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JOHANNESBURG - AECI Limited, a South African chemicals group, has disclosed the allocation of share awards to its top executives under the company’s Long-term Incentive Plan (LTIP) and the 2024 One Incentive Long-term Incentive Plan (OI-LTIP), in line with the Johannesburg Stock Exchange (JSE) Limited Listings Requirements.
The company reported on Thursday that CEO H Riemensperger, Executive Vice President DK Murray, and Group Company Secretary C Singh accepted awards of performance shares and non-performance shares on Tuesday. These shares will convert into ordinary AECI shares and vest in the coming years, contingent on certain conditions being met.
Under the LTIP, performance shares were issued at a grant price of R92.9000 each. Riemensperger received 128,734 shares valued at approximately R11.96 million, Murray was granted 43,547 shares worth around R4.05 million, and Singh was allocated 33,077 shares, totaling about R3.07 million. The performance shares are set to vest three years from the grant date, April 14, 2025, subject to performance conditions.
Additionally, the executives were awarded non-performance shares as part of the 2024 OI-LTIP, which will vest two years post-grant date. Riemensperger accepted 9,925 shares valued at R922,032.50, Murray received 3,580 shares worth R332,582.00, and Singh got 3,055 shares with a value of R283,809.50. The grant price for these shares was also R92.9000 each.
The transactions were conducted off-market with the necessary clearance granted as per the JSE Listings Requirements. All participants hold a direct beneficial interest in the awarded shares.
This distribution of shares is part of AECI’s annual award process aimed at incentivizing and retaining key company leaders. The information is based on a press release statement from AECI Limited.
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