| Mon 29 Sep 2008, 12:35 | | REM - Remgro Limited - Adjustments To Share Scheme |
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REM
REM
REM - Remgro Limited - Adjustments To Share Scheme
REMGRO LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1968/006415/06)
SHARE CODE: REM
ISIN: ZAE000026480
("Remgro")
ADJUSTMENTS TO SHARE SCHEME
As set out in the circular to shareholders issued on 15 August 2008, and subject
to shareholder approval at the general meeting of Remgro shareholders to be held
on Thursday 7 October 2008, the current Remgro Share Trust and Remgro Share
Scheme will be wound up and a new share appreciation rights ("SAR") scheme will
be implemented.
In order to mirror the scheme participants` exposure and vesting profile in
respect of the current unvested Remgro share scheme shares, scheme participants
will be granted SARs in Remgro ordinary shares.
The number of SARs each director and the company secretary will be granted will
be their exposure (based on the 5-day VWAP up to 27 October 2008, being the last
day to trade, as defined in the circular to shareholders) divided by the grant
price. The grant price will equal the closing price of Remgro on 3 November
2008, being the record date for the distribution as defined in the circular to
shareholders.
The share appreciation rights may be exercised as follows:
one third of the share appreciation rights granted may be exercised on or after
the third anniversary of the date of grant;
two thirds of the share appreciation rights granted may be exercised on or after
the fourth anniversary of the date of grant; and
after the fifth anniversary of the date of grant, all the share appreciation
rights granted may be exercised, to the extent that they have not been exercised
previously.
In terms of the SAR scheme rules the date of this grant will reflect the
original grant date under the Remgro Share Scheme to ensure that the original
vesting profile of the Remgro Share Scheme is retained.
Remgro has entered into binding agreements with the following directors and
company secretary, relating to their exposure to the new SAR Scheme:
MH Visser
WE Buhrmann
JA Preller
T van Wyk
M Lubbe (Company Secretary)
As a result, should the conditions as set out in the circular to shareholders be
met, the replacement of the Remgro Share Scheme with the SAR scheme as it
relates to the above directors and company secretary will automatically be
implemented.
A further announcement will be made pursuant to the grant price being determined
and the final allocation of SARs for each director having been finalised.
Stellenbosch
29 September 2008
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 29/09/2008 12:35:49 Produced by the JSE SENS Department.
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