CLOVER INDUSTRIES LIMITED - Dealings in share appreciation rights (SARs) by an executive director

Dealings in share appreciation rights (“SARs”) by an executive director

Clover Industries Limited
Incorporated in the Republic of South Africa
(Registration No. 2003/030429/06
JSE Ordinary Share code: CLR
NSX Ordinary Share code: CLN
ISIN No: ZAE000152377
("Clover" or “the Company”)

DEALINGS IN SHARE APPRECIATION RIGHTS (“SARs”) BY AN EXECUTIVE
DIRECTOR

Director                        :   J H Vorster
Company                         :   Clover Industries Limited
Date of transaction             :   2 March 2016
Nature of transaction           :   Exercise   of   SARs   which   are
                                    subsequently equity settled in
                                    accordance   with   the   Restated
                                    Clover Share Appreciation Rights
                                    Plan
Class of securities             :   SARs in respect of ordinary
                                    shares
Number of SARs exercised        :   1 529 067
Allocation price                :   R4.67
SAR strike price                :   R16.57
Total value of transaction      :   R18 195 897.30
Total number of shares issued   :   1 098 122 ordinary shares of 5
                                    cents each at an issue price of
                                    R16.57 per share
Nature of interest              :   Direct beneficial
Clearance obtained              :   Yes
Transaction completed           :   Off market


The SARs referred to above relate to the Initial Allocation of
SARs allocated to Executives as part of the Company’s Participated
Capital Restructuring Exercise and in accordance with the Clover
Share Appreciation Rights Plan. For more information, shareholders
are referred to page 73 of the Company’s 2015 Integrated Annual
Report.

Johannesburg
2 March 2016

Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

NSX Sponsor
IJG Securities

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