Investor Relations Contacts
Hugo NunesEmail: hugo.nunes@thungela.com
Shreshini Singh Email: shreshini.singh@thungela.com
SENS & Regulatory Announcements
Stock exchange news service (SENS) and other regulatory announcements.
Dealings in securities by Thungela Share Plan for the allocation of Deferred Bonus Shares in terms of the Share Plan
Thungela Resources Limited
Incorporated in the Republic of South Africa
(Registration number: 2021/303811/06)
ISIN: ZAE000296554
JSE share code: TGA
LSE share code: TGA
("Thungela" or "Company")
DEALINGS IN SECURITIES BY THUNGELA SHARE PLAN FOR THE ALLOCATION OF
DEFERRED BONUS SHARES IN TERMS OF THE SHARE PLAN
In compliance with the Listings Requirements of the JSE Limited ("the Listings Requirements"),
we hereby provide the following information regarding the purchase of shares to be used for the
future settlement of rights issued under the Deferred Bonus Share (DBS) plan of the 2021
Thungela Company Share Plan. The repurchased shares will be held in Treasury until such time
that the repurchased shares are used.
Date of transaction: 2 April 2024
Nature of transaction: On-market acquisition of securities
Class of securities: Ordinary shares
Number of securities: 99,330
Volume weighted average purchase 125.95
price per security:
Highest purchase price per security: 128.38
Lowest purchase price per security: 121.05
Transaction value: R12,510,613.50
Nature of interest: Direct beneficial
Date of transaction: 3 April 2024
Nature of transaction: On-market acquisition of securities
Class of securities: Ordinary shares
Number of securities: 99,330
Volume weighted average purchase 128.68
price per security:
Highest purchase price per security: 130.86
Lowest purchase price per security: 126.50
Transaction value: R12,781,784.40
Nature of interest: Direct beneficial
Date of transaction: 4 April 2024
Nature of transaction: On-market acquisition of securities
Class of securities: Ordinary shares
Number of securities: 99,330
Volume weighted average purchase 132.36
price per security:
Highest purchase price per security: 134.00
Lowest purchase price per security: 130.00
Transaction value: R13,147,318.80
Nature of interest: Direct beneficial
Date of transaction: 5 April 2024
Nature of transaction: On-market acquisition of securities
Class of securities: Ordinary shares
Number of securities: 99,330
Volume weighted average purchase 130.27
price per security:
Highest purchase price per security: 133.34
Lowest purchase price per security: 127.04
Transaction value: R12,939,719.10
Nature of interest: Direct beneficial
Date of transaction: 8 April 2024
Nature of transaction: On-market acquisition of securities
Class of securities: Ordinary shares
Number of securities: 76,940
Volume weighted average purchase 130.78
price per security:
Highest purchase price per security: 132.86
Lowest purchase price per security: 127.04
Transaction value: R10,062,213.20
Nature of interest: Direct beneficial
Date of transaction: 9 April 2024
Nature of transaction: On-market acquisition of securities
Class of securities: Ordinary shares
Number of securities: 106,028
Volume weighted average purchase 134.72
price per security:
Highest purchase price per security: 136.53
Lowest purchase price per security: 130.55
Transaction value: R14,284,092.16
Nature of interest: Direct beneficial
Date of transaction: 10 April 2024
Nature of transaction: On-market acquisition of securities
Class of securities: Ordinary shares
Number of securities: 115,022
Volume weighted average purchase 139.77
price per security:
Highest purchase price per security: 143.61
Lowest purchase price per security: 134.00
Transaction value: R21,667,424.90
Nature of interest: Direct beneficial
Date of transaction: 11 April 2024
Nature of transaction: On-market acquisition of securities
Class of securities: Ordinary shares
Number of securities: 99,330
Volume weighted average purchase 141.82
price per security:
Highest purchase price per security: 145.00
Lowest purchase price per security: 137.17
Transaction value: R14,086,980.60
Nature of interest: Direct beneficial
Date of transaction: 12 April 2024
Nature of transaction: On-market acquisition of securities
Class of securities: Ordinary shares
Number of securities: 99,333
Volume weighted average purchase 147.93
price per security:
Highest purchase price per security: 149.61
Lowest purchase price per security: 144.53
Transaction value: R14,694,330.70
Nature of interest: Direct beneficial
Clearance to deal in terms of the JSE Listings Requirements was obtained.
Rosebank
17 April 2024
UK Financial adviser and corporate broker
Liberum Capital Limited
Sponsor
Rand Merchant Bank (A division of FirstRand Bank Limited)
Date: 17-04-2024 02:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Confirmation of treasury shares held
THUNGELA RESOURCES LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 2021/303811/06
JSE Share Code: TGA
LSE Share Code: TGA
ISIN: ZAE000296554
Tax number: 9111917259
('Thungela' or the 'Company' and, together with its affiliates, the 'Group')
CONFIRMATION OF TREASURY SHARES HELD
The following notification is made in accordance with the UK Financial Conduct Authority's
Disclosure Guidance and Transparency Rule 5.6.
At 31 March 2024, the Group holds a total of 3,961,154 shares in treasury. This includes
3,349,334 shares held directly by subsidiaries and 611,820 shares held in separate broker
accounts for employees. The shares held in employee broker accounts relate to share
awards in terms of the Thungela share plan which have not yet vested. These shares are
considered treasury shares for Thungela until the awards have vested, in line with the
rules of the Thungela share plan.
The 3,349,334 treasury shares held directly by subsidiaries do not carry voting rights.
The total number of ordinary shares in issue which carry voting rights amounts to
137,143,251.
This information may be used by shareholders (and others with notification obligations)
as the denominator for the calculations by which they will determine whether they are
required to notify their interest in, or a change to their interest in the Company.
5 April 2024
Rosebank
UK Financial adviser and corporate broker
Liberum Capital Limited
Tel: +44 20 3100 2000
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Tel: +27 11 282 8000
Date: 05-04-2024 11:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Dealings in securities by executive directors, prescribed officers and company secretary
Thungela Resources Limited
(Incorporated in the Republic of South Africa)
(Registration number: 2021/303811/06)
JSE share code: TGA
LSE share code: TGA
ISIN: ZAE000296554
("Thungela Resources" or "the Company")
DEALINGS IN SECURITIES BY EXECUTIVE DIRECTORS, PRESCRIBED OFFICERS AND
COMPANY SECRETARY
In accordance with paragraph 3.63 of the JSE Listings Requirements, shareholders are advised
that the following executive directors, prescribed officers and the company secretary of Thungela
Resources were awarded forfeitable shares in terms of the rules of the Company's 2021 Share
Plan and Remuneration Policy:
Chief Executive Officer: July Ndlovu
Grant Date: 18 March 2024
Date of transaction: 2 April 2024
Nature of transaction: Off market grant and acceptance of forfeitable shares
Class of securities: Ordinary shares
Number of securities: 25,684
(33,33% of shares will vest in equal tranches over 3 years
provided that the executive director remains in the employ
of the Company)
Award price per share*: R116.55
Transaction value: R2,993,470
Nature of interest: Direct beneficial
Chief Financial Officer: Gideon Frederick Smith
Grant Date: 18 March 2024
Date of transaction: 2 April 2024
Nature of transaction: Off market grant and acceptance of forfeitable shares
Class of securities: Ordinary shares
Number of securities: 13,822
(33,33% of shares will vest in equal tranches over 3 years
provided that the executive director remains in the employ
of the Company)
Award price per share*: R116.55
Deemed value of transaction: R1,610,954
Nature of interest: Direct beneficial
Chief Operations Officer: Johannes Petrus Daniel van Schalkwyk
Grant Date: 18 March 2024
Date of transaction: 2 April 2024
Nature of transaction: Off market grant and acceptance of forfeitable shares
Class of securities: Ordinary shares
Number of securities: 10,777
(33,33% of shares will vest in equal tranches over 3 years
provided that the prescribed officer remains in the employ
of the Company)
Award price per share*: R116.55
Transaction value: R1,256,059
Nature of interest: Direct beneficial
Executive Head of Technical: Leslie Martin
Grant Date: 18 March 2024
Date of transaction: 2 April 2024
Nature of transaction: Off market grant and acceptance of forfeitable shares
Class of securities: Ordinary shares
Number of securities: 9,360
(33,33% of shares will vest in equal tranches over 3 years
provided that the prescribed officer remains in the employ
of the Company)
Award price per share*: R116.55
Transaction value: R1,090,908
Nature of interest: Direct beneficial
Executive Head of Human Resources: Lesego Elias Mataboge
Grant Date: 18 March 2024
Date of transaction: 2 April 2024
Nature of transaction: Off market grant and acceptance of forfeitable shares
Class of securities: Ordinary shares
Number of securities: 6,129
(33,33% of shares will vest in equal tranches over 3 years
provided that the prescribed officer remains in the employ
of the Company)
Award price per share*: R116.55
Transaction value: R714,335
Nature of interest: Direct beneficial
Executive Head of Corporate Affairs: Nompumelelo Sithole
Grant Date: 18 March 2024
Date of transaction: 2 April 2024
Nature of transaction: Off market grant and acceptance of forfeitable shares
Class of securities: Ordinary shares
Number of securities: 6,129
(33,33% of shares will vest in equal tranches over 3 years
provided that the prescribed officer remains in the employ
of the Company)
Award price per share*: R116.55
Transaction value: R714,335
Nature of interest: Direct beneficial
Executive Head of SHE: Carina Venter
Grant Date: 18 March 2024
Date of transaction: 2 April 2024
Nature of transaction: Off market grant and acceptance of forfeitable shares
Class of securities: Ordinary shares
Number of securities: 6,129
(33,33% of shares will vest in equal tranches over 3 years
provided that the prescribed officer remains in the employ
of the Company)
Award price per share*: R116.55
Transaction value: R714,335
Nature of interest: Direct beneficial
Executive Head of Marketing: Bernard Michael Dalton
Grant Date: 18 March 2024
Date of transaction: 2 April 2024
Nature of transaction: Off market grant and acceptance of forfeitable shares
Class of securities: Ordinary shares
Number of securities: 7,970
(33,33% of shares will vest in equal tranches over 3 years
provided that the prescribed officer remains in the employ
of the Company)
Award price per share*: R116.55
Transaction value: R928,904
Nature of interest: Direct beneficial
Company Secretary: Daniel Francois Klem
Grant Date: 18 March 2024
Date of transaction: 2 April 2024
Nature of transaction: Off market grant and acceptance of forfeitable shares
Class of securities: Ordinary shares
Number of securities: 4,756
(33,33% of shares will vest in equal tranches over 3 years
provided that the company secretary remains in the
employ of the Company)
Award price per share*: R116.55
Transaction value: R554,312
Nature of interest: Direct beneficial
* Award price per share represents the volume weighted average price of a Thungela Resources
share for the 3 days ended 20 March 2024. The highest and lowest prices traded for Thungela
Resources shares over each day were as follows:
Date Highest price per share Lowest price per share
18 March 2024 116,49 106,22
19 March 2024 121,00 113,95
20 March 2024 127,31 120,29
Clearance to deal in terms of the JSE Listings Requirements was obtained.
