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")
DEALINGS IN SECURITIES BY EXECUTIVE DIRECTORS AND PRESCRIBED OFFICERS TO SETTLE TAX OBLIGATIONS
In compliance with paragraphs 3.63 to 3.74 of the Listings Requirements of the JSE Limited ("the JSE Listings Requirements"), shareholders are advised of the following transactions on behalf of executive directors and prescribed officers pursuant to the vesting of one third of the forfeitable shares granted under the 2021 Company Share Plan and Remuneration Policy in March 2022, March 2023 and March 2024.
| Chief Executive Officer: | July Ndlovu |
| Nature of transaction: | On market sale of vested forfeitable shares to settle tax obligations arising from the vesting |
| Class of securities: | Ordinary shares |
| Number of vested shares sold: | 8,341 |
| | |
| Date of transaction | 24 March 2025 |
| Number of vested of shares sold: | 3,853 |
| Volume weighted average selling price per share: | R107.25 |
| Highest selling price per share: | R110.93 |
| Lowest selling price per share: | R105.25 |
| Transaction value: | R413,234.25 |
| | |
| Date of transaction | 25 March 2025 |
| Number of vested of shares sold: | 2,389 |
| Volume weighted average selling price per share: | R108.95 |
| Highest selling price per share: | R110.71 |
| Lowest selling price per share: | R106.36 |
| Transaction value: | R260,281.55 |
| | |
| Date of transaction | 27 March 2025 |
| Number of vested of shares sold: | 2,099 |
| Volume weighted average selling price per share: | R107.10 |
| Highest selling price per share: | R109.63 |
| Lowest selling price per share: | R106.21 |
| Transaction value: | R224,802.90 |
| | |
| Nature of interest: | Direct beneficial |
| Chief Financial Officer: | Gideon Frederick Smith |
| Nature of transaction: | On market sale of vested forfeitable shares to settle tax obligations arising from the vesting |
| Class of securities: | Ordinary shares |
| Number of vested shares sold: | 4,487 |
| | |
| Date of transaction | 24 March 2025 |
| Number of vested of shares sold: | 2,074 |
| Volume weighted average selling price per share: | R107.25 |
| Highest selling price per share: | R110.93 |
| Lowest selling price per share: | R105.25 |
| Transaction value: | R222,436.50 |
| | |
| Date of transaction | 25 March 2025 |
| Number of vested of shares sold: | 1,192 |
| Volume weighted average selling price per share: | R108.95 |
| Highest selling price per share: | R110.71 |
| Lowest selling price per share: | R106.36 |
| Transaction value: | R129,868.40 |
| | |
| Date of transaction | 27 March 2025 |
| Number of vested of shares sold: | 1,221 |
| Volume weighted average selling price per share: | R107.10 |
| Highest selling price per share: | R109.63 |
| Lowest selling price per share: | R106.21 |
| Transaction value: | R130,769.10 |
| | |
| Nature of interest: | Direct beneficial |
| Chief Operations Officer: | Johannes Petrus Daniel van Schalkwyk |
| Nature of transaction: | On market sale of vested forfeitable shares to settle tax obligations arising from the vesting |
| Class of securities: | Ordinary shares |
| Number of vested shares sold: | 3,365 |
| | |
| Date of transaction | 24 March 2025 |
| Number of vested of shares sold: | 1,617 |
| Volume weighted average selling price per share: | R107.25 |
| Highest selling price per share: | R110.93 |
| Lowest selling price per share: | R105.25 |
| Transaction value: | R173,423.25 |
| | |
| Date of transaction | 25 March 2025 |
| Number of vested of shares sold: | 938 |
| Volume weighted average selling price per share: | R108.95 |
| Highest selling price per share: | R110.71 |
| Lowest selling price per share: | R106.36 |
| Transaction value: | R102,195.10 |
| | |
| Date of transaction | 27 March 2025 |
| Number of vested of shares sold: | 810 |
| Volume weighted average selling price per share: | R107.10 |
| Highest selling price per share: | R109.63 |
| Lowest selling price per share: | R106.21 |
| Transaction value: | R86,751.00 |
| | |
| Nature of interest: | Direct beneficial |
| Executive Head of Technical: | Leslie Martin |
| Nature of transaction: | On market sale of vested forfeitable shares to settle tax obligations arising from the vesting |
