Sharenet Sites 
Sharenet Sites
Directors' dealings in securities
METAIR INVESTMENTS LIMITED
(Reg No. 1948/031013/06)
(Incorporated in the Republic of South Africa)
Share code : MTA
ISIN code : ZAE000090692
(“Metair”)
DIRECTORS’ DEALINGS IN SECURITIES
In accordance with the requirements of paragraphs 3.63 to 3.74 of the JSE Limited Listings Requirements
(“Listings Requirements”), the following on-market and off-market transactions by directors and the company
secretary of Metair and directors of its major subsidiaries are hereby disclosed.
VESTING AND EXERCISE OF SHARE APPRECIATION RIGHTS AND SALE OF SHARES
On 25 November 2016, Metair ordinary shares ("Shares") were conditionally granted (“Share Appreciation
Rights” or “SARs”), to certain of the directors and the company secretary of Metair and directors of its major
subsidiaries (“Participants”) in accordance with The Metair Investments Limited 2009 Share Plan. These Share
Appreciation Rights have partially vested and have been exercised by the Participants pursuant to which the
Participants received Shares at no cost.
Details of the exercise of the Share Appreciation Rights, the related receipt of Shares and sale of Shares are
provided below:
DETAILS OF EXERCISE AND VESTING OF SHARE APPRECIATION RIGHTS
Total number of Shares exercised 10 961
Deemed value of Share Appreciation Rights on R262 987.27 at a price of R23.993 per Share, being
exercise the 20-day volume weighted average price
(“VWAP”) as at 25 November 2019
Class of securities Ordinary shares
Nature of transaction Off-market acquisition of Shares pursuant to the
exercise of Share Appreciation Rights at no cost
Date of award 25 November 2016
Date of Share Appreciation Rights exercise 25 November 2019
Vesting period In equal thirds on the 3rd, 4th and 5th anniversaries
but need not be exercised until the 6th anniversary
Clearance obtained in terms of paragraph 3.66 of the Yes
Listings Requirements
In order to facilitate the disposal of a portion of the Shares received by the Participants in an orderly fashion,
the Participants have entered into a pooled sale in terms of which the Participant's Shares were disposed of
through a single arranged on-market trade on 25 November 2019.
DETAILS OF SALE OF SHARES
Date of transaction 25 November 2019
Nature of transaction On-market sale of Shares
Class of Share Ordinary shares
Price per Share Various different trades with the following price
information:
- VWAP of R23.6098;
- highest price of R23.64; and
- lowest price of R23.60.
Total number of Shares sold 3 910
Total value of Shares sold R92 314.32
Clearance obtained in terms of paragraph 3.66 of Yes
the Listings Requirements
Further details of the exercise of the Share Appreciation Rights, the related receipt of Shares and sale of
Shares by each of the Participants are tabled below. The nature of the interest of all Participants is direct
beneficial.
Director Company No. of Share Deemed No. of Value of
name Appreciation value of Shares Shares sold
Rights Share sold (Rand)
exercised Appreciation
Rights
exercised
(Rand)
Mr D. Seker Mutlu Holding
742 17 803 742 17 518
Anonim Sirketi
Mr H. Okur Mutlu Holding
710 17 035 710 16 763
Anonim Sirketi
Mr M. Aksel Mutlu Holding
669 16 051 669 15 795
Bukagikiran Anonim Sirketi
Mr T. Tulgar Mutlu Holding
632 15 164 632 14 921
Anonim Sirketi
Mr Y. Kaptan Mutlu Holding
893 21 426 893 21 084
Anonim Sirketi
Mr C.T. Loock Metair 6 299 151 132 0 0
Mr A. Jogia Metair 489 11 733 0 0
Ms S.M. Metair
527 12 644 264 6 233
Vermaak
ALLOCATION OF SHARE APPRECIATION RIGHTS
The terms and conditions of the award of SARs are:
Date of award 27 November 2019
Number of SARs awarded to Participants 251 236
Price paid per SAR Nil
Total value of transaction Nil
Allocation price per SAR R24.015, being the 20-day VWAP as at
26 November 2019
Nature of transaction Acceptance of awards
First vesting date 27 November 2022
Vesting period In equal thirds on the 3rd, 4th and 5th anniversaries
but need not be exercised until the 6th anniversary
Clearance obtained in terms of paragraph 3.66 of Yes
the Listings Requirements
The details of the allocation of the SARs per Participant are set out below. The nature of the interest of all
Participants is direct beneficial. Share Appreciation Rights are conditional rights to receive Metair Shares,
which are the equivalent to the value of the difference between the future exercise price and the grant price of
the SARs granted.
Deemed base
No. of SARs
Participant Company name value of SARS at
accepted
grant price (Rand)
Mr T. Tulgar Mutlu Holding Anonim Sirketi
7 823 187 869
Mutlu Holding Anonim Sirketi
Mr M. Aksel Bukagikiran
8 057 193 489
Mutlu Holding Anonim Sirketi
Mr Y. Kaptan
10 848 260 515
Mutlu Holding Anonim Sirketi
Mr H. Okur
8 834 212 149
Mutlu Holding Anonim Sirketi
Ms S. Emiroglu
7 793 187 149
Mutlu Holding Anonim Sirketi
Mr D. Seker
8 524 204 704
Mr C.T. Loock Metair 121 858 2 926 420
Mr S. Douwenga Metair 57 296 1 375 963
Mr A. Jogia Metair 9 447 226 870
Ms S.M. Vermaak Metair 10 756 258 305
Johannesburg
27 November 2019
Sponsor
One Capital
Date: 27-11-2019 05:20:00
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,
information disseminated through SENS.
