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! or by speaking to your MyShare Champion.
The demerger of the Anglo American Platinum business may impact the shares you hold under the Anglo American MyShare plan ("MyShare"). On this page, we provide a summary of what happens to your shares under MyShare.
For a summary of the impact of the demerger on any other Anglo American share plan(s) you are part of, see the relevant plan page(s). If you own any Anglo American shares, 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
For every 1,075 Anglo American forfeitable shares that you own at the time of the demerger, you will receive 110 Platinum shares.
For colleagues in China, due to restrictions in trading shares, we are working with the local authorities to arrange a method of payment. This may mean a delay in receiving the proceeds from your Platinum share.
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, including the forfeitable shares, with the intention that the Anglo American share price after the demerger remains broadly comparable with our share price beforehand.
You may need to pay tax in connection with the distribution and consolidation, as referred to below.
The intention of the share consolidation is that on completion of this process, the total value of your Anglo American and Platinum shares after the demerger should be broadly comparable to the value of your Anglo American shares before the distribution and the consolidation. However, external market factors may impact share prices, which can go down as well as up.
What this means for your shares
Different shares within MyShare will be affected differently by the demerger.
| MyShare 2022 | MyShare 2023 | MyShare 2024 | |
|---|---|---|---|
| Purchased Shares | Impacted | Impacted | Impacted |
| Free Shares | Impacted | Unimpacted | Unimpacted |
| Matching Shares | Impacted | Unimpacted | Unimpacted |
| Dividend shares | Impacted | Impacted | Impacted |
You can see what this means for you by clicking on the 'Impacted' and 'Unimpacted' tabs.
If you choose to join MyShare 2025, none of the MyShare 2025 shares will be affected by the demerger.
Impacted shares are any Anglo American shares, held under MyShare, that you already own outright:
- Purchased Shares: shares you have already purchased from your salary and therefore belong to you.
- Unlocked Matching and Unlocked Free Shares: if you joined MyShare in 2022, you received Matching and / or Free Shares which have since unlocked and therefore belong to you.
- Dividend Shares: if you have Purchased and / or Unlocked shares, you are entitled to a portion of Anglo American's profits whenever we distribute it to our shareholders. This is called a Dividend, and is used to buy you more Anglo American shares – known as Dividend Shares. These immediately belong to you.
Distribution
As part of this demerger, you will receive something called a "Receivable" in respect of your impacted shares. This will then be immediately satisfied by the relevant number of Platinum shares. Whilst you need to be aware of these two steps (including as they are referred to in the tax notes which are available in the resources below), the outcome is that you will end up receiving Platinum shares.
For colleagues in China, we will sell your Platinum shares on your behalf and give you the proceeds. Due to local restrictions, we are still working with the authorities to find a mechanism to enable you to receive this money. We will update this page with further information when it is available.
You may need to pay tax on the value of your Receivable and/or your new Platinum shares, depending on your individual circumstances – including where you pay tax. We will update this page with details on the value of the Receivable as soon as possible after 2 June as you may need this information as part of your tax reporting.
You can find out more by viewing your country's tax notes (see Resources below).
Consolidation
The number of impacted shares you own will automatically reduce, with the intention of maintaining broad comparability in our share price before and after the demerger.
If you receive a fraction of an Anglo American share
The consolidation may result in you receiving a fraction of an Anglo American share. If this happens, it will be automatically added to your MyShare account.
Unimpacted shares are any MyShare shares that you hold but that have not yet unlocked. These are also known as conditional awards, and include:
- Locked Free Shares: Free Share awards that you accepted from MyShare in 2023 and / or 2024, but have not yet unlocked.
- Locked Matching Shares: Matching Shares you received in respect of any Purchased Shares you bought as part of MyShare 2023 and / or 2024, which have not yet unlocked.
These shares are not impacted by the demerger, and you do not need to take any action.
Distribution
You won't receive any Platinum shares in respect of your unimpacted shares, as you are not a shareholder in respect of these shares.
Consolidation
The number of unimpacted shares you own will remain unchanged. The intention is that, because of the consolidation, the total value of your unimpacted shares after the demerger should be broadly comparable to the value before (subject to share price movements).
What you need to do
Don't neglect your tax!
Read through your country tax notes to understand what the requirements are in your country (see Resources).
