Three of Vodacom's new directors, including its CFO, have been granted YeboYethu units.
The company says CFO Rob Shuter was awarded 1.34 million units, company secretary Sandi Linford was awarded 550 382 units and Vodacom Business director Steven Hayward was awarded 752 272 shares.
Each were allocated the units in terms of their letters of employment and in accordance with the terms of the YeboYethu employee share ownership plan, Vodacom says. The directors all joined the company after October last year.
YeboYethu is Vodacom's R7.5 billion broad-based black economic empowerment scheme. It was implemented at the end of July last year and offers the local black public a stake in YeboYethu, which owns 3.44% of Vodacom.
In addition to the public offer, all of Vodacom's permanent South African staff members are able to participate in the transaction by receiving units through the Employee Participation Trust.
Three-quarters of the 1.875 billion units available to the YeboYethu employee share ownership plan was allocated to staff in September last year, with the balance being made available to future employees for the next five years on a reduced sliding scale.
The allocation of units to permanent South African staff is weighted 70:30 in favour of black staff. In August 2015, the units will be converted to YeboYethu shares, and staff can sell the shares to the black public.
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