HUDACO INDUSTRIES LIMITED - Director's associate dealing in securities

Director's associate dealing in securities

Hudaco Industries Limited
(“Hudaco” or “the company”)
Incorporated in the Republic of South Africa
Registration number: 1985/004617/06
Share code: HDC
ISIN code: ZAE000003273

DIRECTOR’S ASSOCIATE DEALING IN SECURITIES

Name of the company       :   Hudaco

Name of director          :   GR Dunford

Status                    :   Chief executive

Information regarding     :   GR Dunford owns 60% of the issued shares
the associate and the         of Dunford Holdings (Pty) Ltd (DH) and he
transaction mentioned         therefore benefits indirectly from the
below                         transaction detailed below, while DH
                              benefits directly. The remaining shares in
                              DH are held by TB Dunford, GR Dunford’s
                              brother.

Rationale for the         :   In December 2013, DH sold three businesses
transaction                   (the DH businesses) to Hudaco Trading
                              (Pty) Ltd, 85% owned by Hudaco. In terms
                              of the sale agreement, DH purchased Hudaco
                              shares on the open market, which shares
                              were to be retained for a minimum period,
                              which expired in 2016.

                              TB Dunford, who was the managing director
                              of the DH businesses, retired from Hudaco
                              in 2021, and has been restructuring his
                              financial affairs accordingly. As part of
                              a prudent investment strategy to diversify
                              investment risk, DH has been disposing of
                              its holding on a phased basis, commencing
                              in February 2018 and has now sold a
                              further tranche.

                              After the transaction, DH still owns
                              250 000 Hudaco shares and GR Dunford’s
                              direct shareholding of 397 379 shares
                              remains unchanged.

Date of transaction       :   3 April 2023

Nature of transaction     :   DH disposed of 157 212 ordinary Hudaco
                              shares to a collective investment scheme
                              in exchange for the issuance of new units
                              in that scheme by the acquirer (off-
                              market).

Price per share           :   10-day VWAP of R161.35

Value of transaction      :   R25 366 156.20

Clearance obtained        :   Yes

Edenvale
4 April 2023

Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank
Limited

Date: 04-04-2023 03:29:00
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