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Dealing in Securities in Terms of PPC Ltd Long Term Incentive Plan Awards and Tax-related Disposals of Vested Shares
PPC Ltd
Incorporated in the Republic of South Africa)
(Company registration number
1892/000667/06)
JSE ISIN: ZAE000170049
JSE code: PPC ZSE code: PPC
("PPC" or "Company" or "Group")
Dealing in Securities in terms of PPC Ltd Long Term Incentive Plan - Awards and Tax-related Disposals of Vested
Shares
In accordance with the PPC Ltd Long Term Incentive Plan ("LTIP") and on recommendation of the Company's Reward
and Talent Committee, the Group is entitled to award forfeitable shares to eligible employees within the Group
("Awards").
As annually detailed in the Remuneration Report contained in PPC's Integrated Annual Report, the LTIP is a non-dilutive
performance-based plan in terms of which participating employees ("Participants") receive full value shares
("Forfeitable Shares"). Forfeitable Shares remain subject to such vesting conditions as specified in the Awards, which
include continued employment and disposal restrictions for a three-year period. Awards are deemed to be accepted
unless declined in writing. Forfeitable Shares acquired in the market for the benefit of the Participants are held in
escrow until the vesting date. Participants enjoy all shareholder rights, including dividend and voting rights from the
date of the Award.
The Company hereby discloses the following information relating to Awards of Forfeitable Shares in terms of its
Remuneration Policy granted to directors, the company secretary and prescribed officers of the Company in terms of
the LTIP and tax-related disposals of vested shares by the company secretary and prescribed officers:
Nature of transactions: Awards and deemed acceptance of Awards of Forfeitable Shares
(off-market)
Class of securities: Ordinary shares in the Company
Nature of interest: Until vesting, the Forfeitable Shares are held in an indirect beneficial
capacity. On vesting (and subject to the Participants retaining the
Forfeitable Shares), these will be held in the direct beneficial
capacity.
Clearance obtained in terms of paragraph Yes
3.66 of the JSE Listings Requirements:
Name: Matias Cardarelli
Designation: Chief Executive Officer
Award date Vesting dates Number of Price per security Value of the transaction
(note 2) Forfeitable Shares (note 3)
20 June 2025 31 March 2028 2 747 836 R 5.3846 R14 795 997
(Note 1)
Notes:
1. Performance Award as disclosed in PPC's FY2025 Integrated Annual Report – Remuneration Report
2. The Forfeitable Shares vest over three years, contingent upon continued employment and any applicable
performance conditions specified in the Awards being met.
3. The price reflects the market price on the date of the Awards.
Name: Brenda Berlin
Designation: Chief Financial Officer
Award date Vesting dates Number of Price per security Value of the transaction
(note 3) Forfeitable Shares (note 4)
15 July 2022 1 April 2025 1 417 310 R3.09 R4 379 488
(note 1)
20 June 2025 1 April 2028 1 154 034 R 5.3846 R6 214 015
(note 2)
Notes:
1. Performance Award as disclosed in PPC's FY 2024 Integrated Annual Report – Remuneration Report
2. Performance Award as disclosed in PPC's FY 2025 Integrated Annual Report – Remuneration Report
3. The Forfeitable Shares vest over three years, contingent upon continued employment and any applicable
performance conditions specified in the Awards being met.
4. The price reflects the market price on the date of the Awards.
Name: K Ross
Designation: Company Secretary
Award date Vesting dates Number of Price per security Value of the transaction
(note 3) Forfeitable Shares (note 4)
7 July 2021 1 April 2024 157 007 (note 5) R3.93 R617 038
15 July 2022 1 April 2025 178 044 (note 6) R3.09 R550 156
(note 1)
20 June 2025 1 April 2028 534 858 R5.3846 R2 880 000
(note 2)
Notes:
1. Performance Award as disclosed in PPC's FY 2024 Integrated Annual Report – Remuneration Report
2. Performance Award as disclosed in PPC's FY 2025 Integrated Annual Report – Remuneration Report
3. The Forfeitable Shares vest over three years, contingent upon continued employment and any applicable
performance conditions being met.
