To view the PDF file, sign up for a MySharenet subscription.

ILLOVO SUGAR LIMITED - Acceptance and settlement of award of forfeitable shares

Release Date: 04/06/2015 10:52
Code(s): ILV     PDF:  
Wrap Text
Acceptance and settlement of award of forfeitable shares

ILLOVO SUGAR LIMITED
(Incorporated in the Republic of South Africa)
Company registration number 1906/000622/06
Share Code: ILV
ISIN: ZAE000083846
(“Illovo”)

ILLOVO SUGAR LIMITED – ACCEPTANCE AND SETTLEMENT OF AWARD OF
FORFEITABLE SHARES

In accordance with paragraph 3.63 of the JSE Listings Requirements, shareholders are
advised that the following directors of Illovo and its major subsidiaries as well as the Illovo
company secretary have accepted the awards of Illovo ordinary shares made to them in terms
of Illovo’s Forfeitable Share Plan and that the awarded shares have been purchased and
transferred to them. The salient details of the transactions are set out below:-

Name of the executive director:                  G B Dalgleish

Designation:                                     Managing Director – Illovo Sugar Limited

Nature of transactions:                          Acceptance and settlement (ie, purchase and
                                                 transfer) of forfeitable shares awarded in
                                                 terms of the Illovo Sugar Limited Forfeitable
                                                 Share Plan

Date of award:                                   25 May 2015

Date of transactions (ie, acceptance and         3 June 2015
settlement of award):

Number of forfeitable        ordinary   shares   97 000
awarded / settled:

Class of securities:                             Ordinary shares in Illovo Sugar Limited
                                                 (subject to forfeiture if Employment and
                                                 Performance Conditions not met)

Value at which shares awarded:                   Prevailing market price on the date on which
                                                 the shares are settled (ie, purchased) on
                                                 behalf of recipient

Volume weighted average price at which           R17.8229
shares settled (ie, purchased and transferred
to recipient):

Highest trading price on 3 June 2015:            R17.85

Lowest trading price on 3 June 2015:             R17.55

Value of shares settled:                         R1 728 821.30

Nature and extent of interest in transaction:    Direct beneficial, subject to forfeiture in terms
                                                 of Forfeitable Share Plan

Vesting period:                                  31 March 2018, subject to fulfilment of
                                                 Employment Condition and Performance
                                                 Conditions
                                                                                                2

On-market transaction:                           Yes

Clearance to deal:                               Yes



Name of the executive director:                  M H Abdool-Samad

Designation:                                     Financial Director – Illovo Sugar Limited

Nature of transactions:                          Acceptance and settlement (ie, purchase and
                                                 transfer) of forfeitable shares awarded in
                                                 terms of the Illovo Sugar Limited Forfeitable
                                                 Share Plan

Date of award:                                   25 May 2015

Date of transactions (ie, acceptance and         3 June 2015
settlement of award):

Number of forfeitable        ordinary   shares   31 000
awarded / settled:

Class of securities:                             Ordinary shares in Illovo Sugar Limited
                                                 (subject to forfeiture if Employment and
                                                 Performance Conditions not met)

Value at which shares awarded:                   Prevailing market price on the date on which
                                                 the shares are settled (ie, purchased) on
                                                 behalf of recipient

Volume weighted average price at which           R17.8229
shares settled (ie, purchased and transferred
to recipient):

Highest trading price on 3 June 2015:            R17.85

Lowest trading price on 3 June 2015:             R17.55

Value of shares settled:                         R552 509.90

Nature and extent of interest in transaction:    Direct beneficial, subject to forfeiture in terms
                                                 of Forfeitable Share Plan

Vesting period:                                  31 March 2018, subject to fulfilment of
                                                 Employment Condition and Performance
                                                 Conditions

On-market transaction:                           Yes

Clearance to deal:                               Yes
                                                                                                3

Name of the executive director:                  J P Hulley

Designation:                                     Operations Director – Illovo Sugar Limited

Nature of transactions:                          Acceptance and settlement (ie, purchase and
                                                 transfer) of forfeitable shares awarded in
                                                 terms of the Illovo Sugar Limited Forfeitable
                                                 Share Plan

Date of award:                                   25 May 2015

Date of transactions (ie, acceptance and         3 June 2015
settlement of award):

Number of forfeitable        ordinary   shares   59 000
awarded / settled:

Class of securities:                             Ordinary shares in Illovo Sugar Limited
                                                 (subject to forfeiture if Employment and
                                                 Performance Conditions not met)

Value at which shares awarded:                   Prevailing market price on the date on which
                                                 the shares are settled (ie, purchased) on
                                                 behalf of recipient

Volume weighted average price at which           R17.8229
shares settled (ie, purchased and transferred
to recipient):

Highest trading price on 3 June 2015:            R17.85

Lowest trading price on 3 June 2015:             R17.55

Value of shares settled:                         R1 051 551.10

Nature and extent of interest in transaction:    Direct beneficial, subject to forfeiture in terms
                                                 of Forfeitable Share Plan

Vesting period:                                  31 March 2018, subject to fulfilment of
                                                 Employment Condition and Performance
                                                 Conditions

On-market transaction:                           Yes

Clearance to deal:                               Yes
                                                                                                4

Name of the executive director:                  L W Riddle

Designation:                                     Commercial Director – Illovo Sugar Limited

Nature of transactions:                          Acceptance and settlement (ie, purchase and
                                                 transfer) of forfeitable shares awarded in
                                                 terms of the Illovo Sugar Limited Forfeitable
                                                 Share Plan

