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Harmony shares plan

By I-Net Bridge | Mar 16, 2012 | COMMENTS [ 10 ]

Some 33,000 employees to benefit

HARMONY Gold has launched its employee share ownership plan which will see about 33,000 employees participating in a direct ownership of the company.

The plan is an equity-settled share incentive and share appreciation rights scheme, in terms of which 4,288,000 ordinary shares in the share capital of the company at par value and 8,576,000 share appreciation rights have been offered to these 33,000 Harmony employees.

Harmony chief executive Graham Briggs said the plan recognises the importance of the employees who sustain its business.

"They are our 'human gold'. This plan not only benefits our employees, but has also demonstrated the company's relationships with unions.

Frans Baleni, general secretary of the National Union of Mineworkers, is pleased with the outcome of Harmony's share process.

"NUM believes each and every employee at Harmony to be deserving of a portion of the success to which they contribute," he said.

He also said that it was time that due recognition was provided for the contributions of its members.

Based on the number of shares in issue on December 31 2011, the Harmony shares available for issue in terms of the plan may account for ownership of about 2.9% of the company. Harmony's black economic empowerment status is thus further enhanced.

In 2010, Harmony first engaged with NUM, UASA and Solidarity over the proposed plan, offering a minimum of 100 ordinary shares per employee at full market value, vesting in equal annual amounts of 20 shares over a five-year period.

The company also offered to allocate a minimum of 200 share appreciation rights per employee at market value, vesting in equal annual amounts of 40 share appreciation rights over a five-year period.

The proposed plan was approved by Harmony shareholders in December 2010 via the Harmony Employees' Share Trust.

The plan was amended and approved by shareholders in December 2011.

Compensation Technologies has been appointed as administrator of the scheme.

The scheme will be overseen by the Tlhakanelo Employee Share Trust, the trustees of which will comprise both management and union representatives.

COMMENTS [ 10 ]

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Thanks to Kumba Iron Ore and Exxaro, our people are beginning to see some benefits of their hard labour!!

ntshwana@gmail.com
Twitter: ntshwana

Mar 16, 2012 12:54 | 0 replies

Earthquakes are coming and there wont be safety belts
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BlackLion..Lol,you are killing me softly

Mar 16, 2012 3:11 | 0 replies

dimpho_4U

They are preparing their destruction for the love of money and seem to be proud of it

Earthquakes are coming and there wont be safety belts

Mar 16, 2012 3:5 | 0 replies

BlackLion
Keep on digging to weaken the Earth Farm.

Whoever digs a pit shall fall in it
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hahahah @Blacky..let them dig and drill

Mar 16, 2012 2:29 | 0 replies

Bunch of gold diggers.

Mar 16, 2012 2:23 | 0 replies

Keep on digging to weaken the Earth Farm.

Whoever digs a pit shall fall in it

Mar 16, 2012 2:10 | 0 replies

Dithapelo di ya bere ka ne.

Mar 16, 2012 1:41 | 0 replies

Yes Sir..great news for a change

Mar 16, 2012 1:39 | 0 replies

Well done, great plan.

Mar 16, 2012 12:59 | 0 replies

dimpho_4U

Gold diggers are the one’s killing us softly with their drilling of the Earth Farm

Look at the door behind him; it looks like a gate of fireballs

Mar 16, 2012 3:47 | 0 replies