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 2 June 2025, becoming a wholly independently owned company. Anglo American Platinum Ltd is already listed on the Johannesburg Stock Exchange, and from this date will also be listed on the London Stock Exchange, helping to diversify its shareholders and make it as easy as possible for people to buy and sell shares.
Subject to shareholders approving its name change, Anglo American Platinum Ltd 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 Platinum demerger will affect all Anglo American shareholders. This page is to provide you, as an employee, with a summary of the information you need about how the demerger of the Platinum business will impact any Anglo American shares that you own outright.
A summary of the impact on your awards in our company share plans will be available on the relevant page from 30 April.
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.
A summary of these steps is as follows:
1: Distribution of Platinum shares
For every 1075 Anglo American shares that you own, at the time of the demerger, you will receive 110 Platinum shares.
You may need to pay tax in connection with the Platinum shares you receive. You can find out more by viewing your country's tax notes (see Resources below).
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.
The intention of share consolidation is that on completion of this process, the total value of your Anglo American and Platinum shares should be broadly comparable to the value of your Anglo American shares before the distribution and consolidation. However, external market factors may impact share prices, which can go down as well as up.
What this means for your shares
As an Anglo American shareholder, you will be impacted by the demerger.
If you hold shares in one of our share plans the treatment may be different. We will provide more information about what you can expect in our share plan pages from 30 April 2025.
If you hold your Anglo American shares in a Standard Bank brokerage account, you can check your holdings here.
Distribution
As part of this demerger, Anglo American shareholders will receive something called a "Receivable", which will then be immediately satisfied by (in summary) a transfer of 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) the outcome is that you will end up receiving Platinum shares.
You will be able to sell the Platinum shares at any time after the demerger.
You may need to pay tax on the value of the Receivable, depending on where you are tax resident and your individual circumstances. You can find out more by viewing your country's tax notes (see Resources below).
For tax purposes you may also need to know the value of the "Receivable", and so as soon as possible after 2 June we will update this page with some information on the value of the Receivable for each Anglo American share.
If you receive a fraction of a Platinum share
The value of your Receivable might not be able to turn into a whole number of Platinum shares. If so, what happens to the fraction of a Platinum share depends on how you hold your Anglo American shares.
As explained further in the shareholder circular, in this case, the fractional entitlement to Platinum shares will (along with all other shareholders' fractions) be sold on the market as soon as practicable following 2 June 2025, and you would be entitled to receive your share of the sale proceeds, net of applicable deductions, in cash.
If you hold your Anglo American shares in a Standard Bank brokerage account, you would receive this cash through your brokerage account, and this is expected to be paid by no later than 13 June 2025.
Consolidation
The number of shares you own in Anglo American will automatically reduce, with the intention of maintaining broad comparability between the share price before and after the demerger.
If the consolidation results in a fraction of an Anglo American share
The consolidation may not result in you being able to receive a whole number of shares in Anglo American. If so, what happens to the fractional share depends on how you hold your Anglo American shares.
As explained further in the shareholder circular, in this case the fractional entitlement to Anglo American shares will (along with all other shareholders' fractions) be sold on the market as soon as practicable. The cash due for the sale of the fraction will be determined as set out in the shareholder circular. If you hold Anglo American shares in a Standard Bank brokerage account you would receive payment in cash through your brokerage account, and this is expected to be paid by no later than 13 June 2025.
What you need to do
- If you hold your Anglo American shares in a Standard Bank brokerage account, you will be able to sell the Platinum Shares through your brokerage account following the demerger.
If you do not wish to sell your Platinum shares right away, you can keep them and sell them at any time in the future. - Read through your country's tax notes (see Resources) to understand what the requirements are in your country.
- Refer to the Anglo American shareholder circular (see Resources) if you need any further information on the demerger and its impact on your shares, or if you hold Anglo American shares in any personal share dealing accounts.
- If you participate in the Anglo American share plans, watch out for further information on the impact of the demerger which will go live on the share plan pages from 30 April.
Timeline
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 to maintain broad comparability of our share price before and after the demerger. This change will show in your Standard Bank brokerage account as soon as possible after the consolidation.
Receive
Any Platinum shares you receive in your Standard Bank brokerage account will become visible as soon as possible after the demerger.
Sell
Once your Platinum Shares are available in your Standard Bank brokerage account you would be able to sell those shares through your brokerage account.
Change of name
Subject to shareholder approval, from completion of the demerger Anglo American Platinum will be renamed "Valterra Platinum Limited" (and you will then receive the Platinum shares you receive being referred to as shares in Valterra Platinum).
Tax
You may need to pay tax in connection with the Platinum shares you receive, whether or not you sell them.
To find out more, see your country tax notes.
Matt's story
Matt has worked at Anglo American for 10 years and has been involved in various share plans. He currently owns 685 Anglo American shares outright, which are held in the Employee Corporate Nominee with our share plan administrator.
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 £16,166.
- 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 worth £1,781.00, which is satisfied with 68.5 Platinum shares.
He may have to pay tax on the value of the Receivable.
The 0.5 of a Platinum share is automatically sold on or shortly following 2 June 2025. Matt receives £13 from this sale.
Here's what the consolidation will look like for Matt
Matt's Anglo American shares are consolidated with the intention of maintaining broad comparability of the share price compared to before the demerger.
The consolidation results in Matt receiving 609.5 Anglo American shares.
Matt receives £11.80 from the automatic sale of his fractional balance of 0.5 share, which is sold as soon as possible after 2 June 2025.
