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Dealings in securities by directors and by associates of directors in anticipation of the Company’s rights offer
Pick n Pay Stores Limited
Incorporated in the Republic of South Africa
Registration number: 1968/008034/06
JSE share code: PIK
ISIN: ZAE000005443
("Pick n Pay" or "the Company")
DEALINGS IN SECURITIES BY DIRECTORS AND BY ASSOCIATES OF DIRECTORS IN ANTICIPATION OF THE
COMPANY'S RIGHTS OFFER
Pick n Pay shareholders are referred to the announcements released on the Stock Exchange News Service
("SENS") of the JSE Limited ("JSE") and the A2X News Service ("ANS") of the A2X Market on
Tuesday, 9 July 2024 and Thursday, 11 July 2024 relating to the Company's fully underwritten
renounceable rights offer to qualifying Pick n Pay shareholders ("Rights Offer").
The Company has been notified that its controlling shareholder, Ackerman Investment Holdings (RF)
Proprietary Limited ("AIH") and its related and inter-related persons (as defined in the Companies Act,
2008) (collectively, the "Ackerman Family Group"), which includes certain directors of Pick n Pay and their
associates (as defined in the JSE Limited Listings Requirements), have implemented a series of off market,
intra-Ackerman Family Group transfers in order to rationalise and consolidate their collective holding of
Pick n Pay ordinary shares, the letters of allocation in respect of those ordinary shares pursuant to the
Rights Offer ("LoAs") and B shares (collectively, "PnP Instruments") (the "Consolidation"). The effect of
the Consolidation is a reduction in the number of individual Ackerman Family Group members holding
PnP Instruments, from 27 to 7, without impacting the aggregate holding of PnP Instruments held by the
Ackerman Family Group, which will enable them to follow their rights under the Rights Offer in an efficient
manner.
In order to effect the Consolidation, all the PnP Instruments held individually by:
(i) Gareth Ackerman, a director of Pick n Pay ("Gareth"), his wife Amanda Ackerman and his three
major children (Nicholas Ackerman, Emma Ackerman Barbieri and Benjamin Ackerman),
respectively, have been sold to a company, Burrumbuck Investments Proprietary Limited
("Burrumbuck"), controlled by Gareth and his family via Gareth's family trust. The PnP
Instruments held by Burrumbuck post Consolidation, including those held by Burrumbuck
prior to the Consolidation, are as follows:
Number of ordinary shares Number of LoAs Number of B shares
1,817,545 928 943 3,364,359
(ii) Kathryn Robins (nee Ackerman) ("Kathryn"), her husband David Robins (a director of Pick n
Pay) and their two major children (Gus Robins and Arielle Robins), respectively, have been
sold to a company, Friedshelf 1683 Proprietary Limited ("FSF"), controlled by Kathryn and her
family via Kathryn's family trust. The PnP Instruments held by FSF post Consolidation, are as
follows:
Number of ordinary shares Number of LoAs Number of B shares
111,297 56,884 195,092
(iii) Suzanne Ackerman, a director of Pick n Pay ("Suzanne") and her three major children (Natasha
Montlake, Nikita Montlake and Robert Berman), respectively, have been sold to the trustees
for the time being of the Sudale Trust ("Sudale Trust"), being Suzanne's family trust. The PnP
Instruments by Sudale Trust post Consolidation, including those held by Sudale Trust prior to
the Consolidation, are as follows:
Number of ordinary shares Number of LoAs Number of B shares
710,025 362,894 1,188,507
(iv) Jonathan Ackerman, a director of Pick n Pay ("Jonathan"), his wife Samantha Ackerman and
his four major children (Gabriella Ackerman, Joshua Ackerman, Alexander Ackerman and
Thomas Ackerman), respectively, have been sold to a company, JGA Investments Proprietary
Limited ("JGA"), controlled by Jonathan and his family via Jonathan's family trust. The PnP
Instruments held by JGA post Consolidation, including those held prior to the Consolidation,
are as follows:
Number of ordinary shares Number of LoAs Number of B shares
1,017,310 519,944 1,422,788
(v) the Ackerman Family Foundation ("AFF") have been sold to AIH. The PnP Instruments held by
AIH post Consolidation, including those held by AIH prior to the Consolidation, are as follows:
Number of ordinary shares Number of LoAs Number of B shares
125,296,139 64,038,857 248,162,564
(vi) the trustees for the time being of the Mistral Trust (being Wendy Ackerman's family trust)
and Ackerman Family Investment Holdings Proprietary Limited ("AFIH"), respectively, have
not traded and remain held by the Mistral Trust and AFIH, respectively.
