Oceana Group Limited 2013 Share Plan: Dealing in securities
OCEANA GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1939/001730/06)
JSE share code: OCE
NSX share code: OCG
(“Oceana” or “the Company”)
OCEANA GROUP LIMITED 2013 SHARE PLAN: DEALING IN SECURITIES
In compliance with paragraphs 3.63 – 3.74 of the Listings Requirements of JSE Limited (“the
JSE”), shareholders are advised that the Company has offered the following Performance
Vesting Share Appreciation Rights (“SARs”) and Performance Vesting Shares (“PVS”) to the
following directors of the Company, the Company Secretary and directors of major
subsidiaries of the Company (“the Participants”), as set out below.
The offers were accepted on 26 March 2018.
SARs are allocated at an allocation price equal to the volume weighted average price of an
Oceana Group share on the JSE over the 30 trading days immediately prior to the Offer Date
(“the Allocation Price”). Provided that the performance criteria are met, one-third of the SARs
allocation will vest on each of the third, fourth and fifth anniversary dates of the Offer Date (in
terms of the performance criteria, the number of SARs vesting in relation to the full number
allocated is progressively reduced if company financial performance targets are not met).
The Participants may elect to delay exercise of the SARs to some future date not exceeding
the seventh anniversary of the Offer Date. The value of the SARs which a Participant may
exercise will be calculated with reference to the difference between the volume weighted
average price of an Oceana Group share on the JSE over the 30 trading days immediately
prior to the date on which a Participant exercises his SARs and the Allocation Price. In terms
of the rules of the Share Plan the Company, at its sole and absolute discretion, can decide to
settle the SARs to the Participant in Oceana Group shares or in cash. In respect of the SARs
allocations disclosed below the Company has decided to settle the SARs in cash.
PVS are conditionally awarded with the final number settled after three years from the Offer
Date dependent on the performance criteria set being met. The number of shares to be settled
will range from 0% to 300% of the conditional award. The determined number of PVS will be
settled to the Participant in Oceana Group shares or in cash, at the Company’s sole and
The SARS and PVS offered may be summarised as follows:
Name Position No of SARS No of PVS’ awarded
I Soomra Director 34 700 9 600
N Teyise Director of a major 21 700 6 000
L De Waal Director of a major 25 500 7 100
S Salie Director of a major 24 600 6 800
J Hurn Director of a major 8 000 1 900
JM Marais Company secretary 6 200 1 500
The following are applicable to the above:
- Class of underlying security to which Ordinary shares
- SARs Allocation Price per share R 82.27
- PVS Award Price per share R nil (not applicable)
- Nature of transaction Off-market allocation of SARs and PVS
- SARS vesting period One-third of allocation on each of the third,
fourth and fifth anniversary dates of the Offer
- PVS vesting period Third anniversary of the Offer Date
- Nature of interest Direct beneficial
In accordance with section 3.66 of the Listings Requirements the necessary clearance was
obtained to offer the abovementioned SARS and PVS.
26 March 2018
Sponsor - South Africa:
The Standard Bank of South Africa Limited
Old Mutual Investment Services (Namibia) Proprietary Limited
Date: 26/03/2018 05:00:00 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,
information disseminated through SENS.
Email this JSE Sens Item to a Friend.