Johannesburg
4 April 2024
UK Financial adviser and corporate broker
Liberum Capital Limited
Sponsor
Rand Merchant Bank (A division of FirstRand Bank Limited)
Notification of Dealing Forms
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name July Ndlovu
2 Reason for the notification
a) Position/status PDMR – Chief Executive Officer
b) Initial notification Initial notification
/Amendment
3 Details of the issuer, emission allowance market participant, auction platform,
auctioneer or auction monitor
a) Name Thungela Resources Limited
b) LEI 213800EGYK3BN3SRIF27
4 Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each place
where transactions have been conducted
a) Description of the financial Ordinary shares of no par value
instrument, type of
instrument
Identification code ISIN: ZAE000296554
b) Nature of the transaction Direct beneficial
c) Price(s) and volume(s)
Price(s) Volume(s)
R116.55 25,684
d) Aggregated information
- Aggregated volume 25,684
- Price R2,993,470
e) Date of the transaction 2 April 2024
f) Place of the transaction Off market
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Gideon Frederick Smith
2 Reason for the notification
a) Position/status PDMR – Chief Financial Officer
b) Initial notification Initial notification
/Amendment
3 Details of the issuer, emission allowance market participant, auction platform,
auctioneer or auction monitor
a) Name Thungela Resources Limited
b) LEI 213800EGYK3BN3SRIF27
4 Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each place
where transactions have been conducted
a) Description of the financial Ordinary shares of no par value
instrument, type of
instrument
Identification code ISIN: ZAE000296554
b) Nature of the transaction Direct beneficial
c) Price(s) and volume(s)
Price(s) Volume(s)
R116.55 13,822
d) Aggregated information
- Aggregated volume 13,822
- Price R1,610,954
e) Date of the transaction 2 April 2024
f) Place of the transaction Off market
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Johannes Petrus Daniel van Schalkwyk
2 Reason for the notification
a) Position/status PDMR – Chief Operations Officer
b) Initial notification Initial notification
/Amendment
3 Details of the issuer, emission allowance market participant, auction platform,
auctioneer or auction monitor
a) Name Thungela Resources Limited
b) LEI 213800EGYK3BN3SRIF27
4 Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each place
where transactions have been conducted
a) Description of the financial Ordinary shares of no par value
instrument, type of
instrument
Identification code ISIN: ZAE000296554
b) Nature of the transaction Direct beneficial
c) Price(s) and volume(s)
Price(s) Volume(s)
R116.55 10,777
d) Aggregated information
- Aggregated volume 10,777
- Price R1,256,059
e) Date of the transaction 2 April 2024
f) Place of the transaction Off market
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Leslie Martin
2 Reason for the notification
a) Position/status PDMR – Executive Head of Technical
b) Initial notification Initial notification
/Amendment
3 Details of the issuer, emission allowance market participant, auction platform,
auctioneer or auction monitor
a) Name Thungela Resources Limited
b) LEI 213800EGYK3BN3SRIF27
4 Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each place
where transactions have been conducted
a) Description of the financial Ordinary shares of no par value
instrument, type of
instrument
Identification code ISIN: ZAE000296554
b) Nature of the transaction Direct beneficial
c) Price(s) and volume(s)
Price(s) Volume(s)
R116.55 9,360
d) Aggregated information
- Aggregated volume 9,360
- Price R1,090,908
e) Date of the transaction 2 April 2024
f) Place of the transaction Off market
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Lesego Elias Mataboge
2 Reason for the notification
a) Position/status PDMR – Executive Head of HR
b) Initial notification Initial notification
/Amendment
3 Details of the issuer, emission allowance market participant, auction platform,
auctioneer or auction monitor
a) Name Thungela Resources Limited
b) LEI 213800EGYK3BN3SRIF27
4 Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each place
where transactions have been conducted
a) Description of the financial Ordinary shares of no par value
instrument, type of
instrument
Identification code ISIN: ZAE000296554
b) Nature of the transaction Direct beneficial
c) Price(s) and volume(s)
Price(s) Volume(s)
R116.55 6,129
d) Aggregated information
- Aggregated volume 6,129
- Price R714,335
e) Date of the transaction 2 April 2024
f) Place of the transaction Off market
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Nompumelelo Sithole
2 Reason for the notification
a) Position/status PDMR – Executive Head of Corporate Affairs
b) Initial notification Initial notification
/Amendment
3 Details of the issuer, emission allowance market participant, auction platform,
auctioneer or auction monitor
a) Name Thungela Resources Limited
b) LEI 213800EGYK3BN3SRIF27
4 Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each place
where transactions have been conducted
a) Description of the financial Ordinary shares of no par value
instrument, type of
instrument
Identification code ISIN: ZAE000296554
b) Nature of the transaction Direct beneficial
c) Price(s) and volume(s)
Price(s) Volume(s)
R116.55 6,129
d) Aggregated information
- Aggregated volume 6,129
- Price R714,335
e) Date of the transaction 2 April 2024
f) Place of the transaction Off market
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Carina Venter
2 Reason for the notification
a) Position/status PDMR – Executive Head of SHE
b) Initial notification Initial notification
/Amendment
3 Details of the issuer, emission allowance market participant, auction platform,
auctioneer or auction monitor
a) Name Thungela Resources Limited
b) LEI 213800EGYK3BN3SRIF27
4 Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each place
where transactions have been conducted
a) Description of the financial Ordinary shares of no par value
instrument, type of
instrument
Identification code ISIN: ZAE000296554
b) Nature of the transaction Direct beneficial
c) Price(s) and volume(s)
Price(s) Volume(s)
R116.55 6,129
d) Aggregated information
- Aggregated volume 6,129
- Price R714,335
e) Date of the transaction 2 April 2024
f) Place of the transaction Off market
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Bernard Michael Dalton
2 Reason for the notification
a) Position/status PDMR – Executive Head of Marketing
b) Initial notification Initial notification
/Amendment
3 Details of the issuer, emission allowance market participant, auction platform,
auctioneer or auction monitor
a) Name Thungela Resources Limited
b) LEI 213800EGYK3BN3SRIF27
4 Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each place
where transactions have been conducted
a) Description of the financial Ordinary shares of no par value
instrument, type of
instrument
Identification code ISIN: ZAE000296554
b) Nature of the transaction Direct beneficial
c) Price(s) and volume(s)
Price(s) Volume(s)
R116.55 7,970
d) Aggregated information
- Aggregated volume 7,970
- Price R928,904
e) Date of the transaction 2 April 2024
f) Place of the transaction Off market
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Daniel Francois Klem
2 Reason for the notification
a) Position/status Company Secretary
b) Initial notification Initial notification
/Amendment
3 Details of the issuer, emission allowance market participant, auction platform,
auctioneer or auction monitor
a) Name Thungela Resources Limited
b) LEI 213800EGYK3BN3SRIF27
4 Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each place
where transactions have been conducted
a) Description of the financial Ordinary shares of no par value
instrument, type of
instrument
Identification code ISIN: ZAE000296554
b) Nature of the transaction Direct beneficial
c) Price(s) and volume(s)
Price(s) Volume(s)
R116.55 4,756
d) Aggregated information
- Aggregated volume 4,756
- Price R554,312
e) Date of the transaction 2 April 2024
f) Place of the transaction Off market
Date: 04-04-2024 03:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Dealings in securities by the 2021 Thungela Share Plan to cover tax obligations in terms of the Company’s share plan
Thungela Resources Limited
(Incorporated in the Republic of South Africa)
(Registration number: 2021/303811/06)
ISIN: ZAE000296554
JSE share code: TGA
LSE share code: TGA
("Thungela" or "the Company")
DEALINGS IN SECURITIES BY THE 2021 THUNGELA SHARE PLAN TO COVER TAX
OBLIGATIONS IN TERMS OF THE COMPANY'S SHARE PLAN RULES
In compliance with the Listings Requirements of the JSE Limited ("the Listings
Requirements"), we hereby provide the following information regarding the sale of shares to
settle tax obligations arising from the vesting of 33% of the forfeitable share awards granted for
2022 and 2023 under the 2021 Thungela Share Plan.
