shares valued at R2,115,954.
The total value of the shares awarded in these transactions amounts to an impressive R32,171,796. All the recipients have a direct beneficial interest in the shares they received. The award price per share was set at R8.74, reflecting the company’s confidence in its future growth prospects.
Aveng Limited ensured compliance with the JSE Listings Requirements by obtaining the necessary clearance for these transactions, demonstrating its commitment to adhering to regulatory guidelines.
The performance shares granted to the executive directors and prescribed officers under Aveng Limited’s LTIP serve as a strategic measure to align the interests of the company’s leadership with its long-term goals. By providing a direct beneficial interest in the company’s performance, Aveng Limited aims to drive motivation, foster a performance-driven culture, and create long-term value for its shareholders.
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