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BusinessLive reports that platinum group metals producer Royal Bafokeng Platinum (RBPlat) has extended the fixed-term contracts of its CEO Steve Phiri and COO Neil Carr by an additional six months pending the finalisation of the proposed takeover bid by Impala Platinum (Implats).
Implats is now the sole contender vying for a controlling stake in RBPlat after rival Northam Platinum pulled out of the race last week, citing a significant pullback in commodity prices. Both Phiri and Carr retired nearly a year ago, but the company opted to retain their services on fixed-term contracts while Implats and Northam battled it out for control of its assets. In a statement on Tuesday, RBPlat said the two executives would remain with the group until October to ensure a smooth transition as and when the proposed deal was consummated. “As a consequence of the extension, the executives’ entitlement to the cash bonus ... has been deferred and remains subject to the condition that they remain in the company’s employ until the expiry date and that they satisfy the existing performance conditions which pertain to the corporate action,” RBPlat indicated. It added: “As a further consequence of the extension, the executives remain eligible to participate in the company’s short-term incentive scheme for the current financial year.”
- Read the full original of the report in the above regard by Andries Mahlangu at BusinessLive
- See too, Phiri, Carr to stay on at RBPlat until buyout is concluded, at Mining Weekly
Get other news reports at the SA Labour News home page