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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 14 June 2013 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, 15 550 25 917 R2 566 807
Lewis Group Ltd
L.A. Davies Executive Director, 12 234 20 390 R2 019 426
Lewis Group Ltd
N. Jansen Director, 8 015 13 359 R1 323 051
Lewis Stores (Pty)
Ltd
D. Loudon Director, 7 948 13 247 R1 311 971
Lewis Stores (Pty)
Ltd
The invested shares were purchased at an average price of R61.90 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.
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 share awards under this
scheme will lapse, should the executive terminate his or her
employment before the completion of the period of the award.
The Board and the Remuneration committee have agreed to grant awards
to executives under the standard 3 year plan and a 5 year plan,
details which are set out below.
2.1 The 3 year plan
The performance targets are set by the Remuneration Committee at the
beginning of the each of the 3 years and are based on the budgeted
net profit before taxation for that year.
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 14 June 2013
under the Lewis Executive Performance Scheme:
Maximum No. of
Executive Designation Shares (for no Value
consideration)
J. Enslin Executive Director, Lewis 50 232 R3 018 924
Group Limited
L.A. Davies Executive Director, Lewis 38 819 R2 333 040
Group Ltd
C Irwin Director, Lewis Stores 23 691 R1 423 800
(Pty) Ltd
N. Jansen Director, Lewis Stores 26 142 R1 571 148
(Pty) Ltd
D. Loudon Director, Lewis Stores 25 950 R1 559 568
(Pty) Ltd
The above values are deemed values based on a market price of R60.10
calculated in terms of the rules of the scheme.
2.2. The 5 year plan
The performance target set by the Remuneration Committee is based on
the compound growth of 6% in attributable profit to ordinary
shareholders (adjusted to exclude the STC cost in prior years) for
the preceding 5 years at the point of vesting in year 3, 4 and 5.
One-third of this award would vest at the end of year 3 and a third
each at the end of years 4 and 5, all subject to the performance
targets being met and being in the employ of the group.
The following executives have been granted awards on 14 June 2013
under the Lewis Executive Performance Scheme:
Maximum Number of
Executive Designation Shares Value
(for no
consideration)
J Enslin Executive Director, 120 000 7 212 000
Lewis Group Ltd
L Davies Executive Director, 90 000 5 409 000
Lewis Group Ltd
D Loudon Director, Lewis Stores 80 000 4 808 000
(Pty) Ltd
N Jansen Director, Lewis Stores 80 000 4 808 000
(Pty) Ltd
The above values are deemed values based on a market price of R60.10
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
19 June 2013
Sponsor: UBS South Africa (Pty) Ltd
Date: 19/06/2013 02:15:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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