Please note: from 4.30pm (UK time) on 23 May until 12pm (UK time) on 2 June, your EquatePlus account will be locked. During that time, you will not be able to trade Anglo American shares held in your account.
Timeline
Lock
Your EquatePlus account will be locked from 4.30pm (UK time) on 23 May until 12pm (UK time) on 2 June. This means you will not be able to trade the shares you hold in your account during this time.
Demerger
Platinum leaves the Anglo American Group, with shares listed on the Johannesburg and London Stock Exchanges. Any Anglo American shares you own on this date will be impacted by the demerger.
Consolidation
We will reduce the number of Anglo American shares available. This change will show on EquatePlus as soon as possible after the consolidation.
Sale
Your Platinum shares will be sold on your behalf. Sale proceeds will be paid in due course.
Tax
You may need to pay tax in connection with the Platinum shares you receive, whether or not you sell them.
See your country tax notes.
Matt's story
Matt has been working at Anglo American for 3 years, and has participated in MyShare 2023 and 2024. He currently holds 229 shares in his MyShare account: 80 Free Shares, 72 Purchase Shares, 72 Matching Shares and 5 Dividend Shares. His Free Shares and Matching Shares are locked.
This means Matt has 77 impacted shares and 152 unimpacted shares.
During the Platinum demerger, Anglo American shareholders will receive a Receivable equal to 1 Platinum share* for every 10 Anglo American shares they own. (The actual ratio is slightly different to this, but this has been rounded to 1:10 for the purposes of this illustration).
- The day before the demerger, each Anglo American share is worth (for example) £23.60*, so Matt's shares are worth £5,404.40
- The day of the demerger, the closing price for Platinum shares is (for example) £26* per share and, in this example, the Anglo American share price after the consolidation is still £23.60*.
*These numbers are for illustration purposes only.
Here's what the distribution will look like for Matt
| Matt receives a Receivable which is satisfied with 7.7 Platinum shares | 77 Anglo American shares ÷ 10 shares for each Platinum share |
| Matt's Receivable is worth £200.20 | 7.7 Platinum shares x £26 |
Matt's shares will be sold on his behalf, and the proceeds paid to him in due course.
Matt may have to pay tax on the value of the Receivable. He refers to the Resources section of the microsite to understand his tax liability.
Matt doesn't receive a Receivable in respect of his unimpacted shares.
Here's what the consolidation will look like for Matt
Matt's impacted shares are consolidated with the intention of maintaining broad comparability of the share price compared to before the demerger.
Matt's unimpacted shares are not consolidated and the total value of his unimpacted shares after the demerger should be broadly comparable to the value before (subject to share price movements).
This results in Matt holding:
- 80 Free Shares (no change)
- 64 Purchased Shares (reduced from 72)
- 72 Matching Shares (no change)
- 4.4 Dividend Shares (reduced from 5)
Total: 220.4 Shares
In this illustration, the total value of Matt's shares has been broadly maintained
| Value of Anglo American shares before the demerger | |
| £5,404.40 | 229 shares x £23.60 |
| Value of Matt's Platinum shares after the demerger | |
| 7.7 shares worth £200.20 | 7.7 shares x £26 |
| Value of Matt's Anglo American shares after the demerger | |
| 80 Locked Free Shares worth approximately £1,888 | 80 shares x £23.60 |
| 64 Purchased Shares worth approximately £1,510.40 | 64 shares x £23.60 |
| 72 Locked Matching Shares worth approximately £1,699.20 | 72 shares x £23.60 |
| 4.4 Dividend Shares worth approximately £103.84 | 4.4 shares x £23.60 |
| Total value of Matt's Anglo American shares: £5,201.44 | £1,888 + £1,510.40 + £1,699.20 + £103.84 |
| Total value of Matt's Platinum and Anglo American shares after the demerger | |
| Matt's total holding: £5,401.64 | £200.20 + £5,201.44 |
Important: Please be aware that whilst the consolidation is intended to, as far as possible, broadly maintain comparability of the Anglo American share price before and after the demerger, both the Anglo American share price and the Platinum share prices depend on the share price movements in the market. These share prices can go up as well as down, and the share prices of each of Anglo American and Platinum could be higher or lower than prior to the distribution and consolidation. The values given above are therefore for illustrative purposes only.
