WORKFORCE HOLDINGS LIMITED - Exercise of Share Appreciation Rights by a Director and Directors of a Major Subsidiary

Exercise of Share Appreciation Rights by a Director and Directors of a Major Subsidiary

WORKFORCE HOLDINGS LIMITED
Incorporated in the Republic of South Africa
(Registration number 2006/018145/06)
Share code: WKF ISIN: ZAE000087847


EXERCISE OF SHARE APPRECIATION RIGHTS BY A DIRECTOR AND DIRECTORS
OF A MAJOR SUBSIDIARY


In compliance with paragraphs 3.63 to 3.74 (both inclusive) of the Listings Requirements of JSE Limited, the
following is disclosed:


 Name of director:                            Willem Van Wyk
 Company:                                     Workforce Holdings Limited
 Nature of transaction:                       Off market exercise of 750 000 share appreciation rights in
                                              respect of the employee share appreciation rights scheme
                                              (“Scheme”). The benefit attributable to the director is the
                                              difference between the average traded price over the three
                                              month period preceding the vesting date (R1.82) and the strike
                                              price (R0.50), settled by the Scheme through the award of
                                              shares at the volume weighted average price at which the
                                              Scheme was able to purchase shares on the market on the
                                              director’s behalf (“Market price”), to the value of the net after
                                              tax gain realised, amounting to 283 107 shares.
 Class of securities:                         Ordinary shares
 Extent of director’s interest:               Direct beneficial
 Grant date:                                  1 December 2013
 Vesting date:                                31 December 2016
 Exercise date:                               8 September 2017
 Market price:                                R1.9233
 Number of securities awarded:                283 107
 Total value of shares awarded:               R544 499
 Clearance to deal obtained:                  Yes


 Name of director:                            Sean Momberg
 Company:                                     The Workforce Group Proprietary Limited, a major subsidiary
                                              of Workforce Holdings Limited
 Nature of transaction:                       Off market exercise of 500 000 share appreciation rights in
                                              respect of the employee share appreciation rights scheme
                                              (“Scheme”). The benefit attributable to the director is the
                                              difference between average traded price over the three month
                                              period preceding the vesting date (R1.82) and the strike price
                                              (R0.50), settled by the Scheme through the award of shares at
                                              the volume weighted average price at which the Scheme was
                                              able to purchase shares on the market on the director’s behalf
                                              (“Market price”), to the value of the net after tax gain realised,
                                              amounting to 188 738 shares.
 Class of securities:                         Ordinary shares
 Extent of director’s interest:               Direct beneficial
 Grant date:                                  1 December 2013
 Vesting date:                                31 December 2016
 Exercise date:                               8 September 2017
 Market price:                                R1.9233
 Number of securities awarded:                188 738
 Total value of shares awarded:               R362 999
 Clearance to deal obtained:                  Yes


 Name of director:                            Preshene Batohi
 Company:                                     The Workforce Group Proprietary Limited, a major subsidiary
                                              of Workforce Holdings Limited
 Nature of transaction:                       Off market exercise of 50 000 share appreciation rights in
                                              respect of the employee share appreciation rights scheme
                                              (“Scheme”). The benefit attributable to the director is the
                                              difference between the average traded price over the three
                                              month period preceding the vesting date (R1.82) and the strike
                                              price (R0.50), settled by the Scheme through the award of
                                              shares at the volume weighted average price at which the
                                              Scheme was able to purchase shares on the market on the
                                              director’s behalf (“Market price”), to the value of the net after
                                              tax gain realised, amounting to 20 246 shares.
 Class of securities:                         Ordinary shares
 Extent of director’s interest:               Direct beneficial
 Grant date:                                  1 December 2013
 Vesting date:                                31 December 2016
 Exercise date:                               8 September 2017
 Market price                                 R1.9233
 Number of securities awarded:                20 246
 Total value of shares awarded:               R38 939
 Clearance to deal obtained:                  Yes


 Name of director:                            Mohamed Valoria
 Company:                                     The Workforce Group Proprietary Limited, a major subsidiary
                                              of Workforce Holdings Limited
 Nature of transaction:                       Off market exercise of 50 000 share appreciation rights in
                                              respect of the employee share appreciation rights scheme
                                              (“Scheme”). The benefit attributable to the director is the
                                              difference between the average traded price over the three
                                              month period preceding the vesting date (R1.82) and the strike
                                              price (R0.50), settled by the Scheme through the award of
                                              shares at the volume weighted average price at which the
                                              Scheme was able to purchase shares on the market on the
                                              director’s behalf (“Market price”), to the value of the net after
                                              tax gain realised, amounting to 20 246 shares.
 Class of securities:                         Ordinary shares
 Extent of director’s interest:               Direct beneficial
 Grant date:                                  1 December 2013
 Vesting date:                                31 December 2016
 Exercise date:                               8 September 2017
 Market price:                                R1.9233
 Number of securities awarded:                20 246
 Total value of shares awarded:               R38 939
 Clearance to deal obtained:                  Yes
 
 Name of director:                            Johanna Esterhuizen
 Company:                                     The Workforce Group Proprietary Limited, a major subsidiary
                                              of Workforce Limited
 Nature of transaction:                       Off market exercise of 25 000 share appreciation rights in
                                              respect of the employee share appreciation rights scheme
                                              (“Scheme”). The benefit attributable to the director is the
                                              difference between the average traded price over the three
                                              month period preceding the vesting date (R1.82) and the strike
                                              price (R0.50), settled by the Scheme through the award of
                                              shares at the volume weighted average price at which the
                                              Scheme was able to purchase shares on the market on the
                                              director’s behalf (“Market price”), to the value of the net after
                                              tax gain realised, amounting to 10 123 shares.
 Class of securities:                         Ordinary shares
 Extent of director’s interest:               Direct beneficial
 Grant date:                                  1 December 2013
 Vesting date:                                31 December 2016
 Exercise date:                               8 September 2017
 Market price:                                R1.9233
 Number of securities awarded:                10 123
 Total value of shares awarded:               R19 469
 Clearance to deal obtained:                  Yes


Johannesburg
14 September 2017

Designated Adviser
Merchantec Capital

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