Date of transaction: 28 March 2024
Nature of transaction: On-market sale of securities
Class of securities: Ordinary shares
Number of securities: 77,727
Volume weighted average selling 122.04
price per security:
Highest selling price per security: 124.89
Lowest selling price per security: 120.47
Transaction value: R9,485,803.08
Nature of interest: Direct beneficial
Date of transaction: 2 April 2024
Nature of transaction: On-market sale of securities
Class of securities: Ordinary shares
Number of securities: 25,029
Volume weighted average selling 125.95
price per security:
Highest selling price per security: 128.38
Lowest selling price per security: 121.05
Transaction value: 3,152,652.84
Nature of interest: Direct beneficial
Clearance to deal in terms of the JSE Listings Requirements was obtained.
Rosebank
4 April 2024
UK Financial adviser and corporate broker
Liberum Capital Limited
Sponsor
Rand Merchant Bank (A division of FirstRand Bank Limited)
Date: 04-04-2024 01:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Dealings in securities to settle tax obligations for executive directors, prescribed offers and company secretary
Thungela Resources Limited
Incorporated in the Republic of South Africa
Registration number: 2021/303811/06
ISIN: ZAE000296554
JSE share code: TGA
LSE share code: TGA
("Thungela" or "Company")
DEALINGS IN SECURITIES TO SETTLE TAX OBLIGATIONS FOR EXECUTIVE DIRECTORS,
PRESCRIBED OFFERS AND COMPANY SECRETARY
Shareholders are advised of the following dealings on behalf of Thungela executive directors,
prescribed officers and the Company Secretary pursuant to the vesting of 33% of the forfeitable
awards granted under the 2021 Company Share Plan and Remuneration Policy in March 2022
and March 2023:
Chief Executive Officer: July Ndlovu
Date of transaction: 28 March / 2 April 2024
Nature of transaction: On market disposal of vested shares to settle tax
obligations arising from the vesting.
Class of securities: Ordinary shares
Number of securities: 4,487
Sale price per security*: R123.99
Transaction value: R556,343.13
Nature of interest: Direct beneficial
Chief Financial Officer: Gideon Frederick Smith
Date of transaction: 28 March / 2 April 2024
Nature of transaction: On market disposal of vested shares to settle tax
obligations arising from the vesting.
Class of securities: Ordinary shares
Number of securities: 2,413
Sale price per security*: R123.99
Transaction value: R299,187.87
Nature of interest: Direct beneficial
Chief Operating Officer: Johannes Petrus Daniel van Schalkwyk
Date of transaction: 28 March / 2 April 2024
Nature of transaction: On market disposal of vested shares to settle tax
obligations arising from the vesting.
Class of securities: Ordinary shares
Number of securities: 1,747
Sale price per security*: R123.99
Transaction value: R216,610.53
Nature of interest: Direct beneficial
Executive Head of Technical: Leslie Martin
Date of transaction: 28 March / 2 April 2024
Nature of transaction: On market disposal of vested shares to settle tax
obligations arising from the vesting.
Class of securities: Ordinary shares
Number of securities: 1,540
Sale price per security*: R123.99
Transaction value: R190,944.60
Nature of interest: Direct beneficial
Executive Head of Marketing: Bernard Michael Dalton
Date of transaction: 28 March / 2 April 2024
Nature of transaction: On market disposal of vested shares to settle tax
obligations arising from the vesting.
Class of securities: Ordinary shares
Number of securities: 1,214
Sale price per security*: R123.99
Transaction value: R150,523.86
Nature of interest: Direct beneficial
Executive Head of Human Resources: Lesego Elias Mataboge
Date of transaction: 28 March / 2 April 2024
Nature of transaction: On market disposal of vested shares to settle tax
obligations arising from the vesting.
Class of securities: Ordinary shares
Number of securities: 1,152
Sale price per security*: R123.99
Transaction value: R142,836.48
Nature of interest: Direct beneficial
Executive Head of Corporate Affairs: Nompumelelo Sithole
Date of transaction: 28 March / 2 April 2024
Nature of transaction: On market disposal of vested shares to settle tax
obligations arising from the vesting.
Class of securities: Ordinary shares
Number of securities: 1,149
Sale price per security*: R123.99
Transaction value: R142,464.51
Nature of interest: Direct beneficial
Executive Head of SHE: Carina Venter
Date of transaction: 28 March / 2 April 2024
Nature of transaction: On market disposal of vested shares to settle tax
obligations arising from the vesting.
Class of securities: Ordinary shares
Number of securities: 1,096
Sale price per security*: R123.99
Transaction value: R135,893.04
Nature of interest: Direct beneficial
Company Secretary: Daniel Francois Klem
Date of transaction: 28 March / 2 April 2024
Nature of transaction: On market disposal of vested shares to settle tax
obligations arising from the vesting.
Class of securities: Ordinary shares
Number of securities: 802
Sale price per security*: R123.99
Transaction value: R99,439.98
Nature of interest: Direct Beneficial
The remaining 34% of the forfeitable awards related to the March 2022 award will vest in March
2025, subject to the employment conditions being met. The remaining 67% of the forfeitable
awards related to the March 2023 award will vest in two equal tranches in March 2025 and March
2026, subject to the employment conditions being met. The remaining ordinary shares underlying
the unvested forfeitable awards will be held in a non-tradable account by the applicable escrow
agent. The ordinary shares will remain restricted until such time as vesting occurs.
* Sale price per share is based on a 2-day VWAP ended 2 April 2024. The highest and lowest
prices traded for Thungela shares over each day were as follows:
Date Highest price per share Lowest price per share
28 March 2024 124,89 120,47
2 April 2024 128,38 121,05
Clearance to deal in terms of the JSE Listings Requirements was obtained.
