MATURITY OF COMPULSORILY CONVERTIBLE DEBENTURE SCH
Super Group Limited - Maturity Of Compulsorily Convertible Debenture Scheme And
Release Date: 04/08/2003 15:54:30 Code(s): SPG
Super Group Limited - Maturity Of Compulsorily Convertible Debenture Scheme And
Dealing In Securities By Directors
Super Group Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1943/016107/06)
("Super Group")
(ISN number: ZAE000011334)
(Share code: SPG)
MATURITY OF COMPULSORILY CONVERTIBLE DEBENTURE SCHEME AND DEALING IN SECURITIES
BY DIRECTORS
In terms of Super Group"s compulsorily convertible debenture scheme, 10 434 000
debentures allocated to employees on 31 July 1997 were converted into 10 434 000
ordinary shares on 1 August 2003. The purpose of this scheme was to ensure that
employees" interests were aligned with those of shareholders. Under this scheme,
employees paid 150 cents (116 cents, if the employee provided personal security)
on inception date for the right to convert their entire debenture holding into
Super Group ordinary shares at a price of 575 cents per share on 1 August 2003.
Consequently, the total effective holding cost to employees, including the six
year interest holding cost on the initial investment, was 987 cents (893 cents,
if personal security provided). Given that the total effective holding cost was
above the ruling price on 1 August 2003 and the fact that employees were not
permitted to convert any part of their debenture holding into ordinary shares
during the six year period, employees have not benefited from investing in this
scheme.
The Super Group Share Trust required shares for its existing share incentive
schemes. The trustees, who are not beneficial holders of the shares, determined
that the average price of 775 cents on 1 August 2003 was a fair purchase price
and accordingly offered to purchase the employees" shares. 10 428 000 of the
debenture unit holders accepted the offer from the Super Group Share Trust.
In compliance with rule 3.72 and 3.75 of the JSE Securities Exchange Listing
Requirements, it should be noted that the following directors sold their shares,
held beneficially by them, in terms of the compulsorily convertible debenture
scheme detailed above:
Director: L Lipschitz L Johnston RJN Ballentine KN Grunow
Number of 2 500 000 1 000 000 200 000 100 000
shares:
4 August 2003, Sandton, South Africa
Sponsor: Deutsche Securities (SA) (Pty) Limited
Date: 04/08/2003 03:54:35 PM
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