In compliance with paragraph 3.63 of the JSE Limited Listings Requirements, the following information is
disclosed in respect of the dealings by Pick n Pay directors and their associates in order to implement the
Consolidation:
Director Gareth Mark Ackerman
Company Pick n Pay Stores Limited
Date of transaction 25 July 2024
Nature of transaction Off market sale of ordinary shares and LoAs by director and his
associates (as detailed above)
Class of security Ordinary shares
Number of ordinary shares 68,769 (excluding the shares acquired by AIH from AFF)
Price per ordinary share 2,251c
Total value of transaction R1,547,990.19
Class of security LoAs
Number of LoAs 35,148 (excluding the LoAs acquired by AIH from AFF)
Price per LoA 800c
Total value of transaction R281,184.00
Clearance obtained Yes
Director David Robins
Company Pick n Pay Stores Limited
Date of transaction 29 July 2024
Nature of transaction Off market sale of ordinary shares and LoAs by director and his
associates (as detailed above)
Class of security Ordinary shares
Number of ordinary shares 111,297 (excluding the shares acquired by AIH from AFF)
Price per ordinary share 2,251c
Total value of ordinary shares R2,505,295.47
Class of security LoAs
Number of LoAs 56,884 (excluding the LoAs acquired by AIH from AFF)
Price per LoA 800c
Total value of transaction R455,072.00
Clearance obtained Yes
Director Suzanne Dale Ackerman
Company Pick n Pay Stores Limited
Date of transaction 26 July 2024
Nature of transaction Off market sale of ordinary shares and LoAs by director and her
associates (as detailed above)
Class of security Ordinary shares
Number of ordinary shares 156,142 (excluding the shares acquired by AIH from AFF)
Price per ordinary share 2,251c
Total value of transaction R3,514,756.42
Class of security LoAs
Number of LoAs 79,804 (excluding the LoAs acquired by AIH from AFF)
Price per LoA 800c
Total value of transaction R638,432.00
Clearance obtained Yes
Director Jonathan Gustave Ackerman
Company Pick n Pay Stores Limited
Date of transaction 25 July 2024
Nature of transaction Off market sale of ordinary shares and LoAs by director and his
associates (as detailed above)
Class of security Ordinary shares
Number of ordinary shares traded 938,141 (excluding the shares acquired by AIH from AFF)
Price per ordinary share 2,251c
Total value of ordinary shares R21,117,553.91
Class of security LoAs
Number of LoAs 479,483 (excluding the LoAs acquired by AIH from AFF)
Price per LoA 800c
Total value of transaction R3,835,864.00
Clearance obtained Yes
Directors Gareth Mark Ackerman, David Robins, Suzanne Dale Ackerman,
Jonathan Gustave Ackerman
Company Pick n Pay Stores Limited
Date of transaction 25 July 2024
Nature of transaction Off market sale of ordinary shares and LoAs by directors'
associates (as detailed above)
Class of security Ordinary shares
Number of ordinary shares traded 618,902 (being the ordinary shares acquired by AIH from AFF)
Price per ordinary share 2,251c
Total value of transaction R13,931,484.02
Class of security LoAs
Number of LoAs 316,321 (being the LoAs acquired by AIH from AFF)
Price per LoA 800c
Total value of transaction R2,530,568.00
Clearance obtained Yes
By order of the Board
Cape Town
31 July 2024
Transaction Sponsor:
Rand Merchant Bank
(a division of FirstRand Bank Limited)
Date: 31-07-2024 04:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
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