In a disclosure made yesterday, Kumba Iron Ore Limited, a prominent member of the Anglo American plc group, revealed that its major subsidiary, Sishen Iron Ore Company Proprietary Limited, has successfully executed an on-market sale of securities.
Details of the Transaction
|Date of Transaction
|5 December 2023
|Nature of Transaction
|On-market sale of securities
|Class of Securities
|Number of Securities
|Selling Price per Share
|Total Transaction Value
|Nature of Interest
Background and Context
This transaction is in accordance with the rules of the Bonus and Retention Share Plan (BRP), where 201 ordinary shares were forfeited by participants upon termination of employment before vesting. The sale aligns with rule 188.8.131.52.1 of the amended BRP, which received shareholder approval during the Annual General Meeting on 10 May 2019.
Significance of the Transaction
The completion of the on-market sale marks a strategic move for Kumba Iron Ore and its subsidiary, as it demonstrates adherence to the BRP guidelines and ensures the efficient management of securities within the organization. This approach aligns with Kumba’s commitment to transparency and compliance with the Listings Requirements of the JSE Limited.
Direct Impact on Shareholders
The selling price of R592.90 per share resulted in a total transaction value of R119,172.90. The direct beneficial interest in this sale signifies a tangible financial outcome for both the subsidiary and Kumba Iron Ore Limited.
Confirmation of Compliance
With clearance obtained for this transaction, Kumba Iron Ore affirms its commitment to conducting business ethically and within the regulatory framework. This reaffirms the company’s dedication to corporate governance and maintaining the trust of its shareholders and stakeholders.
The successful on-market sale of securities by Sishen Iron Ore Company Proprietary Limited reflects Kumba Iron Ore’s commitment to responsible business practices and adherence to regulatory standards. This strategic move contributes to the company’s overall transparency and reinforces its standing as a key player in the mining sector.