| Class of securities: | Ordinary shares |
| Number of vested shares sold: | 2,944 |
| | |
| Date of transaction | 24 March 2025 |
| Number of vested of shares sold: | 1,404 |
| Volume weighted average selling price per share: | R107.25 |
| Highest selling price per share: | R110.93 |
| Lowest selling price per share: | R105.25 |
| Transaction value: | R150,579.00 |
| | |
| Date of transaction | 25 March 2025 |
| Number of vested of shares sold: | 837 |
| Volume weighted average selling price per share: | R108.95 |
| Highest selling price per share: | R110.71 |
| Lowest selling price per share: | R106.36 |
| Transaction value: | R91,191.15 |
| | |
| Date of transaction | 27 March 2025 |
| Number of vested of shares sold: | 703 |
| Volume weighted average selling price per share: | R107.10 |
| Highest selling price per share: | R109.63 |
| Lowest selling price per share: | R106.21 |
| Transaction value: | R75,291.30 |
| | |
| Nature of interest: | Direct beneficial |
| Executive Head of Human Resources: | Lesego Elias Mataboge |
| Nature of transaction: | On market sale of vested forfeitable shares to settle tax obligations arising from the vesting |
| Class of securities: | Ordinary shares |
| Number of vested shares sold: | 2,072 |
| | |
| Date of transaction | 24 March 2025 |
| Number of vested of shares sold: | 920 |
| Volume weighted average selling price per share: | R107.25 |
| Highest selling price per share: | R110.93 |
| Lowest selling price per share: | R105.25 |
| Transaction value: | R98,670.00 |
| | |
| Date of transaction | 25 March 2025 |
| Number of vested of shares sold: | 608 |
| Volume weighted average selling price per share: | R108.95 |
| Highest selling price per share: | R110.71 |
| Lowest selling price per share: | R106.36 |
| Transaction value: | R66,241.60 |
| | |
| Date of transaction | 27 March 2025 |
| Number of vested of shares sold: | 544 |
| Volume weighted average selling price per share: | R107.10 |
| Highest selling price per share: | R109.63 |
| Lowest selling price per share: | R106.21 |
| Transaction value: | R58,262.40 |
| | |
| Nature of interest: | Direct beneficial |
| Executive Head of Corporate Affairs: | Nompumelelo Sithole |
| Nature of transaction: | On market sale of vested forfeitable shares to settle tax obligations arising from the vesting |
| Class of securities: | Ordinary shares |
| Number of vested shares sold: | 2,069 |
| | |
| Date of transaction | 24 March 2025 |
| Number of vested of shares sold: | 920 |
| Volume weighted average selling price per share: | R107.25 |
| Highest selling price per share: | R110.93 |
| Lowest selling price per share: | R105.25 |
| Transaction value: | R98,670.00 |
| | |
| Date of transaction | 25 March 2025 |
| Number of vested of shares sold: | 605 |
| Volume weighted average selling price per share: | R108.95 |
| Highest selling price per share: | R110.71 |
| Lowest selling price per share: | R106.36 |
| Transaction value: | R65,914.75 |
| | |
| Date of transaction | 27 March 2025 |
| Number of vested of shares sold: | 544 |
| Volume weighted average selling price per share: | R107.10 |
| Highest selling price per share: | R109.63 |
| Lowest selling price per share: | R106.21 |
| Transaction value: | R58,262.40 |
| | |
| Nature of interest: | Direct beneficial |
| Executive Head of Safety, Health and Environment: | Carina Venter |
| Nature of transaction: | On market sale of vested forfeitable shares to settle tax obligations arising from the vesting |
| Class of securities: | Ordinary shares |
| Number of vested shares sold: | 2,016 |
| | |
| Date of transaction | 24 March 2025 |
| Number of vested of shares sold: | 920 |
| Volume weighted average selling price per share: | R107.25 |
| Highest selling price per share: | R110.93 |
| Lowest selling price per share: | R105.25 |
| Transaction value: | R98,670.00 |
| | |
| Date of transaction | 25 March 2025 |
| Number of vested of shares sold: | 596 |
| Volume weighted average selling price per share: | R108.95 |
| Highest selling price per share: | R110.71 |
| Lowest selling price per share: | R106.36 |
| Transaction value: | R64,934.20 |