Rosebank
4 April 2024
UK Financial adviser and corporate broker
Liberum Capital Limited
Sponsor
Rand Merchant Bank (A division of FirstRand Bank Limited)
Notification of Dealing Forms
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name July Ndlovu
2 Reason for the notification
a) Position/status PDMR – Chief Executive Officer
b) Initial notification Initial notification
/Amendment
3 Details of the issuer, emission allowance market participant, auction platform,
auctioneer or auction monitor
a) Name Thungela Resources Limited
b) LEI 213800EGYK3BN3SRIF27
4 Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each place
where transactions have been conducted
a) Description of the financial Ordinary shares of no par value
instrument, type of
instrument
Identification code ISIN: ZAE000296554
b) Nature of the transaction On market disposal of shares that have vested in
respect of the 2022 and 2023 forfeitable awards to
settle tax obligations arising from the vesting
c) Price(s) and volume(s)
Price(s) Volume(s)
R123.99 4,487
d) Aggregated information
- Aggregated volume 4,487
- Price R556,343.13
e) Date of the transaction 28 March / 2 April 2024
f) Place of the transaction On market
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Gideon Frederick Smith
2 Reason for the notification
a) Position/status PDMR – Chief Financial Officer
b) Initial notification Initial notification
/Amendment
3 Details of the issuer, emission allowance market participant, auction platform,
auctioneer or auction monitor
a) Name Thungela Resources Limited
b) LEI 213800EGYK3BN3SRIF27
4 Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each place
where transactions have been conducted
a) Description of the financial Ordinary shares of no par value
instrument, type of
instrument
Identification code ISIN: ZAE000296554
b) Nature of the transaction On market disposal of shares that have vested in
respect of the 2022 and 2023 forfeitable awards to
settle tax obligations arising from the vesting
c) Price(s) and volume(s)
Price(s) Volume(s)
R123.99 2,413
d) Aggregated information
- Aggregated volume 2,413
- Price R299,187.87
e) Date of the transaction 28 March / 2 April 2024
f) Place of the transaction On market
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Johannes Petrus Daniel van Schalkwyk
2 Reason for the notification
a) Position/status PDMR – Chief Operating Officer
b) Initial notification Initial notification
/Amendment
3 Details of the issuer, emission allowance market participant, auction platform,
auctioneer or auction monitor
a) Name Thungela Resources Limited
b) LEI 213800EGYK3BN3SRIF27
4 Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each place
where transactions have been conducted
a) Description of the financial Ordinary shares of no par value
instrument, type of
instrument
Identification code ISIN: ZAE000296554
b) Nature of the transaction On market disposal of shares that have vested in
respect of the 2022 and 2023 forfeitable awards to
settle tax obligations arising from the vesting
c) Price(s) and volume(s)
Price(s) Volume(s)
R123.99 1,747
d) Aggregated information
- Aggregated volume 1,747
- Price R216,610.53
e) Date of the transaction 28 March / 2 April 2024
f) Place of the transaction On market
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Leslie Martin
2 Reason for the notification
a) Position/status PDMR – Executive Head of Technical
b) Initial notification Initial notification
/Amendment
3 Details of the issuer, emission allowance market participant, auction platform,
auctioneer or auction monitor
a) Name Thungela Resources Limited
b) LEI 213800EGYK3BN3SRIF27
4 Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each place
where transactions have been conducted
a) Description of the financial Ordinary shares of no par value
instrument, type of
instrument
Identification code ISIN: ZAE000296554
b) Nature of the transaction On market disposal of shares that have vested in
respect of the 2022 and 2023 forfeitable awards to
settle tax obligations arising from the vesting
c) Price(s) and volume(s)
Price(s) Volume(s)
R123.99 1,540
d) Aggregated information
- Aggregated volume 1,540
- Price R190,944.60
e) Date of the transaction 28 March / 2 April 2024
f) Place of the transaction On market
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Bernard Michael Dalton
2 Reason for the notification
a) Position/status PDMR – Executive Head of Marketing
b) Initial notification Initial notification
/Amendment
3 Details of the issuer, emission allowance market participant, auction platform,
auctioneer or auction monitor
a) Name Thungela Resources Limited
b) LEI 213800EGYK3BN3SRIF27
4 Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each place
where transactions have been conducted
a) Description of the financial Ordinary shares of no par value
instrument, type of
instrument
Identification code ISIN: ZAE000296554
b) Nature of the transaction On market disposal of shares that have vested in
respect of the 2022 and 2023 forfeitable awards to
settle tax obligations arising from the vesting
c) Price(s) and volume(s)
Price(s) Volume(s)
R123.99 1,214
d) Aggregated information
- Aggregated volume 1,214
- Price R150,523.86
e) Date of the transaction 28 March / 2 April 2024
f) Place of the transaction On market
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Lesego Elias Mataboge
2 Reason for the notification
a) Position/status PDMR – Executive Head of Human Resources
b) Initial notification Initial notification
/Amendment
3 Details of the issuer, emission allowance market participant, auction platform,
auctioneer or auction monitor
a) Name Thungela Resources Limited
b) LEI 213800EGYK3BN3SRIF27
4 Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each place
where transactions have been conducted
a) Description of the financial Ordinary shares of no par value
instrument, type of
instrument
Identification code ISIN: ZAE000296554
b) Nature of the transaction On market disposal of shares that have vested in
respect of the 2022 and 2023 forfeitable awards to
settle tax obligations arising from the vesting
c) Price(s) and volume(s)
Price(s) Volume(s)
R123.99 1,152
d) Aggregated information
- Aggregated volume 1,152
- Price R142,836.48
e) Date of the transaction 28 March / 2 April 2024
f) Place of the transaction On market
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Nompumelelo Sithole
2 Reason for the notification
a) Position/status PDMR – Executive Head of Corporate Affairs
b) Initial notification Initial notification
/Amendment
3 Details of the issuer, emission allowance market participant, auction platform,
auctioneer or auction monitor
a) Name Thungela Resources Limited
b) LEI 213800EGYK3BN3SRIF27
4 Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each place
where transactions have been conducted
a) Description of the financial Ordinary shares of no par value
instrument, type of
instrument
Identification code ISIN: ZAE000296554
b) Nature of the transaction On market disposal of shares that have vested in
respect of the 2022 and 2023 forfeitable awards to
settle tax obligations arising from the vesting
c) Price(s) and volume(s)
Price(s) Volume(s)
R123.99 1,149
d) Aggregated information
- Aggregated volume 1,149
- Price R142,464.51
e) Date of the transaction 28 March / 2 April 2024
f) Place of the transaction On market
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Carina Venter
2 Reason for the notification
a) Position/status PDMR – Executive Head of Safety, Health &
Environment
b) Initial notification Initial notification
/Amendment
3 Details of the issuer, emission allowance market participant, auction platform,
auctioneer or auction monitor
a) Name Thungela Resources Limited
b) LEI 213800EGYK3BN3SRIF27
4 Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each place
where transactions have been conducted
a) Description of the financial Ordinary shares of no par value
instrument, type of
instrument
Identification code ISIN: ZAE000296554
b) Nature of the transaction On market disposal of shares that have vested in
respect of the 2022 and 2023 forfeitable awards to
settle tax obligations arising from the vesting
c) Price(s) and volume(s)
Price(s) Volume(s)
R123.99 1,096
d) Aggregated information
- Aggregated volume 1,096
- Price R99,439.98
e) Date of the transaction 28 March / 2 April 2024
f) Place of the transaction On market
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Daniel Francois Klem
2 Reason for the notification
a) Position/status Company Secretary
b) Initial notification Initial notification
/Amendment
3 Details of the issuer, emission allowance market participant, auction platform,
auctioneer or auction monitor
a) Name Thungela Resources Limited
b) LEI 213800EGYK3BN3SRIF27
4 Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each place
where transactions have been conducted
a) Description of the financial Ordinary shares of no par value
instrument, type of
instrument
Identification code ISIN: ZAE000296554
b) Nature of the transaction On market disposal of shares that have vested in
respect of the 2022 and 2023 forfeitable awards to
settle tax obligations arising from the vesting
c) Price(s) and volume(s)
Price(s) Volume(s)
R123.99 802
d) Aggregated information
- Aggregated volume 802
- Price R97,707.66
e) Date of the transaction 28 March / 2 April 2024
f) Place of the transaction On market
Date: 04-04-2024 12:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Availability of BEE compliance report
THUNGELA RESOURCES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2021/303811/06)
JSE Share Code: TGA
LSE Share Code: TGA
ISIN: ZAE000296554
Tax number: 9111917259
('Company')
AVAILABILITY OF BEE COMPLIANCE REPORT
Shareholders are advised that the annual compliance report in terms of Section 13G(2) of the Broad-Based
Black Economic Empowerment Amendment Act No. 46 of 2013 has been submitted to the Broad Based
Economic Empowerment Commission on 28 March 2024 and is available on the Company's website at:
https://www.thungela.com/about-us/who-we-are.