4. The price reflects the market price on the date of the Awards.
5. A total of 74 393 vested Forfeitable Shares were sold, as detailed below:
Transaction 1:
Number of securities: 72 818
Price per share: R3.49
Value of transaction: R254 134.82
Date of transaction: 12 July 2024
Transaction 2:
Number of securities: 1 575
Price per share: R3.80
Value of transaction: R5 985.00
Date of transaction: 30 July 2024
Nature of transactions: On market disposal of shares to cover taxation
Class of securities: Ordinary shares
Nature of interest: Direct beneficial
Clearance to deal: Yes
6. A total of 82 790 vested Forfeitable Shares were sold, as detailed below:
Number of securities: 82 790
Price per share: R5.47
Value of transaction: R 452 861.30
Date of transaction: 18 September 2025
Nature of transaction: On market disposal of shares to cover taxation
Class of securities: Ordinary shares
Nature of interest: Direct beneficial
Clearance to deal: Yes
Name: Bheki Mthembu
Designation: Chief Revenue Officer and Prescribed Officer
Award date Vesting dates Number of Price per security Value of the
(note 3) Forfeitable Shares (note 4) transaction
15 July 2022 1 April 2025 285 812 (note 5) R3.09 R883 159
(note 1)
20 June 2025 1 April 2028 441 590 R5.3846 R2 377 788
(note 2)
Notes:
1. Mr Mthembu was appointed as a prescribed officer on 1 November 2024 and was not a prescribed officer at the
time of the 2022 Award.
2. Performance Award as disclosed in PPC's FY 2025 Integrated Report – Remuneration Report
3. The Forfeitable Shares vest over three years, contingent upon continued employment and any applicable
performance conditions being met.
4. The price reflects the market price on the date of the Awards.
5. A total of 132 903 vested Forfeitable Shares were sold, as detailed below:
Number of securities: 132 903
Price per share: R 5.2045
Value of transaction: R 691 693.66
Date of transaction: 14 August 2025
Nature of transaction: On market disposal of shares to cover taxation
Class of securities: Ordinary shares
Nature of interest: Direct beneficial
Clearance to deal: Yes
Name: Ndima Rawana
Designation: Chief Human Resources Officer and Prescribed Officer
Award date Vesting dates Number of Price per security Value of the
(note 3) Forfeitable Shares (note 4) transaction
15 July 2022 1 April 2025 171 196 (note 5) R3.09 528 996
(note 1)
20 June 2025 1 April 2028 656 093 R5.3846 R3 532 800
(note 2)
Notes:
1. Mr Rawana was appointed as a prescribed officer on 1 January 2024 and was not a prescribed officer at the time
of the 2022 Award.
2. Performance Award as disclosed in PPC's FY 2025 Integrated Report – Remuneration Report
3. The Forfeitable Shares vest over three years, contingent upon continued employment and any applicable
performance conditions being met.
4. The price reflects the market price on the date of the Awards.
5. A total of 79 606 vested Forfeitable Shares were sold, as detailed below:
Number of securities: 79 606
Price per share: R 5.0648
Value of transaction: R 403 188.47
Date of transaction: 13 August 2025
Nature of transaction: On market disposal of shares to cover taxation
Class of securities: Ordinary shares
Nature of interest: Direct beneficial
Clearance to deal: Yes
Name: Ernesto Acosta
Designation: Chief Operations Officer and Prescribed Officer
Award date Vesting dates Number of Price per security Value of the transaction
(note 3) Forfeitable Shares
Sign-on Award 1 January 2027 1 393 225 R3.9477 (note 4) R5 500 000
1 January 2024
(note 1)
20 June 2025 1 April 2028 980 574 R5.3846 (note 5) R5 280 000
(note 2)
Notes:
1. As disclosed in PPC's FY 2024 Integrated Report – Remuneration Report, Mr E Acosta was awarded Forfeitable
Shares pursuant to the LTIP as a sign-on Award, in terms of his negotiated fixed term service agreement.
2. Performance Award as disclosed in PPC's FY 2025 Integrated Report – Remuneration Report
3. The Forfeitable Shares vest over three years, contingent upon continued employment and any applicable
performance conditions being met.
4. The price reflects the implied price per security relative to the value of the Award.
5. The price reflects the market price on the date of the Awards.
Name: P Marques
Designation: Chief Strategy Officer and Prescribed Officer
Award date Vesting dates Number of Price per security Value of the transaction
(note 3) Forfeitable Shares
Sign-on Award 1 January 2027 1 139 912 R3.9477 (note 4) R4 500 000
1 January 2024
(note 1)
20 June 2025 1 April 2028 802 288 R5.3846 (note 5) R4 320 000
(note 2)
Notes:
1. As disclosed in PPC's FY 2024 Integrated Report – Remuneration Report, Mr P Marques was awarded Forfeitable
Shares pursuant to the LTIP as a sign-on Award, in terms of his negotiated fixed term service agreement.
2. Performance Award as disclosed in PPC's FY 2025 Integrated Report – Remuneration Report
3. The Forfeitable Shares vest over three years, contingent upon continued employment and any applicable
performance conditions being met.
4. The price reflects the implied price per security relative to the value of the Award.
5. The price reflects the market price on the date of the Awards.
Sandton
28 November 2025
JSE Sponsor to PPC
Questco Corporate Advisory (Pty) Ltd
Date: 28-11-2025 02:30:00
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