miningmx
TODAY In Markets ›

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.




USER COMMENTS () Click to View
COMMENT
SHARE
E-MAIL
PRINT
Add Your Comment
No bad language or hate speech please.

facebook de.li.cious Digg
Most Read
Commented
Ed's Choice
  1. »AngloPlat to raise R12.5bn
    by Brendan Ryan | 08 Feb 2010 09:49
  2. »AngloPlat turns the corner
    by Brendan Ryan | 08 Feb 2010 17:07
  3. »ANCYL unveils nationalisation plan
    by Miningmx reporter | 07 Feb 2010 12:59
  4. »Xstrata pays dividend, upbeat on markets
    by Allan Seccombe | 08 Feb 2010 10:58
  5. »Harmony Gold output dips, profit up
    by Allan Seccombe | 08 Feb 2010 08:44
  1. » Xstrata pays dividend, upbeat on markets
    by Allan Seccombe | 08 Feb 2010 10:58
  2. » AngloPlat turns the corner
    by Brendan Ryan | 08 Feb 2010 17:07
  3. » Copper prices destined for record high
    by Allan Seccombe | 01 Feb 2010 14:29
  4. » Good prospects for gold
    by Brendan Ryan | 01 Feb 2010 19:30
  5. » Bernard Swanepoel's first platinum play
    by Allan Seccombe | 29 Jan 2010 16:43
  1. » ANCYL unveils nationalisation plan
    by Miningmx reporter | 07 Feb 2010 12:59
  2. » Eskom calls for urgent coal investment
    by Troye Lund | 28 Jan 2010 21:01
  3. » SA govt eyes shares in private miners
    by Allan Seccombe | 02 Feb 2010 12:20
  4. » Bernard Swanepoel's first platinum play
    by Allan Seccombe | 29 Jan 2010 16:43
  5. » AngloPlat turns the corner
    by Brendan Ryan | 08 Feb 2010 17:07
More news from Markets
special reports
News Alert! Subscribe to our Free News Alert
multimedia

Multimedia

LATEST PODCAST | Nationalisation? Not in my life time | 09 Feb 2010 - › More
The Miningmx team reflects on the week long Mining Indaba and the launch of the 2010 edition of Rain ... Listen ›
RADIO WRAP | More ›
  • Chamber's proposal gives an "almost bearable" alternative - Dick Kruger, CoM |
  • Opportunities for growth in diamonds - Trans Hex CEO Delport |
  • podcastsPodcasts
    Big opinions by big guys.
    RSSRSS Feeds
    News delivered really simply.
    jobsJobs
    Current listings.
    eventsEvents
    Current listings.
    jseJSE Listed stocks
    Real time resources data.
    special reportsFREE News Alert!
    Subscribe to our News Alert