| Wed 9 Jun 2010, 17:51 | | LEW - Lewis Group Ltd - Directors Dealings in Securities |
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LEW
LEW
LEW - Lewis Group Ltd - Directors Dealings in Securities
Lewis Group Ltd
Reg. No. 2004/009817/06
JSE Share Code : LEW
ISIN : ZAE000058236
(Lewis or the "Company")
Directors Dealings in Securities
In compliance with the requirements 3.63 to 3.74 of the JSE Listings
Requirements, the following should be noted:
1. The Lewis Co-Investment Scheme
Senior executives are eligible for an annual bonus based on achievement of
performance targets. These eligible executives can elect to invest all or part
of their net bonus in Lewis Group shares.
These shares are deferred for a specified period (three years) and matching
shares equal to the before tax bonus are awarded for no consideration at the end
of the period. The shares are provided by the existing employee share trust.
The matching share award will lapse, should the executive terminate his or her
employment before the completion of the three year period other than in the
event of death, ill-health, retirement or retrenchment.
The following executives elected on 7 June 2010 to invest their net bonus in the
company`s shares ("invested shares") and, consequently, matching share awards
were awarded to them under the Lewis Co-Investment Plan :
Invested Matching Total
Executive Designation Shares Share Award Value
J. Enslin Executive Director, 14 455 24 092 R2 288
Lewis Stores Group 788
Limited
L.A. Davies Executive Director, 13 054 21 757 R2 012
Lewis Group Ltd 772
C Irwin Director, 5 510 9 184 R849 607
Lewis Stores (Pty)
Ltd
B. van Director, 6 849 11 415 R1 056
Aswegen Lewis Stores (Pty) 024
Ltd
N Jansen Director, 6 413 10 689 R988 838
Lewis Stores (Pty)
Ltd
D Loudon Director, 5 344 8 907 R823 993
Lewis Stores (Pty)
Ltd
The invested shares were purchased at an average price of R57.82 and the
matching share awards will be received by the scheme participants for no
consideration.
2. The Lewis Executive Performance Scheme
Share awards have been made to members of senior management of Lewis Group
Limited and its trading subsidiary, Lewis Stores (Pty) Ltd. The shares are
provided by the existing employee share trust.
In terms of the scheme, executives have been offered the right to acquire shares
of the company for no consideration subject to the achievement of performance
targets. The performance share plan is a three year scheme and the share
awards will lapse, should the executive terminate his or her employment before
the completion of the three year period.
The performance targets are set by the Board in conjunction with the
Remuneration Committee. These targets are set at the beginning of each of the
three years.
No performance shares will accrue if the group achieves less than 90% of target.
Any achievement between 90% and 100% of target will result in a proportionate
accrual of shares weighted towards 100% of target.
The following executives have been granted awards on 7 June 2010 under the Lewis
Executive Performance Scheme:
Maximum No.
Executive Designation of Shares Value
(for no
consideratio
n)
J. Enslin Executive Director, Lewis 38 429 R2 257
Group Limited 728
L.A. Davies Executive Director, Lewis 31 494 R1 850
Group Ltd 280
C Irwin Director, Lewis Stores (Pty) 20 200 R1 186
Ltd 728
B. van Director, Lewis Stores (Pty) 20 350 R1 195
Aswegen Ltd 536
N Jansen Director, Lewis Stores (Pty) 19 721 R1 158
Ltd 624
D Loudon Director, Lewis Stores (Pty) 19 870 R1 167
Ltd 336
The above values are deemed values based on a market price of R58.75 calculated
in terms of the rules of the scheme.
All the directors interest in the above transactions are direct beneficial. The
transactions took place off-market and the requisite clearances have been
obtained.
Cape Town
9 June 2010
Sponsor: UBS South Africa (Pty) Ltd
Date: 09/06/2010 17:51:03 Produced by the JSE SENS Department.
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