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Pine Pienaar cleans up

Brendan Ryan | Mon, 23 Nov 2009 16:20
[miningmx.com] --FORMER Mvelaphanda Resources (Mvela) CEO Pine Pienaar received R62.9m in remuneration for the year to end-June during which he stepped down from office ahead of the company’s unbundling.

The 2009 Mvela annual report breaks that amount down as follows: remuneration package - R2.53m; long-term retention scheme plus bonus - R22.38m; long-term retention scheme accelerated - R34.35m; and benefits - R3.6m.

Mvela investor relations executive James Wellsted said the long-term retention scheme plus bonus reflected the payout of share options held in Mvela by Pienaar, which had vested during the 2009 financial year.

Wellsted added the long-term retention scheme accelerated referred to future share options Pienaar was entitled to but was not yet able to take up (ie had not yet vested).

“Pienaar and the other executives entitled to such options are being allowed to cash them in because of the decision by the board to unbundle Mvela’s assets and break up the company as required by the JSE.”

Wellsted said the R3.6m in benefits was a payout in respect of unpaid leave as well as a year’s salary, which Pienaar was entitled to in terms of his contract.

“These share options were granted to Pienaar as part of the package required to attract him to Mvela from Harmony in 2004,” Wellsted said.




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