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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 Non Cyclical Award(s) ("NCA"). On this page, we provide a summary of what happens to your unvested NCA(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 NCA 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 NCA 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 NCA will not participate in the distribution, the number of Anglo American shares subject to your unvested NCA will remain the same and the total value of your unvested NCA will remain broadly comparable.
Whilst you won't receive any Platinum shares, the number of Anglo American shares under your unvested NCA will not be reduced, with the intention that the total value of your NCA 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 NCA
You do not need to take any action.
Your NCA will not participate in the demerger, and you will not receive any Platinum shares.
The number of Anglo American shares under your NCA will also remain unchanged, with the intention that, because of the consolidation, the total value of your NCA after the distribution and consolidation should be broadly comparable to the value before (subject to share price movements).
Vested NCA shares
If you hold vested shares in respect of your NCA(s), you may receive Platinum shares on the demerger. For a summary of the impact of the demerger on your vested NCA 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 NCA 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 NCA 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.
Preguntas y Respuestas
Anglo American is simplifying its highly diversified portfolio to focus on its copper, premium iron ore and crop nutrients businesses – 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 this, our Platinum business will be demerged from the Anglo American Group on 2 June 2025, becoming a wholly independently owned company called Valterra Platinum Limited.
More information on the Transformation work can be found on Eureka!
Anglo American Platinum Ltd will become an independent company called Valterra Platinum Limited. It will no longer be part of Anglo American and will operate separately.
This change will impact all Anglo American shareholders.
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.
After the distribution, we'll consolidate our shares. This means the total number of Anglo American shares will reduce, with the intention that the Anglo American share price after the demerger remains broadly comparable with our share price beforehand.
The demerger will affect everyone who holds shares in Anglo American Plc. This includes:
- Independent corporate and retail investors
- Employees with shares – either purchased or vested via share plan participation
- Employees who participate in particular share plans, pursuant to which they hold shares
It does not impact:
- Employees who hold unvested NCA conditional awards and other unvested conditional awards
Subject to shareholder approval at the AGM on 30 April, the demerger is expected to take place on 30 May 2025.
Anglo American Platinum is already listed on the Johannesburg Stock Exchange (JSE) and from 2 June, will also be listed on the London Stock Exchange (LSE), and will become an independently owned company.
We will consolidate the Anglo American shares following the demerger. However, the consolidation will not impact your unvested NCA conditional awards.
If you hold vested shares under your NCA conditional awards or forfeitable shares, you should receive your Platinum shares (or cash if you have elected to sell them) in the weeks following the demerger. Your vested shares will also be subject to the consolidation and you should see this change in your administrator account and/or your personal broker account shortly after.
This change in name does not affect the treatment of the demerger or share consolidation. For consistency we refer throughout to Anglo American Platinum, and to Platinum shares.
Subject to shareholder approval after the demerger you will then see the name change to Valterra Platinum, and shares being referred to as shares in Valterra Platinum Limited (and if you continue to hold the shares you will see this new name in the share details). However, it remains the same company and the same shares.
There are two parts to the demerger. Anglo American is the majority shareholder of Anglo American Platinum.
Anglo American shareholders will receive something called a "Receivable", which will then be immediately satisfied by a transfer of the relevant number of Platinum shares.
Afterwards, we will consolidate the Anglo American shares, in order to maintain broad comparability between the share price before and after the demerger.
The demerger of the Anglo American Platinum business will not affect your unvested NCA conditional awards.
Your NCA awards are "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.
Because these are conditional awards rather than shares, they will not participate in the demerger and are not affected by either the distribution or the consolidation.
If you hold vested shares from your NCA conditional award(s), these will participate in the demerger. You can find what it means for you on the Employee Shareholder page.
The demerger will happen automatically, and you do not need to take any action in respect of your unvested NCA conditional awards.
If you hold vested shares under your NCA conditional award(s), please check the Employee Shareholder page for any actions. If you participate in any other Anglo American share plans, please see the respective share plan page(s).
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.
All Anglo American shareholders will see a reduction in the number of shares they own, but the total value of your shareholding will remain broadly comparable.
The consolidation of Anglo American shares will become effective on 1 June 2025.
