Thungela Resources’ Executive Share Awards: Raising the Bar Amid Market Fluctuations

  • Thungela Resources Limited announced executive share awards based on performance metrics and employment conditions.
  • The awards, part of the Share Plan and Remuneration Policy, were accepted off-market on May 31, 2024.
  • Executives including July Ndlovu and Gideon Frederick Smith received substantial awards in ordinary shares.

Thungela Resources Limited has disclosed the acceptance of conditional share awards by its executive team. This announcement comes in compliance with the JSE Limited’s listing requirements.

Overview of Share Awards

The share awards relate to the 2023 financial year and were concluded in May 2024. These awards are part of Thungela’s 2021 Share Plan and Remuneration Policy. The acceptance of conditional shares was confirmed on May 31, 2024. These shares will vest on May 24, 2027.

Details of the Share Awards

The awarded shares are ordinary shares with no par value. All transactions were completed off-market and required necessary clearances and approvals. The award’s value is based on a dividend-adjusted volume weighted average price (VWAP) of R120.63 for a Thungela share over 20 days ending April 19, 2024.

Executive Directors and Prescribed Officers

The following table outlines the share awards accepted by Thungela’s executive directors and prescribed officers:

NameDesignationNumber of Conditional SharesValue of Award (R)
July NdlovuChief Executive Officer71,1108,577,999
Gideon Frederick SmithChief Financial Officer36,7364,431,464
Johannes Petrus Daniel van SchalkwykChief Operating Officer28,6453,455,446
Leslie MartinExecutive Head of Technical24,8793,001,154
Bernard DaltonExecutive Head of Marketing21,7132,619,239
Lesego Elias MatabogeExecutive Head of Human Resources18,2892,206,202
Nompumelelo SitholeExecutive Head of Corporate Affairs18,2892,206,202
Carina VenterExecutive Head of Safety, Health & Environment18,2892,206,202

Conditions for Share Vesting

The vesting of these conditional shares depends on pre-determined performance conditions. Continued employment with Thungela until the vesting date is also required. The reasons for any employment cessation, where applicable, will affect the vesting.

Share Price Performance

Thungela’s share price fluctuated significantly over the 20-day period ending April 19, 2024. The highest and lowest prices recorded each day are as follows:

DateHighest Price (R)Lowest Price (R)
18 March 2024116.49106.22
19 March 2024121.00113.95
20 March 2024127.31120.29
22 March 2024125.05119.25
25 March 2024121.83119.00
26 March 2024124.91118.00
27 March 2024124.32119.31
28 March 2024124.89120.47
2 April 2024128.38121.05
3 April 2024130.86126.50
4 April 2024134.00130.00
5 April 2024133.34127.04
8 April 2024132.86129.02
9 April 2024136.53130.55
10 April 2024143.61134.00
11 April 2024145.00137.17
12 April 2024149.61144.53
15 April 2024149.67145.69
16 April 2024148.94141.82
17 April 2024139.00134.40

Conclusion

Thungela Resources Limited’s recent acceptance of conditional share awards by its executive team underscores the company’s commitment to its Share Plan and Remuneration Policy. These awards align executive performance with shareholder interests and are contingent on specific performance metrics and continued employment.


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