Date of award:                                   25 May 2015

Date of transactions (ie, acceptance and         3 June 2015
settlement of award):

Number of forfeitable        ordinary   shares   23 000
awarded / settled:

Class of securities:                             Ordinary shares in Illovo Sugar Limited
                                                 (subject to forfeiture if Employment and
                                                 Performance Conditions not met)

Value at which shares awarded:                   Prevailing market price on the date on which
                                                 the shares are settled (ie, purchased) on
                                                 behalf of recipient

Volume weighted average price at which           R17.8229
shares settled (ie, purchased and transferred
to recipient):

Highest trading price on 3 June 2015:            R17.85

Lowest trading price on 3 June 2015:             R17.55

Value of shares settled:                         R409 926.70

Nature and extent of interest in transaction:    Direct beneficial, subject to forfeiture in terms
                                                 of Forfeitable Share Plan

Vesting period:                                  31 March 2018, subject to fulfilment of
                                                 Employment Condition and Performance
                                                 Conditions

On-market transaction:                           Yes

Clearance to deal:                               Yes
                                                                                                5

Name of the company secretary:                   J A Kunst

Designation:                                     Company Secretary – Illovo Sugar Limited

Nature of transactions:                          Acceptance and settlement (ie, purchase and
                                                 transfer) of forfeitable shares awarded in
                                                 terms of the Illovo Sugar Limited Forfeitable
                                                 Share Plan

Date of award:                                   25 May 2015

Date of transactions (ie, acceptance and         3 June 2015
settlement of award):

Number of forfeitable        ordinary   shares   18 000
awarded / settled:

Class of securities:                             Ordinary shares in Illovo Sugar Limited
                                                 (subject to forfeiture if Employment and
                                                 Performance Conditions not met)

Value at which shares awarded:                   Prevailing market price on the date on which
                                                 the shares are settled (ie, purchased) on
                                                 behalf of recipient

Volume weighted average price at which           R17.8229
shares settled (ie, purchased and transferred
to recipient):

Highest trading price on 3 June 2015:            R17.85

Lowest trading price on 3 June 2015:             R17.55

Value of shares settled:                         R320 812.20

Nature and extent of interest in transaction:    Direct beneficial, subject to forfeiture in terms
                                                 of Forfeitable Share Plan

Vesting period:                                  31 March 2018, subject to fulfilment of
                                                 Employment Condition and Performance
                                                 Conditions

On-market transaction:                           Yes

Clearance to deal:                               Yes
                                                                                                6

Name of director of major subsidiary:            D E Howells

Designation:                                     Managing Director – Illovo Sugar (South
                                                 Africa) Limited

Nature of transactions:                          Acceptance and settlement (ie, purchase and
                                                 transfer) of forfeitable shares awarded in
                                                 terms of the Illovo Sugar Limited Forfeitable
                                                 Share Plan

Date of award:                                   25 May 2015

Date of transactions (ie, acceptance and         3 June 2015
settlement of award):

Number of forfeitable        ordinary   shares   9 000
awarded / settled:

Class of securities:                             Ordinary shares in Illovo Sugar Limited
                                                 (subject to forfeiture if Employment and
                                                 Performance Conditions not met)

Value at which shares awarded:                   Prevailing market price on the date on which
                                                 the shares are settled (ie, purchased) on
                                                 behalf of recipient

Volume weighted average price at which           R17.8229
shares settled (ie, purchased and transferred
to recipient):

Highest trading price on 3 June 2015:            R17.85

Lowest trading price on 3 June 2015:             R17.55

Value of shares settled:                         R160 406.10

Nature and extent of interest in transaction:    Direct beneficial, subject to forfeiture in terms
                                                 of Forfeitable Share Plan

Vesting period:                                  31 March 2018, subject to fulfilment of
                                                 Employment Condition and Performance
                                                 Conditions

On-market transaction:                           Yes

Clearance to deal:                               Yes
                                                                                                7

Name of the director of major subsidiary:        G H Williams

Designation:                                     Director – Zambia Sugar Plc

Nature of transactions:                          Acceptance and settlement (ie, purchase and
                                                 transfer) of forfeitable shares awarded in
                                                 terms of the Illovo Sugar Limited Forfeitable
                                                 Share Plan

Date of award:                                   25 May 2015

Date of transactions (ie, acceptance and         3 June 2015
settlement of award):

Number of forfeitable        ordinary   shares   9 000
awarded / settled:

Class of securities:                             Ordinary shares in Illovo Sugar Limited
                                                 (subject to forfeiture if Employment and
                                                 Performance Conditions not met)

Value at which shares awarded:                   Prevailing market price on the date on which
                                                 the shares are settled (ie, purchased) on
                                                 behalf of recipient

Volume weighted average price at which           R17.8229
shares settled (ie, purchased and transferred
to recipient):

Highest trading price on 3 June 2015:            R17.85

Lowest trading price on 3 June 2015:             R17.55

Value of shares settled:                         R160 406.10

Nature and extent of interest in transaction:    Direct beneficial, subject to forfeiture in terms
                                                 of Forfeitable Share Plan

Vesting period:                                  31 March 2018, subject to fulfilment of
                                                 Employment Condition and Performance
                                                 Conditions

On-market transaction:                           Yes

Clearance to deal:                               Yes




Mount Edgecombe
4 June 2015

Sponsor :
J. P. Morgan Equities South Africa Proprietary Limited

Date: 04/06/2015 10:52:00 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.

Share This Story