[miningmx.com] — ANGLOGOLD Ashanti announced on Thursday that its shareholders had approved the restructuring of its black economic empowerment share ownership transaction entered into in 2006.
The restructuring will reinstate about 1.37 million ordinary BEE shares held by members of the Bokamoso employee share ownership plan and black empowerment partner Izingwe Holdings. The shares had lapsed, or are expected to lapse, without the intended value accruing to beneficiaries.
An additional 48,923 ordinary shares would also be issued to employees who qualified at the original cut-off date in 2006, and the strike price would be reset at R320 for the Bokamoso employee share ownership plan and R330 for Izingwe.
The restructuring would also provide for a minimum payout of R40 and a maximum payout of R70 for Izingwe and R90 for the Bokamoso employee share ownership plan.
“While the floor price provides certainty to all beneficiaries of the BEE transaction, the creation of a ceiling serves to limit the cost to AngloGold Ashanti and its shareholders,” AngloGold Ashanti said.
The miner had said earlier this year that the restructuring would cost R120.5m, while reducing headline earnings per share from about R2.26 to R2.05.