| | |
| Date of transaction | 27 March 2025 |
| Number of vested of shares sold: | 500 |
| Volume weighted average selling price per share: | R107.10 |
| Highest selling price per share: | R109.63 |
| Lowest selling price per share: | R106.21 |
| Transaction value: | R53,550.00 |
| | |
| Nature of interest: | Direct beneficial |
| Executive Head of Marketing: | Bernard Michael Dalton |
| Nature of transaction: | On market sale of vested forfeitable shares to settle tax obligations arising from the vesting |
| Class of securities: | Ordinary shares |
| Number of vested shares sold: | 2,410 |
| | |
| Date of transaction | 24 March 2025 |
| Number of vested of shares sold: | 1,196 |
| Volume weighted average selling price per share: | R107.25 |
| Highest selling price per share: | R110.93 |
| Lowest selling price per share: | R105.25 |
| Transaction value: | R128,271.00 |
| | |
| Date of transaction | 25 March 2025 |
| Number of vested of shares sold: | 562 |
| Volume weighted average selling price per share: | R108.95 |
| Highest selling price per share: | R110.71 |
| Lowest selling price per share: | R106.36 |
| Transaction value: | R61,229.90 |
| | |
| Date of transaction | 27 March 2025 |
| Number of vested of shares sold: | 652 |
| Volume weighted average selling price per share: | R107.10 |
| Highest selling price per share: | R109.63 |
| Lowest selling price per share: | R106.21 |
| Transaction value: | R69,829.20 |
| | |
| Nature of interest: | Direct beneficial |
The remaining one third of the forfeitable awards related to the March 2023 award will vest in March 2026, subject to the employment conditions being met. The remaining two thirds of the forfeitable awards related to the March 2024 award will vest in two equal tranches in March 2026 and March 2027, subject to the employment conditions being met. The remaining ordinary shares underlying the unvested forfeitable awards will be held in Treasury until such time that the shares vest under the rules of the 2021 Thungela Share Plan.
Clearance to deal in terms of the JSE Listings Requirements was obtained.
Rosebank
28 March 2025
UK Financial adviser and corporate broker
Panmure Liberum 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 /Amendment | Initial notification | |||
| 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 instrument, type of instrument | Ordinary shares of no par value | |||
| Identification code | ISIN: ZAE000296554 | ||||
| b) | Nature of the transaction | On market sale of vested forfeitable shares to settle tax obligations arising from the vesting of these shares | |||
| c)
| Price(s) and volume(s) | | | | |
| | | Price(s) | Volume(s) | | |
| | | R107.25 | 3,853 | | |
| | | R108.95 | 2,389 | | |
| | | R107.10 | 2,099 | | |
| | | | | | |
| d)
| Aggregated information | | |||
| - Aggregated volume | 8,341 | ||||
| - Price | R898,318.70 | ||||
| e) | Date of the transaction | 24, 25 and 27 March 2025 | |||
| 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 /Amendment | Initial notification | |||
| 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 instrument, type of instrument | Ordinary shares of no par value | |||
| Identification code | ISIN: ZAE000296554 | ||||
| b) | Nature of the transaction | On market sale of vested forfeitable shares to settle tax obligations arising from the vesting of these shares | |||
| c)
| Price(s) and volume(s) | | | | |
| | | Price(s) | Volume(s) | | |
| | | R107.25 | 2,074 | | |
| | | R108.95 | 1,192 | | |
| | | R107.10 | 1,221 | | |
| | | | | | |
| d)
| Aggregated information | | |||
| - Aggregated volume | 4,487 | ||||
| - Price | R483,074.00 | ||||
| e) | Date of the transaction | 24, 25 and 27 March 2025 | |||
| 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 /Amendment | Initial notification | |||
| 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 instrument, type of instrument | Ordinary shares of no par value | |||
| Identification code | ISIN: ZAE000296554 | ||||
| b) | Nature of the transaction | On market sale of vested forfeitable shares to settle tax obligations arising from the vesting of these shares | |||
| c)
| Price(s) and volume(s) | | | | |
