Thungela executives receive dividend-equivalent shares

Published 15/05/2025, 11:04
Thungela executives receive dividend-equivalent shares

ROSEBANK - Thungela Resources Limited, a South African mining group, has disclosed the award of dividend-equivalent shares to its executive directors and prescribed officers. The awards are part of the company’s 2021 Share Plan and are tied to previously allocated conditional share awards. The vesting of these shares is subject to the same performance and employment conditions as the original share awards.

According to the announcement made today, the dividend-equivalent shares were vested to executives including CEO July Ndlovu, CFO Gideon Frederick Smith, and COO Johannes Petrus Daniel van Schalkwyk, among others. The value of the awards was calculated based on the dividend-adjusted volume weighted average price of a Thungela share on the Johannesburg Stock Exchange over the 20 business days ending April 25, 2025, which was R89.37 per share.

The transactions for these awards took place off-market on May 14, 2025, and were duly cleared. The highest and lowest share prices for Thungela during the period leading up to the award date ranged from R109.63 to R95.00, reflecting market fluctuations.

These awards come as part of the company’s long-term incentive plan (LTIP) for the years 2023 and 2024, aiming to align the interests of the executives with those of the shareholders by tying a portion of their compensation to the company’s performance.

The disclosure of these transactions is in accordance with the JSE Listings Requirements, which mandate transparency regarding dealings by executives in the company’s securities. The detailed information provided includes the number of shares awarded, the value of each award, and the nature of the interest, which is direct and beneficial for all recipients.

Thungela Resources Limited is listed on both the Johannesburg Stock Exchange (JSE share code:TGA) and the London Stock Exchange (LON:LSEG) (LSE share code:TGA), with an ISIN of ZAE000296554. The company’s financial advisers and corporate brokers include Panmure Liberum Limited and Rand Merchant Bank, a division of FirstRand Bank Limited.

This report is based on a press release statement issued by Thungela Resources Limited.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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