| Fri 15 Jun 2012, 13:25 | | 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: 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 13 June 2012 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 :
Invest Matchin Total
Executive Designation ed g Share Value
Shares Award
J. Enslin Executive 13 362 22 270 R2 625
Director, 009
Lewis Stores Group
Limited
L.A. Davies Executive 10 710 17 850 R2 104
Director, 015
Lewis Group Ltd
N. Jansen Director, 7 014 11 690 R1 377
Lewis Stores (Pty) 924
Ltd
D. Loudon Director, 6 866 11 444 R1 348
Lewis Stores (Pty) 898
Ltd
The invested shares were purchased at an average price of R73.67 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 13 June 2012 under the
Lewis Executive Performance Scheme:
Maximum No.
Executive Designation of Shares Value
(for no
consideratio
n)
J. Enslin Executive Director, Lewis 37 527 R2 790
Group Limited 508
L.A. Executive Director, Lewis 29 520 R2 195
Davies Group Limited 107
C Irwin Director, Lewis Stores 18 510 R1 376
(Pty) Ltd 404
N. Jansen Director, Lewis Stores 19 332 R1 437
(Pty) Ltd 528
D. Loudon Director, Lewis Stores 19 176 R1 425
(Pty) Ltd 927
The above values are deemed values based on a market price of R74.36
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
15 June 2012
Sponsor: UBS South Africa (Pty) Ltd
Date: 15/06/2012 13:25:02 Produced by the JSE SENS Department.
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