28 March 2024
Rosebank
Investor relations
Hugo Nunes
Email: hugo.nunes@thungela.com
Shreshini Singh
Email: shreshini.singh@thungela.com
Media Contacts
Hulisani Rasivhaga
Email: hulisani.rasivhaga@thungela.com
UK Financial adviser and corporate broker
Liberum Capital Limited
Tel: +44 20 3100 2000
Sponsor
Rand Merchant Bank (A division of FirstRand Bank Limited)
Date: 28-03-2024 10:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Dealing in securities by a prescribed officer
Thungela Resources Limited
Incorporated in the Republic of South Africa
Registration number: 2021/303811/06
ISIN: ZAE000296554
JSE share code: TGA
LSE share code: TGA
("Thungela Resources" or "Company")
DEALING IN SECURITIES BY A PRESCRIBED OFFICER
In compliance with paragraphs 3.63 to 3.74 of the Listings Requirements of the JSE Limited, the following
information relating to the dealing in securities by a prescribed officer of Thungela Resources is disclosed:
Prescribed Officer : Carina Venter
Company : Thungela Resources
Date of transaction : 20 March 2024
Class of securities : Thungela Resources ordinary shares
Nature of transaction : On-market sale of ordinary shares
Number of securities : 1200
Volume weighted average sale price per share : R122.70
Highest sale price per share : R122.71
Lowest sale price per share : R122.69
Total value of transaction : R147 240.03
Nature of interest : Direct, beneficial
Clearance obtained : Yes
UK Financial adviser and corporate broker
Liberum Capital Limited
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Rosebank
20 March 2024
Notification and public disclosure of transactions by persons discharging managerial
responsibility and persons closely associated with them.
Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014
1 Details of the person discharging managerial responsibilities/person closely associated
a. Name Carina Venter
2 Reason for notification
a. Position/Status PDMR
b. Initial notification/Amendment Initial
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or
auction monitor
a. Name Thungela Resources Limited
b. LEI 213800EGYK3BN3SRIF27
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each
4 type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a. Description of the Ordinary shares of no par value
financial instrument,
type of instrument ISIN: ZAE000296554
Identification Code SEDOL: BMV3M27
b. Nature of the Sale of Shares
transaction
c. Price(s) and Volume 347 Price R122.69
volume(s) Volume 503 Price R122.70
Volume 350 Price R122.71
d. Aggregated Price: ZAR122.70
information
- Aggregated Volume Volume: 1200
- Price ZAR147 240.03
e. Date of the 20 March 2024
transaction
f. Place of the XJSE
transaction
Date: 20-03-2024 01:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Final ordinary cash dividend declaration and share repurchases
THUNGELA RESOURCES LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 2021/303811/06
JSE Share Code: TGA
LSE Share Code: TGA
ISIN: ZAE000296554
Tax number: 9111917259
('Thungela' or the 'Company' and, together with its affiliates, the 'Group')
FINAL ORDINARY CASH DIVIDEND DECLARATION AND SHARE REPURCHASES
Share repurchases
The Group will implement share repurchases (share buyback), subject to market
conditions, in the period commencing 19 March 2024 and, unless revised or terminated
earlier, ending 3 June 2024, being the last trading day prior to the Group's next annual
general meeting ("AGM") which will take place on 4 June 2024. The aggregate
purchase price of all shares repurchased will be no greater than R500 million.
The repurchase of Thungela shares will take place on the Johannesburg Stock
Exchange ("JSE") through the order book operated by the JSE trading system and is
being undertaken pursuant to the general authority from Thungela shareholders by way
of a shareholders' special resolution passed at the Company's AGM on 31 May 2023,
allowing the Group to repurchase up to 10% of the issued share capital of the Company
in any one financial year, subject to certain limitations ("Authority"). The repurchases will
be made by Thungela Operations Proprietary Limited (a subsidiary of the Group).
Pursuant to the JSE Listings Requirements, the maximum price which may be paid for
any repurchase under the Authority may not exceed a price which is 10% above the
volume weighted average trading price of the shares on the JSE for the five business
days immediately preceding the date of such repurchase.
In compliance with paragraph 11.27 of the JSE Listings Requirements, the Group will
announce when share repurchases cumulatively reach 3% of the number of shares in
issue as at the date of the Authority, and any 3% increments thereafter.
Final ordinary cash dividend declaration
The Thungela board of directors approved the declaration of a final gross ordinary cash
dividend of 1,000.00 cents per share (South African rand). The dividend has been
declared from retained earnings accrued during the year ended 31 December 2023.
The Company's issued share capital at the declaration date is 140,492,585 ordinary
shares.
The salient dates pertaining to the cash dividend are as follows:
JSE LSE
Declaration of ordinary cash dividend Monday, 18 March Monday, 18 March
and currency conversion rate 2024 2024
announced
Last day for trading to qualify and Tuesday, 16 April Wednesday, 17 April
participate in the dividend 2024 2024
Trading ex-dividend commences Wednesday, 17 April Thursday, 18 April
2024 2024
Record date to participate in the Friday, 19 April Friday, 19 April
dividend 2024 2024
Payment date to shareholders Monday, 22 April Tuesday, 7 May
2024 2024
No transfers of shareholdings to and from the South African or the United Kingdom (UK)
register will be permitted between Tuesday, 16 April 2024 and Friday, 19 April 2024
(both dates inclusive). Share certificates may not be dematerialised or rematerialised
between Wednesday, 17 April 2024 and Friday, 19 April 2024 (both dates inclusive). Any
changes to the dividend instructions and timetable will be announced on SENS and
RNS.
The salient dates have been set as above in order to allow non-South African resident
shareholders sufficient time to apply for a reduced rate of dividend withholding tax in the
event that they may qualify for this.
The dividend is payable in South African rand to shareholders recorded as such on the
register on the record date and whose shares are held through Central Securities
Participants and brokers traded on the JSE.
Shareholders on the UK register of members will be paid in Pound sterling. The Pound
sterling cash equivalent will be calculated using the following exchange rate:
GBP1:ZAR23.91378, being the 5-day (business days) average GBP:ZAR exchange
rate (as quoted by Bloomberg) up to Thursday, 14 March 2024.
Shareholders are encouraged to ensure that their bank mandates or international
payment instructions have been recorded by their service provider or registrars before
the last day to trade for this dividend. Electronic payments ensure more efficient and
timely payment. It should be noted that cheques are no longer permitted to be issued or
processed by South African banks; in the UK, registrars will still issue and post cheques
in the absence of specific mandates or payment instructions.
Tax treatment for shareholders on the South African register
The dividend will have no tax consequences for Thungela but will be subject to 20%
withholding tax for shareholders who are not exempt from dividends tax, or who do not
qualify for a reduced rate of withholding tax in terms of any applicable agreement for the
avoidance of double taxation (DTA) concluded between South Africa and the country of
residence of the shareholder.
Should dividend withholding tax be withheld at a rate of 20%, the net dividend amount
due to shareholders is 800.00 cents per share (South African rand) – 1,000.00 cents
gross dividend per share less 200.00 cents dividend withholding tax per share.
Tax treatment for shareholders on the UK register
Thungela has retained Computershare UK as intermediary to receive and process the
relevant prescribed declarations and forms as set out below. Any reference below to
documentation which is required to be submitted to Thungela, should therefore be
submitted to Computershare UK.
Non-South African tax resident shareholders will be paid the dividend subject to 20%
withholding tax for shareholders. Certain non-South African tax resident shareholders
may, however, be entitled to a reduced rate of dividends tax due to the provisions of an
applicable tax treaty.
Shareholders who qualify for an exemption from dividends tax in terms of section 64F of
the South African Income Tax Act 58 of 1962 must provide:
- A declaration that the dividend is exempt from dividends tax.
- A written undertaking to inform the regulated intermediary should the circumstances
affecting the exemption change or the beneficial owner cease to be the beneficial
owner, both in the form prescribed by the Commissioner for the South African
Revenue Service to the regulated intermediary prior to the required date in order to
benefit from the exemption. The prescribed form has been transposed onto the
Computershare UK format.
Shareholders on the UK register will be sent the required documentation for completion
and return to Computershare UK. Qualifying shareholders on the UK register are
advised to arrange for the above mentioned documents to be submitted to
Computershare UK by Friday, 19 April 2024.
Should dividend withholding tax be withheld at a rate of 20%, the net dividend amount
due to shareholders is 33.46 pence per share (Pound sterling) – 41.82 pence gross
dividend per share less 8.36 pence dividend withholding tax per share.
By order of the board
Date of SENS release: 18 March 2024
DISCLAIMER
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the market abuse regulation (EU) no.
596/2014 as amended by the market abuse (amendment) (UK mar) regulations 2019.
Upon the publication of this announcement via the regulatory information service, this
inside information is now considered to be in the public domain.
