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Dealings in Securities by Directors of the Company and Directors of Major Subsidiary Companies
Capital Appreciation Limited
Incorporated in the Republic of South Africa
(Registration number 2014/253277/06)
Share Code: CTA
ISIN: ZAE000208245
(the Company)
Dealings in securities by directors of the Company and directors of major subsidiary companies
In compliance with the JSE Limited ("JSE") Listings Requirements, shareholders are advised of the following information
relating to dealing in securities by directors of the Company and directors of major subsidiary companies.
Exercise of options and acquisition of shares by the directors at the option strike price (off-market transaction)
The vesting occurred in terms of the Capital Appreciation Share Option Plan.
Name of director : Benjamin Powell
Position and Company : Managing Director: Dashpay Proprietary Limited
Class of securities : Ordinary shares
Nature of transactions : Off-market exercise of vested options previously granted in terms of the
Capital Appreciation Share Option Plan and after tax net-equity settlement
using the closing share price of R1,78 on 30 June 2025
Gross number of securities exercised : 1 250 000 share awards
Net number of securities settled : 378 051 shares at R1,78 per share
Value of net securities settled : R672 931
Grant date : 1 May 2018
Exercise date : 30 June 2025
:
Nature and extent of interest Direct beneficial
Name of director : Donn Engelbrecht
Position and Company : Managing Director: Payments Division. Managing Director: African
Resonance Business Solutions Proprietary Limited
Class of securities : Ordinary shares
Nature of transactions : Off-market exercise of vested options previously granted in terms of the
Capital Appreciation Share Option Plan after tax net-equity settlement
using the closing share price of R1,80 on 24 June 2025
Gross number of securities exercised : 1 000 000 share awards
Net number of securities settled 305 184 shares at R1,80 per share
Value of net securities settled : R549 331
Exercise date : 25 June 2025
Nature and extent of interest : Direct beneficial
Name of director : Christian van der Merwe
Position and Company : Director: African Resonance Business Solutions Proprietary Limited
Class of securities : Ordinary shares
Nature of transactions : Off-market exercise of vested options previously granted in terms of the
Capital Appreciation Share Option Plan and after tax net-equity settlement
using the closing share price of R1,80 on 24 June 2025
Gross number of securities exercised 375 000 share awards
750 000 share awards
300 000 share awards
Net number of securities settled 422 070 shares at R1,80 per share
Value of net securities settled : R759 726
Exercise date : 25 June 2025
Nature and extent of interest : Direct beneficial
Sale of exercised options on open market
Name of director : Benjamin Powell
Position and Company : Managing Director: Dashpay Proprietary Limited
Class of securities : Ordinary shares
Nature of transactions : Sale of shares (on-market transaction)
Date of transaction : 1 July 2025
Nature and extent of interest : Direct beneficial
Number of securities sold : 378 051 shares at R1,78 per share
Value of transaction : R672 931
Name of director : Donn Engelbrecht
Position and Company : Managing Director: Payments Division. Managing Director: African
Resonance Business Solutions Proprietary Limited
Class of securities : Ordinary shares
Nature of transactions : Sale of shares (on-market transactions)
Date of transactions : 26 June 2025,
27 June 2025 and
30 June 2025
Nature and extent of interest : Direct beneficial
Number of securities sold : 105 892 shares at R1,80 per share,
92 070 shares at R1,79 per share and
107 222 shares at R1,79 per share
Value of transaction : R547 338
Name of director : Christian van der Merwe
Position and Company : Director: African Resonance Business Solutions Proprietary Limited
Class of securities : Ordinary shares
Nature of transactions : Sale of shares (on-market transaction)
Date of transaction : 30 June 2025 and 1 July 2025
Nature and extent of interest : Direct beneficial
Number of securities sold : 422 070 shares at R1,78 per share
Value of transaction : R751 285
The necessary clearances have been obtained as required in terms of the JSE Listings Requirements for all the
transactions.
2 July 2025
Sandton
Sponsor: Investec Bank Limited
Date: 02-07-2025 05:44:00
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