Questions & Answers
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. For colleagues in China, due to local restrictions it is not possible for you to receive the Platinum shares. Instead, Computershare will sell your Platinum shares on your behalf and give you the proceeds. Due to local restrictions, we are still working with the authorities to find a mechanism to enable you to receive this money. We will update this page with further information when it is available.
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
- Employees who hold shares under the Anglo American MyShare plan ("MyShare").
The demerger is expected to take place on 31 May 2025.
Anglo American Platinum Ltd 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 Anglo American shares after the markets close on 1 June 2025. 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. For colleagues in China, due to local restrictions it is not possible for you to receive the Platinum shares. Instead, Computershare will sell your Platinum shares on your behalf and give you the proceeds. Due to local restrictions, we are still working with the authorities to find a mechanism to enable you to receive this money. We will update this page with further information when it is available.
Afterwards, we will consolidate our Anglo American shares, in order to maintain broad comparability between the share price before and after the demerger.
Yes, however, this will depend on the type of shares you hold. Different shares within MyShare will be affected differently by the demerger:
The following type of shares will be impacted by the demerger:
- Purchased Shares: shares that you have already purchased from your salary and belong to you.
- Unlocked Matching Shares: If you joined MyShare in 2022, your Matching Shares have since unlocked and belong to you.
- Unlocked Free Shares: If you received Free Shares in 2022, they have since unlocked and belong to you.
- Dividend Shares: any additional shares you have received in respect of dividend equivalent rights attaching to Purchased and/or Unlocked Shares under the MyShare plan. Where dividend equivalent rights attach to your shares, dividends may be used to buy more shares on your behalf – known as Dividend Shares. These immediately belong to you.
If you hold any locked Free Shares and / or locked Matching Shares from 2023 & 2024 these will not be impacted by the demerger and no action is required. If you choose to join MyShare 2025, none of the MyShare 2025 shares will be affected by the demerger.
| MyShare 2022 | MyShare 2023 | MyShare 2024 | |
|---|---|---|---|
| Purchased shares | Impacted | Impacted | Impacted |
| Free Shares | Impacted | Unimpacted | Unimpacted |
| Matching shares | Impacted | Unimpacted | Unimpacted |
| Dividend shares | Impacted | Impacted | Impacted |
As part of the demerger, if you own any impacted shares as an Anglo American shareholder in MyShare, you will receive something called a "Receivable". Generally, this would then be immediately satisfied by (in summary) a transfer of the relevant number of Platinum shares. For colleagues in China, due to local restrictions it is not possible for you to receive the Platinum shares. Instead, Computershare will sell your Platinum shares on your behalf and give you the proceeds. Due to local restrictions, we are still working with the authorities to find a mechanism to enable you to receive this money. We will update this page with further information when it is available.
Following the demerger, the number of impacted Anglo American shares you hold in MyShare will automatically reduce. This is intended to maintain broad comparability between the share price before and after the demerger.
If you hold any locked Free Shares and / or locked Matching Shares from 2023 & 2024 these will not be impacted by the demerger and no action is required.
If you received Free Shares in 2022, your shares will be impacted by the demerger.
As part of the demerger, if you own any unlocked Free Shares as an Anglo American shareholder in MyShare, you will receive something called a "Receivable". Generally, this would then be immediately satisfied by (in summary) a transfer of the relevant number of Platinum shares. For colleagues in China, due to local restrictions it is not possible for you to receive the Platinum shares. Instead, Computershare will sell your Platinum shares on your behalf and give you the proceeds. Due to local restrictions, we are still working with the authorities to find a mechanism to enable you to receive this money. We will update this page with further information when it is available.
Following the demerger, the number of Anglo American shares you hold will automatically reduce. This is intended to maintain broad comparability between the share price before and after the demerger.
If you hold any locked Free Shares from 2023 & 2024 these will not be impacted by the demerger and no action is required.
If you choose to join MyShare 2025, none of the MyShare 2025 shares will be affected by the Platinum demerger.
To be eligible to receive cash proceeds in respect of the sale of the Platinum shares, you must hold your Anglo American shares on the record date, which is 30 May 2025.
If you sell shares on or before the 30 May 2025, you will not be entitled to receive cash proceeds in respect of the Platinum shares in relation to those Anglo American shares sold.
