| Wed 22 Jun 2011, 17:15 | | LEW - Lewis Group Limited - Directors` Dealing in Securities |
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LEW
LEW
LEW - Lewis Group Limited - Directors` Dealing in Securities
Lewis Group Ltd
Reg. No. 2004/009817/06
JSE Share Code : LEW
ISIN : ZAE 000058236
(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 20 June 2011 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 Value
Award
J. Enslin Executive Director, 17 039 28 399 R3 612 775
Lewis Stores Group Limited
L.A. Davies Executive Director, 13 961 23 269 R2 960 157
Lewis Group Ltd
B. van Director, 7 214 12 024 R1 529 613
Aswegen Lewis Stores (Pty) Ltd
N. Jansen Director, 7 327 12 212 R1 553 546
Lewis Stores (Pty) Ltd
D. Loudon Director, 7 048 11 747 R1 494 390
Lewis Stores (Pty) Ltd
The invested shares were purchased at an average price of R79.51 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 and Nomination 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 20 June 2011 under the
Lewis Executive Performance Scheme:
Maximum No. of
Executive Designation Shares (for no Value
consideration)
J. Enslin Executive Director, Lewis Group 31 782 R2 524 126
Limited
L.A. Davies Executive Director, Lewis Group 25 468 R2 022 669
Ltd
C Irwin Director, Lewis Stores (Pty) Ltd 16 137 R1 281 601
B. van Aswegen Director, Lewis Stores (Pty) Ltd 16 464 R1 307 571
N. Jansen Director, Lewis Stores (Pty) Ltd 16 689 R1 325 440
D. Loudon Director, Lewis Stores (Pty) Ltd 16 326 R1 296 611
The above values are deemed values based on a market price of R79.42
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
22 June 2011
Sponsor: UBS South Africa (Pty) Ltd
Date: 22/06/2011 17:15:01 Produced by the JSE SENS Department.
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