CLOVER INDUSTRIES LIMITED - Dealing in securities by an executive director of the company
CLR 201704040031A
Dealing in securities by an executive director of the company
Clover Industries Limited
Incorporated in the Republic of South Africa)
Registration number 2003/030429/06)
Ordinary Share code: CLR
NSX Ordinary Share code: CLN
ISIN No: ZAE000152377
(“Clover” or “the Company”)
DEALING IN SECURITIES BY AN EXECUTIVE DIRECTOR OF THE COMPANY
Shareholders are referred to the announcement released on
SENS on 1 April 2015 wherein shareholders were advised that
Mr Vorster had entered into various zero-cost collar hedge
transactions, the first tranche of which is in respect of, in
aggregate, 540 000 ordinary shares of the Company, with an
expiry date of 31 March 2017, and which option has a put
strike price of R18.14 and a call strike price of R22.46
(herein after referred to as the "First 2015 collar
tranche").
On 31 March 2017, the First 2015 collar tranche was settled
by the off-market transfer of 540 000 ordinary shares of the
Company to the relevant counterparty (which held them
pursuant to a pledge and securities loan arrangement) at a
price of R19.00 (determined at the 30 day VWAP to 31 March
2017 on the basis that the share price was trading above the
put strike price) resulting in a transaction value of
R10 260 000. This is a direct beneficial interest with no
prior clearance required given there was no discretion
exercised by the director and the sale of shares occurred in
settlement of the debt on expiry of the First 2015 collar
tranche.
Johannesburg
4 April 2017
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
NSX Sponsor
IJG Securities
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