Transfer secretaries (UK)
Computershare Investor Services
Email: WebCorres@computershare.co.uk
Transfer secretaries (South Africa)
Computershare Investor Services Proprietary Limited
Email: Web.Queries@computershare.co.za
Investor relations
Hugo Nunes
Email: hugo.nunes@thungela.com
Shreshini Singh
Email: shreshini.singh@thungela.com
Media contact
Hulisani Rasivhaga
Email: hulisani.rasivhaga@thungela.com
UK Financial adviser and corporate broker
Liberum Capital Limited
Tel: +44 20 3100 2000
Sponsor
Rand Merchant Bank
(A division of FirstRand Bank Limited)
Date: 18-03-2024 09:01:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Click below to view full PDF article
https://senspdf.jse.co.za/documents/2024/jse/isse/tgae/TGAFY2023.pdf
2023 Annual results, final ordinary cash dividend declaration and the commencement of a share repurchase
THUNGELA RESOURCES LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 2021/303811/06
JSE Share Code: TGA
LSE Share Code: TGA
ISIN: ZAE000296554
Tax number: 9111917259
('Thungela' or the 'Company' and, together with its affiliates, the 'Group')
2023 Annual results, final ordinary cash dividend declaration and the
commencement of a share repurchase
THUNGELA DELIVERS ON STRATEGIC OBJECTIVES AND ENTERS 2024 AS
AN INTERNATIONAL COAL PRODUCER
Thungela today announced solid financial results for the year ended 31 December
2023, against the backdrop of continued rail underperformance and coal price
headwinds. These achievements underscore the Group's resilience, operational
excellence and financial discipline. The combination of a final ordinary dividend
distribution of R1.4 billion, and the commencement of a share repurchase (share
buyback) of up to R500 million subject to market conditions, affirms our commitment
to deliver superior shareholder returns.
The acquisition and ongoing integration of the Ensham Mine in Australia marks a
seminal step on our path to diversification. We continue to make good progress on
our production replacement and life extension projects in South Africa, Elders and
Zibulo North Shaft, as we build momentum for a more competitive, longer-life
portfolio. The successful execution of these strategic priorities emphasises
Thungela's ambition to building a sustainable, long-life business across multiple
geographies, paving the way for the Group to capitalise on the robust long-term
fundamentals supporting coal globally.
KEY FEATURES
Resilient performance underpins strong cash generation and net cash*
position, supporting total returns to shareholders of R3.3 billion for 2023 (49%
of adjusted operating free cash flow*)
- Profit of R5.0 billion, including contribution of R448 million from the Ensham
Business for the four months since completion of the transaction
- Strong cash generation and balance sheet position maintained, with adjusted
operating free cash flow* of R6.8 billion and net cash* of R10.2 billion
- Commitment to superior shareholder returns honoured with a final cash
dividend declared of R10.00 per share, taking full year dividend to R20.00 per
share, or R2.8 billion, in dividends returned to shareholders in relation to 2023
performance
- Share buyback of up to R500 million announced
KEY FINANCIAL INFORMATION
Financial Overview
Rand million (unless otherwise stated) 31 December 2023 31 December 2022 % change
Revenue 30,634 50,753 (40)
Operating costs (23,737) (22,420) 5.9
Profit for the reporting period 4,970 18,205 (73)
Earnings per share (cents/share) 3,766 12,708 (70)
Headline earnings per share
(cents/share) 3,497 13,082 (73)
Dividend per share (cents/share) 2,000 10,000 (80)
Alternative Performance Measures*
(APMs)
Adjusted EBITDA 8,454 29,530 (71)
Adjusted EBITDA margin (%) 28 58 (30pp)
Adjusted operating free cash flow 6,806 18,096 (62)
Net cash 10,176 14,720 (31)
Capital expenditure 3,288 1,923 71
pp - percentage points change year on year
MESSAGE FROM JULY NDLOVU, CHIEF EXECUTIVE OFFICER
Thungela delivered resilient results in 2023. We achieved adjusted EBITDA* of R8.5
billion and net profit of R5.0 billion, despite a significant decline in benchmark coal
prices and continued poor performance from Transnet Freight Rail (TFR). Earnings
were also impacted by the late arrival of seven vessels in December, which resulted
in the slippage of approximately 550kt of sales planned for December 2023 into
January 2024.
2023 proved transformative for Thungela, with the acquisition of the Ensham Mine in
Australia, approval of an extension to the life of our flagship Zibulo mine, and
continued execution of the Elders project setting us on a path towards diversification,
a more competitive portfolio and a longer life business.
Safety is our first value. As reported previously, our colleague Breeze Mahlangu
tragically passed away in February 2023. While our overall safety performance
(measured in total recordable case frequency rate) in South Africa is consistent with
last year, we cannot waiver in our commitment to operating a business free from
fatalities and injuries. We continued to spike on the social component of ESG, with
contributions of R312 million to the Nkulo Community Partnership Trust and the
Sisonke Employee Empowerment Scheme. In January 2024 we launched a R160
million, five-year education initiative in Mpumalanga seeking to improve access to
quality education for grade R to grade four learners in 45 no-fee schools.
Shareholder returns reflect resilient performance in challenging conditions
Thungela successfully navigated several exogenous challenges, including the
weaker benchmark coal prices and continued poor rail performance by TFR, as the
business delivered operational results in line with our targets.
In South Africa, we achieved export saleable production of 12.2Mt, at a free on board
(FOB) cost excluding royalties* of R1,084 per export tonne, while we spent
R3.0 billion in capital expenditure. This performance is aligned to our guidance to the
market at the release of our 2023 interim results.
In Australia, export saleable production of 2.9Mt (on a 100%, full-year basis)
exceeded our initial expectations of 2.7Mt. FOB cost excluding royalties* at Ensham
for the period from completion of the acquisition through to the end of year was
R1,544 per tonne. We spent R299 million in capital over the same period (on an
85% basis).
Our agility in responding to the various challenges helped us maintain strong cash
generation which resulted in adjusted operating free cash flow* of R6.8 billion in
2023, and a net cash* position of R10.2 billion at year end, slightly ahead of our
estimate in the December 2023 Pre-close Statement as a result of better cash
conversion, providing room for improved returns to shareholders.
The successful execution of our two life extension projects is crucial to the Group's
future competitiveness, and their funding requirements continue to determine the
appropriate level of balance sheet flexibility. Accordingly, the board considers it
appropriate to reserve the R2.6 billion yet to be spent on these projects, as well as
the cash buffer of R5 billion at year end. Thungela remains able to access R3.2
billion in undrawn credit facilities, and plans to maintain this flexibility for as long as
challenges to obtaining funding from international capital markets persist. The board
has also set aside R500 million as cash collateral for the financial surety required for
the Ensham rehabilitation liability, while we pursue acceptance into the Queensland
Financial Provisioning Scheme.
Shareholder returns are a central focus of our capital allocation framework. We not
only invest in initiatives which deliver attractive returns in the long-term, but also
prioritise returning value to shareholders through dividends and share buybacks, the
combination of which provides flexibility for the diverse preferences of our
shareholders, while maintaining a strong financial position.
Since listing, we have consistently delivered on our commitment to distribute a
minimum of 30% of adjusted operating free cash flow* to shareholders. This year is
no different, and the board has, in line with the Group's capital allocation framework,
declared a final ordinary cash dividend of R10.00 per share. Combined with the
interim dividend of R10.00 per share, this amounts to a total dividend of R2.8 billion,
representing 41% of adjusted operating free cash flow* for the year.
In addition, the board has approved a share buyback of up to R500 million (subject
to market conditions), which will be executed up to the date of the Group's next
AGM. Taking this into account, Thungela is returning 49% of adjusted operating free
cash flow* for the full year to shareholders. The dividend and share buyback reflect
our confidence in the Group's strong financial position and future prospects.
The long-term fundamentals for coal demand remain robust
Thermal coal prices declined much faster than market observers expected at the
start of 2023. This was driven by a mild winter in the northern hemisphere, coupled
with high coal and gas reserves - a result of the scramble to secure energy stocks in
2022, following the start of the Russia-Ukraine conflict.
While global efforts to reduce emissions from fossil fuels are underway, the demand
for energy, including thermal coal, remains strong. This is reflected in record levels of
global electricity generation from coal, as well as thermal coal exports. As Europe
and North America pledge to phase down unabated coal, the use of coal for power
generation will become concentrated in Asia, home to several of our key markets.
Rapidly growing economies such as China, India, Vietnam, the Philippines and
Indonesia remain reliant on coal as an affordable and reliable source of power. In its
'Coal 2023 Report' the International Energy Agency acknowledged that coal
remained the largest energy source for electricity generation, steel-making and
cement production - affirming that coal will continue to play a central role in the
global economy.
Demand remains strong and responsive, but supply is presenting a growing
challenge, with limited access to funding and insurance, increasingly stringent
regulatory requirements, and widespread social and political opposition to the
development of new coal mines. This provides companies like Thungela, with
established high-quality coal operations and access to existing reserves, with a
significant structural advantage.
