HUDACO INDUSTRIES LIMITED - Directors 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
transactions 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 100% of the
transaction                   shares of Dosco Precision Hydraulics (Pty)
                              Ltd, Gear Pump Manufacturing (Pty) Ltd,
                              Joseph Grieveson (Pty) Ltd and Engineering
                              Technology Services (Pty)Ltd (the DH
                              businesses) to Hudaco Trading (Pty) Ltd,
                              85% owned by Hudaco. In terms of the sale
                              agreement, DH purchased 927 000 Hudaco
                              shares on the open market, which shares
                              were to be retained for a minimum period,
                              which expired in 2016.

                              The investment in Hudaco shares still held
                              by DH represents a substantial portion of
                              the personal wealth of GR Dunford and
                              TB Dunford. Furthermore, TB Dunford, who
                              was the managing director of the DH
                              businesses, retired from Hudaco in 2021,
                              so he is restructuring his financial
                              affairs accordingly. As a result, they
                              concluded that it would be a prudent
                              investment strategy to diversify their
                              investment risk by having DH dispose of
                              part of its holding. DH had sold 35% of
                              the initial holding in February 2018 and
                              has now sold a further 25.9%. GR Dunford’s
                              direct shareholding in Hudaco remains
                              unchanged


Date of transaction       :   31 March 2022


Nature of transaction     :   DH disposed of 240 000 ordinary Hudaco
                              shares to certain collective investment
                              schemes in exchange for the issuance of
                              new units in those schemes by the
                              acquirers (off-market).

Price per share           :   Closing market price of R149.01

Value of transaction      :   R35 762 400

Clearance obtained        :   Yes



Edenvale
5 April 2022

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

Date: 05-04-2022 02:35:00
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.