Demerger of Anglo American Platinum
Anglo American is simplifying its highly diversified portfolio to focus on its copper, premium iron ore and crop nutrients businesses. This is designed to unlock the full value potential of the portfolio as a whole, both the businesses we will retain and grow, and those that we are divesting and demerging.
As part of our portfolio simplification, subject to shareholder approval, our Platinum business will be demerged from the Anglo American Group on 31 May 2025, becoming a wholly independently owned company. Anglo American Platinum Ltd ("Anglo American Platinum") is already listed on the Johannesburg Stock Exchange, and from 2 June 2025 will also be listed on the London Stock Exchange.
Subject to shareholders approving its name change, Anglo American Platinum will also be renamed "Valterra Platinum Limited" (although in this website we continue to refer to Anglo American Platinum throughout for consistency).
This is all part of our Transformation work. You can find out more about this on Eureka!
The demerger of the Anglo American Platinum business may impact your Anglo American Trader Incentive Plan(s) ("TIP"). On this page, we provide a summary of what happens to your unvested TIP(s) which are in the form of "conditional awards". A "conditional award" is a right to receive Anglo American shares when the award vests. Therefore, you do not currently hold any Anglo American shares under your award, and you would instead receive the Anglo American shares when the award vests.
For a summary of the impact of the demerger on your vested TIP shares, as well as any other Anglo American shares your own, see our Employee Shareholder page.
How it works
There are two parts to the demerger. Anglo American is the majority shareholder of Anglo American Platinum, and will transfer shares in Anglo American Platinum ("Platinum shares") to our shareholders via a distribution. Afterwards, we will consolidate our Anglo American shares.
The detail of the distribution and the consolidation is set out in a circular which was sent to all Anglo American shareholders on 8 April, and which you can access here.
1: Distribution of Platinum shares
Anglo American shareholders will receive 110 Platinum shares for every 1075 Anglo American shares they own at the time of the demerger.
However, you won't receive any Platinum shares in respect of any unvested part of your TIP as it is a conditional award, meaning you are not a shareholder.
2: Consolidation of Anglo American shares
To maintain broad comparability of our share price before and after the demerger (as far as is reasonably possible), we will consolidate the Anglo American shares. This means reducing the total number of Anglo American shares, with the intention that the Anglo American share price after the demerger remains broadly comparable with our share price beforehand.
However, because your unvested TIP will not participate in the distribution, the number of Anglo American shares subject to your unvested TIP will remain the same and the total value of your unvested TIP will remain broadly comparable.
Whilst you won't receive any Platinum shares, the number of Anglo American shares under your unvested TIP will not be reduced, with the intention that the total value of your TIP after the distribution and consolidation should be broadly comparable to the value before. However, external market factors may impact share price, which can go down as well as up.
Impact on your unvested TIP
You do not need to take any action.
Your TIP will not participate in the demerger, and you will not receive any Platinum shares.
The number of Anglo American shares under your TIP will also remain unchanged, with the intention that, because of the consolidation, the total value of your TIP after the distribution and consolidation should be broadly comparable to the value before (subject to share price movements).
Vested TIP shares
If you hold vested shares in respect of your TIP(s), you may receive Platinum shares on the demerger. For a summary of the impact of the demerger on your vested TIP shares, see our Employee Shareholder page.
Other Anglo American share plans
If you participate in other Anglo American share plan(s), you may receive Platinum shares on the demerger. For a summary of the impact of the demerger on these share plan(s), please see the relevant plan page(s).
Matt's story
Matt has been working at Anglo American for 5 years. Three years ago, Matt got a promotion. Since then, he's received a TIP award every year.
- His 2022 award has now vested in full, which means he owns the Anglo American shares subject to the award.
- His 2023 award has started to vest, which means he owns some of the Anglo American shares subject to the award, but not all of them.
- His 2024 award hasn't vested yet, which means he hasn't yet received any Anglo American shares subject to that award at all.
Matt understands that overall, the demerger of Anglo American Platinum will not impact his 2024 award, or the unvested part of his 2023 award. This is because he doesn't yet own these Anglo American shares so he will not receive the distribution.
When Anglo American shares are consolidated following the distribution the number of Anglo American shares subject to his TIP award will remain the same.
However, the vested shares he holds under his 2022 and 2023 awards will participate in the demerger and share consolidation. He therefore visits the Employee Shareholder page to see what the demerger and consolidation mean for him.
Questions & Answers
Coming soon!
The Questions & Answers section will be available soon.
Access your share account
You can manage your TIP(s) through your share account on ShareHub.
This is where you go to:
- View details of your TIP
- Review the plan summary and plan rules
- Update your personal details
Make sure you have your Username and Password.
You can find these in your award email.
Support
Contact us
If you have any questions about the Platinum demerger and how it affects your share plan, that haven't been answered above, please contact:
Contact Howells
For questions about accessing your share account,
please contact Howells:
websupport@howells-associates.com
+44 (0)1423 812 800
Please be aware that we are not able to provide any legal, financial or tax advice nor advice on your personal circumstances.
Disclaimer
- The information included on this website does not constitute tax, financial, legal or investment advice and is not intended to be a comprehensive description of all of the legal, financial, tax or other considerations that may be relevant to the proposed demerger and/or share consolidation.
- If you are in any doubt about any matters, including but not limited to financial, taxation and legal matters, referred to on this website or their application to your own specific circumstances, you are recommended to seek your own independent financial, tax and legal advice from an appropriately authorised independent professional advisor.
- No member of the Anglo American group or any of their officers, employees, nominees, agents or representatives is giving you financial, legal, investment, tax or other advice in relation to the Anglo American share plans or the impact of the demerger and/or share consolidation on your awards and/or shares.
- Any Anglo American shareholder is recommended to review the Anglo American shareholder circular which sets out information addressed to all Anglo American shareholders including those who hold or have a beneficial interest in Anglo American shares through the Anglo American share plans.
- Please refer to the Platinum prospectus for information relating to Platinum and the Platinum shares.
- To the extent there is a conflict between any information on this website and the Anglo American circular, the Anglo American circular shall take precedence over this website.
- The value of Anglo American and Platinum shares can go down as well as up and nothing on this website is intended as advice or predictions on any share price movement. It is important to note that the share prices of each of Anglo American and Platinum could be higher or lower than prior to the distribution and consolidation.
- No member of the Anglo American group or any of their officers, employees, nominees, agents or representatives accepts any liability for any loss arising from reliance on any information contained on this website.
- Any references to third-party sources or links are provided for convenience only and do not constitute endorsement or verification of the content.
- Any tax information included on this website is intended only as a general guide to current tax law and published tax authority practice, as applied in the jurisdiction referred to in the tax information as at 8 April 2025, both of which are subject to change at any time, possibly with retrospective effect.
- Any tax information included on this website applies only to Anglo American employees holding Anglo American shares who are tax resident and domiciled and working solely in the jurisdiction in respect of which any tax information is provided through-out both the entire vesting or equivalent period of any Anglo American share award and during the entire tax period in which the demerger occurs.
- It is the responsibility of each employee to ensure compliance with applicable tax regulations based on their personal circumstances.