Managing the impact of continued poor rail performance
Inconsistent and constrained TFR performance has once again significantly
compromised the South African coal mining industry. In 2023, TFR railed 47.9Mt of
thermal coal to the Richards Bay Coal Terminal (RBCT), compared to 50.3Mt in
2022, a decline of 4.8%.
We continue to work closely with other industry players and Transnet to remedy rail
performance. Through RBCT, the industry has strengthened security measures by
deploying additional security on the coal line for the past 18 months. While the
impasse between TFR and Chinese locomotive supplier CRRC continues, RBCT (on
behalf of the industry) is also helping Transnet to acquire the critical spare parts
necessary for the maintenance of locomotives from alternative suppliers.
The cost of the spares and security deployment is recovered by the coal exporting
parties through the mutual cooperation agreement signed between TFR and RBCT
(representing the coal exporting parties). Further collaborative efforts will address
critical systems, such as signalling, to improve overall performance.
We have responded to TFR's persistent poor performance by curtailing production at
our underground mines, renting sidings to improve our rail distribution pattern and
driving efficiencies at our rapid loading terminals. Acting swiftly and decisively in the
face of rail challenges has allowed us to benefit from additional trains when they are
available, and rail 12.3Mt of export saleable volumes in 2023. Given the uncertain
nature of TFR's performance, we have agreed to extend the existing long-term rail
agreement by one year, to 31 March 2025, to allow TFR to demonstrate sufficient
stability before the contract is renegotiated.
Building a sustainable and long-life business across multiple geographies
2023 was a year of significant accomplishments for Thungela as we executed our
strategic priorities - successfully unlocking new markets and mitigating risk through
our geographic diversification strategy, increasing the life of our business and
building an organisation optimised for further diversification. These actions
demonstrate our singular focus on creating long-term value for our stakeholders.
The acquisition of a controlling interest in the Ensham Business in Australia marked
a significant milestone on our diversification journey, as it expands Thungela's
presence beyond South Africa. This mitigates our reliance on a single operating
geography and opens up new markets, notably in Japan and Malaysia, diversifying
our customer base and providing exposure to the Newcastle Benchmark coal price.
Ensham will benefit from our operational expertise as it extracts coal using
mechanised underground bord and pillar mining methods, similar to those used in
our South African operations. Since we assumed operational control on 1 September
2023, our focus has been on improving productivity. Operational performance has
stabilised at an annualised run-rate of 3.2Mtpa, up from 2.7Mtpa at the acquisition
date. We believe there is opportunity for further improvement to approximately
3.6Mtpa through the introduction of an additional production section in 2024.
Resource development studies are underway to define the full upside potential of the
Ensham resource by identifying brownfield opportunities and their related capital
requirements.
Thriving in a rapidly evolving energy landscape will require the creation of a robust
Thungela with a long-life, cost competitive portfolio that is diversified and future-
proof. We are confident that the depletion of existing reserves globally, coupled with
a lack of new supply, will be price supportive in the long term, supporting cash
generation and shareholder returns.
Accordingly, maximising value from our existing assets will be critical to shaping our
future business. Through Ensham, and the Elders and Zibulo North Shaft projects,
we will transform Thungela into a long-life business with a competitive portfolio
measured by all-in sustaining cost.
The Elders project, which will replace export volumes when the Goedehoop Colliery
reaches the end of its life, has progressed rapidly and on budget - delivering first
coal on 1 March 2024, well ahead of initial estimates. The Zibulo North Shaft life
extension project, which will increase the life of our flagship mine through to 2038,
also continues to progress well.
By 2026, Thungela will be a c.15Mtpa export business (with an estimated 11Mtpa
from South Africa and 4Mtpa from Australia). Our production footprint will change
significantly in the coming years as production from Elders and Zibulo North is
ramped-up and some of our existing mines naturally come to the end of their lives
(Goedehoop and Isibonelo in 2025, and Greenside in 2026).
The complexity of managing an international business requires several changes to
the Group's business model, particularly in how coal from our portfolio is marketed
internationally. To meet this need, we have established Thungela Marketing
International in the United Arab Emirates, one of the leading coal trading centres
globally.
In anticipation of the expiration of the marketing agreement with Anglo American
Marketing Limited in June 2024, Thungela Marketing International has commenced
with some of the marketing functions. Thungela Marketing International will cater to
both the South African and Australian assets, reinforcing our commitment to
capturing the full margin on our products and actively participating in the
international commodities market as a global coal producer.
Looking ahead
Despite near-term headwinds, our commitment to delivering on our strategic
priorities remains unwavering, ensuring readiness to take advantage of the long-term
fundamentals supporting coal demand, and ultimately stronger coal prices, in our
key markets. In the short term, a sustainable solution to ensure efficient and reliable
rail performance is critical and we will continue working with TFR to remedy the state
of rail in South Africa.
We continue to evaluate our portfolio with a focus on strengthening the Group's
competitiveness, optimising capital allocation and ultimately maximising shareholder
returns. We will continue to create sustainable value for all our stakeholders and to
deliver on our purpose - to responsibly create value together for a shared future.
OPERATIONAL OUTLOOK
South African operations 2024
Export saleable production (Mt) 11.5 – 12.5
FOB cost per export tonne* (Rand/tonne) 1,180 – 1,300
FOB cost per export tonne excluding royalties* (Rand/tonne) 1,170 – 1,290
Capital – sustaining (Rand million) 900 – 1,100
Capital – expansionary (Rand million) 1,600 – 1,900
Ensham operation 2024 2024
Export saleable production (Mt) (on a 100% basis) 3.2 – 3.5 3.2 – 3.5
FOB cost per export tonne* (Rand/tonne) | (AU$/tonne) 1,830 – 1,950 150 – 160
FOB cost per export tonne excluding royalties* (Rand/tonne) | 1,590 – 1,710 130 – 140
(AU$/tonne)
Capital – sustaining* (on an 85% basis) (Rand million) | (AU$ 600 – 900 40 – 70
million)
Capital – expansionary (Rand million) | (AU$ million) nil nil
Figures in the table above are based on an exchange rate of ZAR12.20:AUD1. Royalties are calculated using an assumed
Richards Bay Benchmark coal price of USD100 per tonne and a Newcastle Benchmark coal price of USD120 per tonne.
As the timing of a sustained improvement in rail performance in South Africa is still
uncertain, we have adopted the same approach to guidance as last year and will
provide guidance only for 2024. This approach remains appropriate when
considering the agreement between Thungela and Transnet to postpone the
renegotiation of the long-term rail agreement by one year in order to allow Transnet
to demonstrate sufficient stability before the contract is renegotiated.
With regards to Ensham, as we only assumed operational control on 1 September
2023, we are currently identifying the potential step-up in performance, establishing
high confidence cost estimates and understanding the appropriate level of capital
expenditure beyond 2024. Accordingly, we have only provided guidance for 2024 at
this stage.
DIVIDEND DECLARATION AND SHARE REPURCHASE
The board has declared a final ordinary cash dividend of R10.00 per share, payable
to shareholders on the Johannesburg Stock Exchange and London Stock Exchange
in April 2024 and May 2024, respectively.
In addition, the board has authorised a share repurchase of up to R500 million,
subject to market conditions. The program will be executed in the period
commencing 19 March 2024 and, unless revised or terminated earlier, ending 3 June
2024, being the last trading day prior to the Group's next AGM, scheduled for
Tuesday, 4 June 2024, and will be subject to market conditions and applicable legal
and regulatory requirements.
Further details regarding the dividend payable to shareholders of Thungela as well
as the share repurchase can be found in a separate announcement dated 18 March
2024 on the Johannesburg Stock Exchange News Services (SENS) and London
Regulatory News Services (RNS).
FORWARD-LOOKING STATEMENTS
This document includes forward-looking statements. All statements included in this
document (other than statements of historical facts) are, or may be deemed to be,
forward-looking statements, including, without limitation, those regarding Thungela's
financial position, business, acquisition and divestment strategy, dividend policy,
plans and objectives of management for future operations (including development
plans and objectives relating to Thungela's products, production forecasts and
resource and reserve positions). By their nature, such forward-looking statements
involve known and unknown risks, uncertainties and other factors which may cause
the actual results, performance or achievements of Thungela, or industry results, to
be materially different from any future results, performance or achievements
expressed or implied by such forward-looking statements. Thungela therefore
cautions that forward-looking statements are not guarantees of future performance.
Any forward-looking statement made in this document or elsewhere is applicable
only at the date on which such forward-looking statement is made. New factors that
could cause Thungela's business not to develop as expected may emerge from time
to time and it is not possible to predict all of them. Further, the extent to which any
factor or combination of factors may cause actual results to differ materially from
those contained in any forward-looking statement are not known. Thungela has no
duty to, and does not intend to, update or revise the forward-looking statements
contained in this document after the date of this document, except as may be
required by law. Any forward-looking statements included in this document have not
been reviewed or reported on by the Group's independent external auditor.
