CLOVER INDUSTRIES LIMITED - Allocation and acceptance of share appreciation rights (SARS) by Chief Financial Officer Designate
CLR 201711030005A
Allocation and acceptance of share appreciation rights (“SARS”) by Chief Financial Officer Designate
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: ZAE000152377
ALLOCATION AND ACCEPTANCE OF SHARE APPRECIATION RIGHTS (“SARS”) BY
CHIEF FINANCIAL OFFICER DESIGNATE
In accordance with the approved Restated Clover Share Appreciation
Rights Plan (2010), 1 000 000 SARs in respect of ordinary shares
were allocated on 1 November 2017(“Allocation Date”) to and
accepted off market by Mr. FF Scheepers (Chief Financial Officer
Designate) on the same date at an allocation price of R13.56 per
SAR, which is based on the volume weighted average price of an
ordinary share on the JSE over the seven trading days immediately
prior to the Allocation Date. The transaction value is nil as at
the Allocation Date.
The SARs may be exercised as follows:
- up to one third of the SARs allocated may be exercised on or
after the third anniversary of the Allocation Date;
- up to two thirds of the SARs allocated may be exercised on
or after the fourth anniversary of the Allocation Date, to
the extent that they have not been exercised previously; and
- all the SARs allocated may be exercised on or after the
fifth anniversary of the Allocation Date, to the extent that
they have not been exercised previously.
All SARs which have vested must be exercised on or before the
fifth anniversary of the Allocation Date relating to such
allocation of SARs.
No performance criteria need to be met before the SARs vest as the
allocation is retention based.
Clearance for the allocation and acceptance has been granted and
the nature of the interest is direct beneficial.
Johannesburg
3 November 2017
Sponsor
RAND MERCHANT BANK (a division of FirstRand Bank Limited)
NSX Sponsor
IJG Securities
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