CLOVER INDUSTRIES LIMITED - Allocation and acceptance of share appreciation rights (SARs) by an executive director of a major subsidiary

Allocation and acceptance of share appreciation rights (“SARs”) by an executive director of a major subsidiary

CLOVER INDUSTRIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2003/030429/06)
Ordinary Share code: CLR
NSX Ordinary Share code: CLN
ISIN: ZAE000152377
("Clover Industries" or "the Company")

ALLOCATION AND ACCEPTANCE OF SHARE APPRECIATION RIGHTS ("SARs") BY
AN EXECUTIVE DIRECTOR OF A MAJOR SUBSIDIARY

In accordance with the approved Restated Clover Share Appreciation
Rights Plan (2010), 200 000 SARs in respect of ordinary shares
were allocated on 14 February 2018("Allocation Date") to and
accepted off market by Mr. Jacques van Heerden on 6 March 2018 at
an allocation price of R15.15 per SAR, which is based on the
volume weighted average price of an ordinary share on the JSE over
the seven trading days immediately prior to the Allocation Date.
The transaction value is nil as at the Allocation Date.


The SARs may be exercised as follows:

  -   up to one third of the SARs allocated may be exercised on or
      after the third anniversary of the Allocation Date;

  -   up to two thirds of the SARs allocated may be exercised on
      or after the fourth anniversary of the Allocation Date, to
      the extent that they have not been exercised previously;

  -   all of the SARs allocated may be exercised on or after the
      fifth anniversary of the Allocation Date, to the extent that
      they have not been exercised previously.

All SARs which have vested must be exercised by the Executive on
or before the seventh anniversary of the Allocation Date relating
to such allocation of SARs.

No performance criteria need to be met before the SARs vest as set
out above as this allocation is a retention-based allocation.

Approval for the individual allocation has been given and the
interest is direct beneficial.


Johannesburg
6 March 2018

Sponsor
RAND MERCHANT BANK (a division of FirstRand Bank Limited)

NSX Sponsor
IJG Securities

Date: 06/03/2018 04:42:00 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.