The scheme maturity has been extended to October 2019, so a resolution can be found in the interests of the employees
Chemicals and fertiliser maker Omnia has extended its 12-year BEE share scheme after a sharp fall in its share price wiped out most of the scheme’s value to black staff.
However, by the time the scheme matured on April 1 2019, Omnia’s shares had dipped below R50 a piece for the first time in about 10 years amid mounting concerns about the company’s debt levels.In its 2018 annual report, Omnia assumed that its Omnia said earlier in the week that it needs to sell R2bn worth of new shares “to ensure its long-term sustainability” after hefty losses in the year to end-March and a sharp increase in debt left it with a funding gap.
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