Executive Windfall: Coronation Fund Managers’ Off-Market Awards Soar, Revealing Millions in Deemed Rand Value

  • Executive Awards Disclosure: Directors and the company secretary of Coronation Fund Managers accepted off-market awards, emphasizing transparency.
  • Financial Impact: The total deemed rand value of awards for directors and the company secretary amounts to millions.
  • Regulatory Compliance: Clearance for the disclosed transactions was obtained, adhering to JSE Limited Listings Requirements, ensuring regulatory alignment
By Lethabo Ntsoane

In compliance with the JSE Limited Listings Requirements, Coronation Fund Managers Limited (CML) disclosed details of the acceptance and vesting of awards by its directors and company secretary through the CFM Deferred Remuneration Trust.

Directors’ Award Acceptance Details

1. Mr. Anton Pillay

  • Company Role: Executive Director
  • Type and Class of Securities: Ordinary shares
  • Nature of Transactions: Off-market acceptance of awards
  • Date of Acceptance: December 7, 2023
  • Deemed Value per Share (Cents): 3022c
  • Number of Awards Accepted:Award NumberDeemed Rand Value551R 16,651471R 14,234160R 4,83517,858R 539,669146,732R 4,434,241
  • Total Deemed Rand Value of Awards:
    R 25,694,629
  • Vesting Date of Awards:Vesting DateNumber of Awards01 Jan 202555101 Jan 202647101 Jan 202716001 Jan 202517,85801 Jan 202617,85801 Jan 202717,85801 Jan 2028146,732
  • Nature and Extent of Interest in the Transactions: Direct, beneficial

2. Ms. Mary-Anne Musekiwa

  • Company Role: Executive Director
  • Type and Class of Securities: Ordinary shares
  • Nature of Transactions: Off-market acceptance of awards
  • Date of Acceptance: December 7, 2023
  • Deemed Value per Share (Cents): 3022c
  • Number of Awards Accepted:Award NumberDeemed Rand Value151R 4,563116R 3,50662R 1,8746,040R 182,5296,040R 182,5296,040R 182,52949,627R 1,499,728
  • Total Deemed Rand Value of Awards: R 1,957,958
  • Vesting Date of Awards:Vesting DateNumber of Awards01 Jan 202515101 Jan 202611601 Jan 20276201 Jan 20256,04001 Jan 20266,04001 Jan 20276,04001 Jan 202849,627
  • Nature and Extent of Interest in the Transactions: Direct, beneficial

Company Secretary’s Award Acceptance Details

3. Ms. Nazrana Hawa

  • Company Role: Company Secretary
  • Type and Class of Securities: Ordinary shares
  • Nature of Transactions: Off-market acceptance of awards
  • Date of Acceptance: December 7, 2023
  • Deemed Value per Share (Cents): 3022c
  • Number of Awards Accepted:Award NumberDeemed Rand Value18R 54415R 45322R 6651,592R 48,1101,592R 48,1101,592R 48,11013,081R 395,308
  • Total Deemed Rand Value of Awards: R 540,400
  • Vesting Date of Awards:Vesting DateNumber of Awards01 Jan 20251801 Jan 20261501 Jan 20272201 Jan 20251,59201 Jan 20261,59201 Jan 20271,59201 Jan 202813,081
  • Nature and Extent of Interest in the Transactions: Direct, beneficial

Clearance for the above transactions was obtained in terms of paragraph 3.66 of the JSE Limited Listings Requirements.

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Lethabo Ntsoane

Lethabo Ntsoane holds a Bachelors Degree in Accounting from the University of South Africa. He is a Financial Product commentator at Rateweb. He is an expect financial product analyst with years of experience in reviewing products and offering commentary. Lethabo majors in financial news, reviews and financial tips. He can be contacted: Email: lethabo@rateweb.co.za Twitter: @NtsoaneLethabo