If you leave on or before 30 May 2025 the treatment of your shares will depend on your reason for leaving and how long you have held the shares in the plan.
| Reason for leaving | Impact on your unvested shares |
|---|---|
| Retirement Redundancy Death in service TUPE transfer |
You can withdraw all your Purchased Shares, Dividend Shares and unlocked Matching Shares and Free Shares. You can choose to sell or keep these Anglo American shares. Your locked Matching and / or Free Shares will unlock and the Anglo American shares will become available for you to keep or sell (subject to any conditions that may apply). If you still own the MyShare shares on 30 May 2025, they will participate in the demerger. You will receive cash proceeds in lieu of the Platinum shares and your Anglo American shares will be consolidated. |
| Resignation Dismissal |
You can withdraw all your Purchased Shares, Dividend Shares and Unlocked Matching Shares and Free Shares. You can choose to sell or keep these Anglo American shares. If you still own the Purchased, Dividend, Unlocked Matching and/or Unlocked Free Shares on 30 May 2025, they will participate in the demerger. You will receive the cash proceeds in lieu of the Platinum shares and your Anglo American shares will be consolidated. You will not be entitled to receive your locked Matching and / or Free Shares. |
The demerger will happen automatically.
For colleagues in China, due to local restrictions it is not possible for you to receive the Platinum shares. Instead, Computershare will sell your Platinum shares on your behalf and give you the proceeds. Due to local restrictions, we are still working with the authorities to find a mechanism to enable you to receive this money. We will update this page with further information when it is available.
This may mean a delay in receiving the proceeds from your Platinum share.
For colleagues in China, due to local restrictions it is not possible for you to receive the Platinum shares. Instead, Computershare will sell your Platinum shares on your behalf and give you the proceeds. Due to local restrictions, we are still working with the authorities to find a mechanism to enable you to receive this money. We will update this page with further information when it is available.
The amount of cash you receive will depend on:
- How many Anglo American shares you own on the record date
- The distribution ratio 110 Platinum shares for every 1,075 Anglo American shares that you own
You may need to pay tax on the cash proceeds you receive. You can find out more by viewing your country's tax notes in the Resources section.
The distribution ratio of Anglo American shares to Platinum shares may result in a fractional share.
For colleagues in China, due to local restrictions it is not possible for you to receive the Platinum shares. Instead, Computershare will sell your Platinum shares (including any fractional Platinum shares) on your behalf and give you the proceeds. Due to local restrictions, we are still working with the authorities to find a mechanism to enable you to receive this money. We will update this page with further information when it is available.
You may need to pay tax on the cash proceeds you receive. You can find out more by viewing your country's tax notes in the Resources section.
Your Platinum shares will automatically be sold on, or as soon as possible after, 2 June 2025. The sale of your Platinum shares may take place over a number of days.
Due to local restrictions, we are still working with the authorities to find a mechanism to enable you to receive this money. We will update this page with further information when it is available.
All Platinum shares will be sold on the market, and so the sale price will depend on the market share price for Platinum shares when the sale takes place. This could be on 2 June 2025, or at a later date, depending on when the sale is made. There will be no minimum or maximum price, and sales will go ahead at whatever the market price for Platinum shares is at the time of the sale.
Due to local restrictions, we are still working with the authorities to find a mechanism to enable you to receive this money. We will update this page with further information when it is available.
You may continue to sell unlocked Anglo American shares you hold in MyShare as normal, subject to Anglo American's existing share dealing policies and any local restrictions.
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 a shareholding will remain broadly comparable.
The consolidation of shares will be determined, approved and become effective on 2 June 2025 once the market closes.
Yes, the number of Anglo American shares you own will reduce, to maintain broad comparability between the share price before and after the demerger.
The consolidation may result in you receiving a fraction of an Anglo American share. If this happens, it will be automatically added to your MyShare account.
You should not need to pay tax on the consolidation of Anglo American shares. However, you should continue to review the information in your country tax notes in the Resources section.
The consolidation will happen automatically, so you don't need to do anything.
Resources
Useful links
Access your share account
You can view your MyShare plan on EquatePlus.
This is where you can:
- View your shares
- Choose to make a pre-election to sell your Platinum shares
- Maintain your contact details including your bank account details
Make sure you have your User ID and Password.
You can find these in your invitation 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 Computershare
For questions about accessing EquatePlus,
please contact Computershare:
International:
+41 (0) 844 00 44 55
If you are participating in any other Anglo American share plan, find out more about the impact of the demerger on the relevant plan page(s).
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.