Oceana’s Share Plan Unveiled: Directors’ Strategic Awards Signal Strong Future

  • Share Plan Awards: Oceana Group reveals 2022 Share Plan awards, including Deferred Bonus Shares and Performance Shares for key directors.
  • Vesting and Conditions: Awards are contingent on employment and performance, with DBS vesting after three years and PS subject to criteria.
  • Transparent Transactions: Oceana emphasizes off-market acceptance, shares or cash settlement, and secured necessary clearance for directors dealing in securities.
By Lethabo Ntsoane

In a recent announcement, Oceana Group Limited has disclosed details of its 2022 Share Plan. The company, incorporated in the Republic of South Africa, unveiled the Deferred Bonus Shares (DBS) and Performance Shares (PS) awarded to directors and major subsidiary leaders.

Awards and Acceptance

The awards, granted on December 4, 2023, were officially accepted by the participants on December 5, 2023. Notably, DBS will be settled three years from the Award Date, contingent on the participant’s continuous employment. PS, on the other hand, are conditionally awarded with the final settlement determined after three years, based on performance criteria.

Directors and Awards

Let’s delve into the details of the awards received by key figures within the Oceana Group:

Mr. Z Mahomed – Group Executive Director and CFO

PositionDBS AwardedPS Awarded
Group Executive Director and CFO43,789 shares31,752 shares

Mr. J Jaga – Group Company Secretary

PositionDBS AwardedPS Awarded
Group Company Secretary14,623 shares17,954 shares

Directors of Major Subsidiary (Lucky Star Limited)

PositionDBS AwardedPS Awarded
Mr. L De WaalDirector35,358 shares
Mr. S SalieDirector30,664 shares
Ms. S LouwDirector13,784 shares
Ms. S NaidooDirector11,450 shares

Transaction Details

In terms of transaction specifics, the awards are settled either in Oceana Group shares or in cash, determined solely at the company’s discretion. The share prices for both DBS and PS are noted as “R nil,” and the transactions hold a value of “R nil,” indicating an off-market acceptance of DBS and PS.

Vesting Period and Nature of Transactions

  • DBS Vesting Period: Vests on the third anniversary of the Award Date.
  • PS Vesting Period: Also vests on the third anniversary of the respective Award Dates.
  • Nature of Transactions: Direct beneficial off-market acceptance of DBS and PS.

This move by Oceana Group Limited underscores its commitment to aligning the interests of its leadership with the long-term success and performance of the company, fostering a culture of accountability and shared success. As shareholders await the outcomes of the vesting periods, the company continues to navigate the dynamic landscape of the seafood industry and uphold its position as a leading force in South African business.

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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