Investors are cautioned not to rely on these forward-looking statements and are
encouraged to read the full Annual Financial Statements for the year ended 31
December 2023, which are available from the Thungela website via the following
web link: https://www.thungela.com/investors/results.
ALTERNATIVE PERFORMANCE MEASURES
Throughout this results announcement a range of financial and non-financial
measures are used to assess our performance, including a number of financial
measures that are not defined or specified under International Financial Reporting
Standards (IFRS Accounting Standards), which are termed 'Alternative Performance
Measures' (APMs). Management uses these measures to monitor the Group's
financial performance alongside IFRS Accounting Standards measures, to improve
the comparability of information between reporting periods. These APMs should be
considered in addition to, and not as a substitute for, or as superior to, measures of
financial performance, financial position or cash flows reported in accordance with
IFRS Accounting Standards. APMs are not uniformly defined by all companies,
including those in the Group's industry. Accordingly, these measures may not be
comparable with similarly titled measures and disclosures by other companies. In
this Results Announcement, APMs are denoted with an asterisk (*).
RESULTS ANNOUNCEMENT
This Results Announcement, including the forward-looking statements, is the
responsibility of the directors of Thungela.
Shareholders are advised that this Results Announcement is only a select extract of
the information contained in the full Annual Financial Statements and does not
contain full or complete details. Any investment decisions by investors and/or
shareholders should be based on a consideration of the full Annual Financial
Statements as a whole and investors and/or shareholders are encouraged to review
the full Annual Financial Statements, which are available on the Thungela website
via the following web link: https://www.thungela.com/investors/results, and has been
published on SENS, the Johannesburg Stock Exchange News Service, at
https://senspdf.jse.co.za/documents/2024/JSE/ISSE/TGAE/TGAFY2023.pdf
A conference call and audio webinar relating to the details of this announcement will
be held at 12:00 SAST (10:00 GMT) on Monday, 18 March 2024. Details to register
for the webinar and conference call are available below:
Conference Call registration:
https://services.choruscall.za.com/DiamondPassRegistration/register?confirmationN
umber=1552324&linkSecurityString=48259d3f0
Webinar registration:
https://78449.themediaframe.com/links/thungela240318_1200.html
The consolidated financial statements for the year ended 31 December 2023 were
audited by PricewaterhouseCoopers Inc. who have issued an unqualified audit
opinion. The full independent auditor's report and Annual Financial Statements are
available for viewing on the Thungela website via the following web link:
https://www.thungela.com/investors/results.
This Results Announcement has not been audited or reviewed by the Group's
independent external auditor. Any reference to future financial performance included
in this announcement has not been separately reported on by the Group's
independent external auditor.
The Company's registered office is located at: 25 Bath Avenue, Rosebank,
Johannesburg, 2196, South Africa.
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the market abuse regulation (EU)
no. 596/2014 as amended by the market abuse (amendment) (UK mar) regulations
2019. Upon the publication of this announcement via the regulatory information
service, this inside information is now considered to be in the public domain.
On behalf of the board of directors
Sango Ntsaluba, Chairperson
July Ndlovu, Chief executive officer
Johannesburg (South Africa)
Date of SENS release: 18 March 2024
Investor relations
Hugo Nunes
Email: hugo.nunes@thungela.com
Shreshini Singh
Email: shreshini.singh@thungela.com
Media contact
Hulisani Rasivhaga
Email: hulisani.rasivhaga@thungela.com
UK Financial adviser and corporate broker
Liberum Capital Limited
Tel: +44 20 3100 2000
Sponsor
Rand Merchant Bank
(A division of FirstRand Bank Limited)
Tel: +27 11 282 8000
Date: 18-03-2024 09:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Thungela Resources Limited Trading Statement for the year ended 31 December 2023
THUNGELA RESOURCES LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 2021/303811/06
JSE Share Code: TGA
LSE Share Code: TGA
ISIN: ZAE000296554
Tax number: 9111917259
('Thungela' or the 'Company' and, together with its affiliates, the 'Group')
Thungela Resources Limited Trading Statement for the year ended 31 December 2023
Shareholders are advised that Thungela and its directors have a reasonable degree of
certainty related to the expected financial results of the Group for the year ended
31 December 2023 in line with paragraph 3.4(b) of the JSE Listings Requirements.
Expected earnings per share and headline earnings per share
Shareholders are advised that earnings per share ('EPS') for the year ended
31 December 2023 (the 'current period') is expected to be between R34 and R39, a
decrease of between R88.08 and R93.08 per share compared to EPS of R127.08 for
the year ended 31 December 2022 (the 'prior period'). Earnings attributable to the
shareholders of the Group for the current period is expected to be between R4.6 billion
and R5.3 billion.
Headline earnings per share1 ('HEPS') for the current period is expected to be between
R31 and R36, a decrease of between R94.82 and R99.82 per share compared to HEPS
of R130.82 for the prior period. Headline earnings attributable to the shareholders of the
Group for the current period is likely to be between R4.3 billion and R4.9 billion
(compared to R17.5 billion in the prior period).
These earnings numbers include various once-off, non-cash adjustments related to the
acquisition of the Ensham Business, and the related accounting treatment thereof. The
Group has consolidated 85% of the results of the Ensham Business from the acquisition
date of 31 August 2023.
These EPS and HEPS figures are calculated using a weighted average number of
shares of 137,056,628 for the current period and 133,684,828 for the prior period.
The expected EPS and HEPS ranges for the current period are summarised in the table
below:
Expected EPS/HEPS Expected decrease from Expected decrease from
range (Rand per share) prior period prior period
(Rand per share) (%)
EPS 34.00 - 39.00 88.08 - 93.08 69 - 73
HEPS 31.00 - 36.00 94.82 - 99.82 72 - 76
Key areas of judgement which may impact the expected EPS and HEPS figures above
are in the process of being finalised, and any changes to these ranges, if necessary, will
be communicated to shareholders.
Thungela expects to release its financial results for the year ended 31 December 2023
on 18 March 2024. The financial results will be released on the Stock Exchange News
Service of the JSE and the Regulatory News Service of the London Stock Exchange,
and will be accompanied by an investor webinar and conference call on the same date.
The live webinar and conference call will start at 12:00 SAST (10:00 GMT). Details to
register for the webinar and conference call are available below:
Webinar registration:
https://78449.themediaframe.com/links/thungela240318_1200.html
Conference call registration:
https://services.choruscall.za.com/DiamondPassRegistration/register?confirmationNum
ber=1552324&linkSecurityString=48259d3f0
Deon Smith
Chief financial officer
Footnote
1. HEPS is determined in reference to Circular 1/2023 – Headline earnings
('Circular 1/2023') as issued by the South African Institute of Chartered
Accountants. In order to calculate headline earnings, earnings attributable to the
equity shareholders of the Group is adjusted for separately identifiable
remeasurements, as defined in Circular 1/2021, net of related tax and non-
controlling interests.
Rosebank
23 February 2024
Review of Trading Statement
The information contained in this Trading Statement is the responsibility of the directors
of Thungela and has not been reviewed or reported on by the Group's independent
external auditor.
Disclaimer
This document includes forward-looking statements. All statements other than
statements of historical facts included in this document, including, without limitation,
those regarding Thungela's financial position, business, acquisition and divestment
strategy, dividend policy, plans and objectives of management for future operations
(including development plans and objectives relating to Thungela's products, production
forecasts and reserve and resource positions), are forward-looking statements. By their
nature, such forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results, performance or
achievements of Thungela, or industry results, to be materially different from any future
results, performance or achievements expressed or implied by such forward-looking
statements. The Group assumes no responsibility to update forward-looking statements
in this announcement except as required by law.
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the market abuse regulation (EU) no.
596/2014 as amended by the market abuse (amendment) (UK mar) regulations 2019.
Upon the publication of this announcement via the regulatory information service, this
inside information is now considered to be in the public domain.
Investor Relations
Ryan Africa
Email: ryan.africa@thungela.com
Shreshini Singh
Email: shreshini.singh@thungela.com
Media Contacts
Hulisani Rasivhaga
Email: hulisani.rasivhaga@thungela.com
UK Financial adviser and corporate broker
Liberum Capital Limited
Sponsor
Rand Merchant Bank
(A division of FirstRand Bank Limited)
Date: 23-02-2024 09:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Email: hugo.nunes@thungela.com
Shreshini Singh Email: shreshini.singh@thungela.com