Because your unvested NCA conditional award will not participate in the distribution, the number of Anglo American shares subject to your unvested NCA conditional award will remain the same, with the intention that the total value of your unvested NCA conditional award after the demerger should be broadly comparable to the value before. However, external market factors may impact share price, which can go down as well as up.
If you hold vested shares under your NCA conditional awards or forfeitable shares, they will be subject to the consolidation and you should see this change in your administrator account and/or your personal broker account shortly after.
The consolidation will happen automatically, and you do not need to take any action in respect of your unvested NCA conditional awards.
If you hold vested shares under your NCA conditional award(s), please check the Employee Shareholder page for any actions. If you participate in any other Anglo American share plans, please see the respective share plan page(s).
Recursos
Enlaces útiles
Access your share account
You can manage your award(s) through your share account on ShareHub.
This is where you go to:
- View details of your NCA
- Review the plan summary and plan rules
- Update your personal details
Asegúrese de tener su nombre de usuario y contraseña.
Puede encontrarlas en su correo electrónico de adjudicación.
Support
Contacto
Si tiene alguna pregunta sobre la escisión de Platinum y cómo repercutirá en su adjudicación, que no se haya respondido anteriormente, póngase en contacto con nosotros:
Contacto Howells
Si tiene preguntas sobre cómo acceder a su cuenta de acciones,
contacte a 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.
Aviso legal
- La información que se incluye en este sitio web no debe interpretarse como asesoramiento fiscal, financiero, jurídico o de inversión y no pretende ser una descripción exhaustiva de todas las consideraciones jurídicas, financieras, fiscales o de otro tipo que puedan ser relevantes para la escisión o la consolidación de acciones propuestas.
- Si tiene dudas sobre cualquier aspecto mencionado en este sitio web, incluidos, entre otros, temas financieros, fiscales o jurídicos, o sobre cómo podrían aplicarse a su situación particular, le recomendamos consultar con un asesor profesional independiente debidamente autorizado.
- Ningún miembro del Grupo Anglo American ni ninguno de sus directivos, empleados, apoderados, agentes o representantes le está proporcionando asesoramiento financiero, jurídico, de inversión, fiscal o de otro tipo en relación con los planes de acciones de Anglo American o la repercusión de la escisión o consolidación de acciones en sus adjudicaciones o acciones.
- Se recomienda a los accionistas de Anglo American consultar el boletín para accionistas de Anglo American, que contiene información dirigida a todos los accionistas de Anglo American, incluidos aquellos que poseen o tienen un derecho de usufructo en acciones de Anglo American a través de los planes de acciones de Anglo American.
- Consulte el folleto de Platinum para obtener información sobre Platinum y las acciones de Platinum.
- En caso de que exista un conflicto entre la información de este sitio web y el boletín de Anglo American, el boletín de Anglo American prevalecerá sobre la información de este sitio.
- El valor de las acciones de Anglo American y de Platinum puede subir o bajar, y la información en este sitio web no debe interpretarse como asesoramiento ni como una predicción sobre las variaciones de los precios de las acciones. Es importante tener en cuenta que tanto las acciones de Anglo American como las de Platinum podrían tener un precio mayor o menor a aquel anterior a la distribución y consolidación.
- Ningún miembro del Grupo Anglo American ni ninguno de sus directivos, empleados, apoderados, agentes o representantes asumen responsabilidad alguna por pérdidas derivadas de la confianza en la información contenida en este sitio web.
- Las referencias a fuentes o enlaces de terceros se facilitan únicamente por comodidad y no constituyen una aprobación o verificación de su contenido.
- La información fiscal incluida en este sitio web está destinada únicamente a ser una guía general sobre la legislación fiscal vigente y la práctica de la autoridad fiscal publicada, tal como se aplica en la jurisdicción mencionada en la información fiscal a fecha del 8 de abril de 2025. Ambas están sujetas a cambios en cualquier momento, con posible efecto retroactivo.
- La información fiscal incluida en este sitio web solo se aplica a los empleados de Anglo American que posean acciones de Anglo American, sean residentes fiscales y domiciliados, y trabajen exclusivamente en la jurisdicción para la cual se proporciona la información fiscal, durante todo el periodo de adquisición o equivalente de las acciones de Anglo American y durante todo el periodo fiscal en el que se produzca la escisión.
- Es responsabilidad de cada empleado garantizar el cumplimiento de la normativa fiscal aplicable en función de sus circunstancias personales.