Thursday, June 12, 2008

Solidarity welcomes Anglo Platinum shares

By Tina George
12 June 2008

Anglo Platinum the world’s largest platinum producer yesterday handed over shares worth 4.6 billion to its workers where 40 000 workers will benefit through the Kotula Trust which will manage the shares.

According to Solidarity spokesperson Reint Dykema this is the largest worker empowerment scheme ever announced in South Africa.

“Consultation about the deal took place over a period of 18 months with the six recognised trade unions at Anglo Platinum being NUM, Numsa, The Alliance, TAWUSA, Uasa and Solidarity whereby which the process was facilitated by Gavin Hartford’s Esop Shop,” says Dykema.

Dykema elaborated that every worker, including those at D1 band who had never before owned Anglo Platinum shares, will now be a shareholder. An Esop is one of the best ways to achieve empowerment and shrink the gap between rich and poor.

“The financial structure of the Kotula Trust is made up of 40% free shares and 60% loan shares, which have to be repaid by the Trust. The outstanding loan will be paid from a dividend of 50% on the loan shares. If any money remains owing, it will be made up out of the sale of loan shares.”

He added that the Trust will be managed by 13 trustees, comprising representatives of the trade unions and the company, as well as independent trustees.

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