| | | Price(s) | Volume(s) | | |
| | | R107.25 | 1,617 | | |
| | | R108.95 | 938 | | |
| | | R107.10 | 810 | | |
| | | | | | |
| d)
| Aggregated information | | |||
| - Aggregated volume | 3,365 | ||||
| - Price | R362,369.35 | ||||
| e) | Date of the transaction | 24, 25 and 27 March 2025 | |||
| 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 /Amendment | Initial notification | |||
| 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 instrument, type of instrument | Ordinary shares of no par value | |||
| Identification code | ISIN: ZAE000296554 | ||||
| b) | Nature of the transaction | On market sale of vested forfeitable shares to settle tax obligations arising from the vesting of these shares | |||
| c)
| Price(s) and volume(s) | | | | |
| | | Price(s) | Volume(s) | | |
| | | R107.25 | 1,404 | | |
| | | R108.95 | 837 | | |
| | | R107.10 | 703 | | |
| | | | | | |
| d)
| Aggregated information | | |||
| - Aggregated volume | 2,944 | ||||
| - Price | R317,061.45 | ||||
| e) | Date of the transaction | 24, 25 and 27 March 2025 | |||
| 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 /Amendment | Initial notification | |||
| 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 instrument, type of instrument | Ordinary shares of no par value | |||
| Identification code | ISIN: ZAE000296554 | ||||
| b) | Nature of the transaction | On market sale of vested forfeitable shares to settle tax obligations arising from the vesting of these shares | |||
| c)
| Price(s) and volume(s) | | | | |
| | | Price(s) | Volume(s) | | |
| | | R107.25 | 920 | | |
| | | R108.95 | 608 | | |
| | | R107.10 | 544 | | |
| | | | | | |
| d) | Aggregated information | | |||
| - Aggregated volume | 2,072 | ||||
| - Price | R223,174.00 | ||||
| e) | Date of the transaction | 24, 25 and 27 March 2025 | |||
| 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 /Amendment | Initial notification | |||
| 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 instrument, type of instrument | Ordinary shares of no par value | |||
| Identification code | ISIN: ZAE000296554 | ||||
| b) | Nature of the transaction | On market sale of vested forfeitable shares to settle tax obligations arising from the vesting of these shares | |||
| c)
| Price(s) and volume(s) | | | | |
| | | Price(s) | Volume(s) | | |
| | | R107.25 | 920 | | |
| | | R108.95 | 605 | | |
| | | R107.10 | 544 | | |
| | | | | | |
| d)
| Aggregated information | | |||
| - Aggregated volume | 2,069 | ||||
| - Price | R222,847.15 | ||||
| e) | Date of the transaction | 24, 25 and 27 March 2025 | |||
| 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 /Amendment | Initial notification | |||
| 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 instrument, type of instrument | Ordinary shares of no par value | |||
| Identification code | ISIN: ZAE000296554 | ||||
| b) | Nature of the transaction | On market sale of vested forfeitable shares to settle tax obligations arising from the vesting of these shares | |||
| c)
| Price(s) and volume(s) | | | | |
| | | Price(s) | Volume(s) | | |
| | | R107.25 | 920 | | |
| | | R108.95 | 596 | | |
| | | R107.10 | 500 | | |
| | | | | | |
| d) | Aggregated information | | |||
| - Aggregated volume | 2,016 | ||||
| - Price | R217,154.20 | ||||
| e) | Date of the transaction | 24, 25 and 27 March 2025 | |||
| 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 /Amendment | Initial notification | |||
| 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 instrument, type of instrument | Ordinary shares of no par value | |||
| Identification code | ISIN: ZAE000296554 | ||||
| b) | Nature of the transaction | On market sale of vested forfeitable shares to settle tax obligations arising from the vesting of these shares | |||
| c)
| Price(s) and volume(s) | | | | |
| | | Price(s) | Volume(s) | | |
| | | R107.25 | 1,196 | | |
| | | R108.95 | 562 | | |
| | | R107.10 | 652 | | |
| | | | | | |
| d)
| Aggregated information | | |||
| - Aggregated volume | 2,410 | ||||
| - Price | R259,330.10 | ||||
| e) | Date of the transaction | 24, 25 and 27 March 2025 | |||
| f) | Place of the transaction | On market | |||
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