Letshego Holdings Limited (“LHL”) was incorporated in 1998, is headquartered in Gaborone and has been publicly listed on the Botswana Stock Exchange (BSE) since 2002. Letshego is an panAfrican financial institution offering microfinance and consumer lending solutions across eleven subsidiaries in sub-Saharan Africa.
Reference is made to the Company’s announcement (“the Announcement”) concerning the publication of its 2019 Group Integrated Annual Report on the Botswana Stock Exchange Limited (“BSEL”) X-News on 2 June 2020.
ERRATUM NOTICE TO THE 2019 INTEGRATED ANNUAL REPORT
Executive Directors’ Remuneration as at 31 December 2018 & 2019: (Refer page 68 – Remuneration Policy)
Published:
Executive Directors remuneration as at 31 December 2019
Executive Directors incentive bonuses are evaluated and recommended by the GRemCo for the approval of the Board. All amounts disclosed are in Botswana Pula.
| Executive Directors | For Management Services | Performance Bonus | Net Settlement | Total |
|---|---|---|---|---|
| PJS Crouse* | 2 075 758 | – | 295 459 | 2 371 217 |
| D Ndebele** | 4 156 982 | – | – | 4 156 982 |
| C Patterson*** | 2 365 720 | 562 500 | 818 181 | 3 746 401 |
Executive Directors Remuneration as at 31 December 2018
| Executive Directors | For Management Services | Performance Bonus | Net Settlement | Total |
|---|---|---|---|---|
| ACM Low | 2 703 176 | – | 3 696 749 | 6 399 925 |
| C Patterson | 1 075 757 | – | – | 1 075 757 |
| PJS Crouse | 2 250 000 | – | – | 2 250 000 |
* PJS Crouse [Group CEO] joined as Group CEO on 24 September 2018 and resigned on 27 March 2019. He was paid three months’ basic salary in lieu of his employment contract notice period.
** D Ndebele was appointed as Interim Group CEO on 27 March 2019. Previously, he re-joined Letshego as Group Company Secretary on 1 January 2019.
*** C Patterson [Group CFO] resigned on 2 March 2019 and served his contractual three months notice period to end May 2019. From 1 June to 31 December 2019 he entered into a short term contract as the outgoing CFO. For disclosure purposes his full salary and benefits for the year are set out above. The ‘net settlement’ represents a three month restraint of trade payment relating to the period 1 June 2019 to 31 August 2019.
2019: In terms of the Long-Term Incentive Scheme no ordinary shares vested to Executive Directors, that related to the 31 December 2019 financial year-end.
2018: In terms of the Long-Term Incentive Scheme, no ordinary shares vested to ACM Low and C Patterson, that related to the 31 December 2018 financial year-end.
Correct Disclosure:
Executive Directors Remuneration as at 31 December 2019
Executive Directors incentive bonuses are evaluated and recommended by the GRemCo for the approval of the Board. All amounts disclosed are in Botswana Pula.
| Executive Directors | For Management Services | Performance Bonus | Net Settlement | Total |
|---|---|---|---|---|
| PJS Crouse* | 983 005 | – | 1 339 070 | 2 322 075 |
| D Ndebele** | 3 626 795 | – | – | 3 626 795 |
| C Patterson*** | 385 302 | – | 1 380 681 | 1 765 983 |
Executive Directors Remuneration as at 31 December 2018
| Executive Directors | For Management Services | Performance Bonus | Net Settlement | Total |
|---|---|---|---|---|
| ACM Low | 2 703 176 | – | 3 696 749 | 6 399 925 |
| C Patterson | 1 075 757 | – | – | 1 075 757 |
| PJS Crouse | 2 250 000 | – | – | 2 250 000 |
* PJS Crouse [Group CEO] resigned on 27 March 2019. The net settlement represents payments in accordance with his contract of employment.
** D Ndebele was appointed as Acting Group CEO on 27 March 2019.
*** C Patterson [Group CFO] resigned on 2 March 2019 and served his contractual three months notice period to 4 June 2019. The net settlement represents payments in accordance with his contract of employment plus his bonus assessed based upon his 2018 performance.
2019: In terms of the Long-Term Incentive Scheme no ordinary shares vested to Executive Directors, that related to the 31 December 2019 financial year-end.
2018: In terms of the Long-Term Incentive Scheme, no ordinary shares vested to ACM Low and C Patterson, that related to the 31 December 2018 financial year-end.
4. All other information contained in the Integrated Annual Report 2019, remains unchanged. We apologise for the error and any inconvenience caused.
By order of the Group Board
Enos Banda
Group Chairman
19 June 2020
Andrew F. Okai
Group Chief Executive
19 June 2020