After the sale of the fraction, Matt owns 609 Anglo American shares.
In this illustration, the total value of Matt's shares has been broadly maintained
| Value of Anglo American shares before the demerger | £16,166 |
| Value of Platinum shares after the demerger | 68 shares worth £1,768 0.5 shares sold for £13 |
| Value of Anglo American shares after the demerger | 609 shares worth approximately £14,372 0.5 shares sold for £11.80 |
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 price 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.
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.
If you are participating in one or more of our share plans, you may be impacted by the demerger.
You can find more information about what you can expect by going to your plan pages from 30 April 2025.
Subject to shareholder approval at the AGM on 30 April, the demerger is expected to take place on 30 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.
Afterwards, we will consolidate our Anglo American shares, in order to maintain broad comparability between the share price before and after the demerger.
Yes. As a shareholder in Anglo American, you will receive something called a "Receivable", which will then be immediately satisfied by (in summary) a transfer of the relevant number of Platinum shares. Whilst you need to be aware of these two steps (as they are referred to in the tax notes available in the Resources section) the outcome is that you will end up receiving Platinum shares.
These Platinum shares will sit alongside your existing Anglo American shares. 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.
The total number of Anglo American shares will be reduced, with the intention of maintaining broad comparability between the share price before and after the demerger.
External market factors may impact the Company's share price which can go down as well as up.
To be eligible to receive 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 Platinum shares in relation to those shares sold.
If you leave on or before 30 May 2025 and have vested shares from your share plan(s), these are yours to keep or sell as you wish. If you still own them on 30 May 2025, they will be treated the same as all our other shares. This means you will receive a distribution of Platinum shares and see your Anglo American shares consolidated.
If you are participating in an Anglo American share plan when you leave and have unvested awards, the treatment of your shares will depend on the circumstances of your departure and the type of plan you are participating in. Please see the relevant plan page to see the impact on share plan awards. These will be available from 30 April 2025.
If you are participating in one or more of our share plan(s), we will provide more information about what you can expect in our plan pages from 30 April 2025.
The demerger will happen automatically. If you are entitled to receive Platinum shares, they will be credited to your account on or shortly after 2 June 2025.
The number of Platinum shares you receive will depend on:
- How many Anglo American shares you own on the record date
- The distribution ratio 110 Platinum shares for every 1075 Anglo American shares that you own
You may need to pay tax on the Platinum shares 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. This will be distributed to you in cash via your share plan administrator or broker.
If you hold your Anglo American shares in the Employee Corporate Nominee, the proceeds will be added to the next payment you receive from your account, unless it exceeds £50 in which case it will be payable immediately.
You may need to pay tax on the fractional Platinum share you receive. You can find out more by viewing your country's tax notes in the Resources section.
Your Platinum shares will be added to your account on or shortly after 2 June 2025.
Once you have received your Platinum shares, you can choose to either keep or sell them.
The Platinum business will become a wholly independent business, separate from Anglo American. If you decide to keep your Platinum shares, you will be entitled to any dividends the new Platinum business pays to its shareholders in the future.
Once you have received your Platinum shares, you can choose to sell them at any time.
When you do come to sell them, you may need to pay tax on any increase in value since you received them on 2 June 2025. This is the difference between the sale price (their value when you sell them) and the cost basis (their value when you received them). You can find this information in your share plan administrator or broker account.
Please see your country tax notes in the Resources section for more details.
Any Platinum shares you receive will be treated as dividends or income for tax purposes. Depending on your location, you may need to pay dividend or income tax on these.
Please see your country tax notes in the Resources section for more details.
If you keep your shares and sell them at a later date, you may also be liable for capital gains tax on any increase in value when you come to sell them.
Please refer to your country tax notes in the Resources section for more information.
We are unable to provide tax advice. If you need further guidance, we recommend consulting an independent tax advisor.
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.
This will show in your share account from 3 June 2025, although timings may vary depending on your share plan administrator or broker.
Yes, the number of Anglo American shares you own will reduce, to maintain broad comparability between the share price before and after the demerger.
It is likely that the consolidation will mean a portion of an Anglo American share is left over after consolidation. This fractional share will be sold and distributed to you in cash by your share plan administrator or broker.
You may need to pay tax on this fractional share. There's more information in your country tax notes in the Resources section, noting that the country tax notes are subject to a further update on 30 April.
Other than the fractional share element mentioned in 4.5, 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.
If the consolidation results in you owning part of an Anglo American share, this will be sold automatically. The funds will be paid to you directly by your broker.
You may need to pay tax on this fractional share. There's more information in your country tax notes in the Resources section.
Accessing your share account
If you own Anglo American shares in your Standard Bank brokerage account you can view your share plan awards and your shareholdings here.
This is where you can:
- View your shares
- Maintain your contact details including your bank account details
Make sure you have your Username and Password.
You can find these in your award email.
Support
If you have any questions about the Platinum demerger and how it affects your shares, that haven't been answered above, please contact:
platinumdemergershareplans@angloamerican.com
We will provide information on how the demerger will impact our share plans from 30 April. Return to the share plan pages on this Hub from then if you have any questions about your share plan(s).
Please be aware that we are not able to provide any legal, financial or tax advice nor advice on your personal circumstances. In relation to the employee share plans, the information on the impact of the demerger on our share plans will be published on the share plan pages from 30 April, so please do not submit questions in relation to the share plans before you have reviewed that information.
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.