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Mediclinic pays out R1.4bn to staff

Feb 10 2016 21:00

Cape Town - More that 10 000 eligible staff members have benefitted from the more than R1.4bn which has recently been distributed, according to Mediclinic [JSE:MDC].

"Through the issuing of these shares, Mediclinic hopes to recognise what an essential element our workforce is, and to contribute to their financial wellbeing is an on-going part of how we aim to honour their service," it said in a statement.

In 2005 Mediclinic created the Mpilo Trusts to recognise and reward staff through the allocation of shares to individuals who had loyally served them over a period of time.

At the time, two employee share trusts, The Mpilo Trust and The Mpilo Trust (Namibia), subscribed for approximately 15.8 million ordinary shares or 4% of the issued ordinary share capital of Mediclinic.

It was held for the benefit of about 10 927 employees, of which 52% were black and 89% were women, at the market value of R18.40 per share.

"In the ten years since the first allocation of Units by the Mpilo Trusts, the value of the Mediclinic shares linked to the Units has grown by approximately R100 per share."

Mediclinic stated that through this Trust participating staff members are able to access a considerable asset and are able to either take ownership or sell the shares.

"Through careful information and consultation sessions Mediclinic has sought to assist our staff in making the best financial decision for their individual circumstances, to either grow their assets further or to release the capital through sale of the shares."

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