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HUGE GROUP LIMITED - Dealings in securities by directors of a major subsidiary and an associate of a director of a major subsidiary

Release Date: 16/08/2019 15:30
Code(s): HUG     PDF:  
 
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Dealings in securities by directors of a major subsidiary and an associate of a director of a major subsidiary

HUGE GROUP LIMITED
(Registration number 2006/023587/06)
Share code: HUG ISIN: ZAE000102042
(Huge or the Company)


DEALINGS IN SECURITIES BY DIRECTORS OF A MAJOR SUBSIDIARY AND
AN ASSOCIATE OF A DIRECTOR OF A MAJOR SUBSIDIARY

In March 2017, Huge acquired 100% of the shares in ConnectNet
Broadband Wireless Proprietary Limited (subsequently re-named “Huge
Connect”) (the Acquisition). Huge Connect is a major subsidiary of Huge
in terms of the Listings Requirements of the JSE Limited (Listings
Requirements).

Pursuant to the Acquisition, the existing shareholders of Huge Connect
(the Vendors) established The ConnectNet Incentive Scheme (the
Scheme) and donated Huge shares to the ConnectNet Incentive Trust
(the Trust) to be held for the benefit of certain identified share
beneficiaries (the Share Beneficiary or Share Beneficiaries).

A significant portion of the Huge shares held by the Trust will be allocated
to Share Beneficiaries on a pre-determined basis on pre-determined
dates (each an Allocation Date). As soon as reasonably possible after
each Allocation Date, the Share Beneficiaries have the option of
acquiring a vested right to the Huge shares allocated to them for no
consideration. On acceptance by the Share Beneficiary of such
allocation, the Huge shares will vest in the Share Beneficiary concerned.

All of the trustees of the Trust are directors of Huge Connect, a major
subsidiary of the Group, and in terms of the Listings Requirements, the
Trust is an associate of these directors. Accordingly, as and when Huge
shares vest in Share Beneficiaries, this will constitute a disposal of Huge
shares by an associate of directors of a major subsidiary.

Furthermore, as and when Huge shares vest in a director and/or
associate of a director of Huge Connect in terms of the Scheme, this
shall constitute an acquisition of Huge shares by a director of a major
subsidiary.

Shareholders are therefore advised that, in terms of the Scheme, 468 038
Huge shares have now been allocated to, and vested in, Share
Beneficiaries.

Accordingly, in compliance with paragraph 3.63 of the Listings
Requirements, the following dealings by directors of a major subsidiary
and/or their associates, are disclosed:
Disposal by the Trust, an associate of directors of a major subsidiary:

 Name of associate:              The ConnectNet Incentive Trust
 Name of the director/s and      Associate of the following directors of
 relationship information:       Huge Connect, by virtue of the fact
                                 that they constitute all of the trustees
                                 of the Trust:
                                     - E Van Heerden;
                                     - S Oberholzer;
                                     - K Sinclair; and
                                     - A Lessing.
 Nature of interest:             Direct non-beneficial
 Date of transaction:            15 August 2019
 Class of securities:            Ordinary shares
 Nature of transaction:          Off-market disposal
 Number of shares vested in      468 038 shares
 Share Beneficiaries in terms of
 the Scheme:
 Price per share:                R0
 Value per share (based on       R6.17
 the 5-day VWAP of a Huge
 share preceding 14 August
 2019):
 Market value of transaction:    R2 887 794.46
 Clearance to deal obtained:     Yes

Dealings by directors of a major subsidiary and an associate of a director
of a major subsidiary:

 Name of director:                E Van Heerden
 Name of company:                 Huge Connect
 Nature of interest:              Direct beneficial
 Date of transaction:             15 August 2019
 Class of securities:             Ordinary shares
 Nature of transaction:           Off-market acquisition
 Number of shares vested in       38 408 shares
 terms of the Scheme:
 Price per share:                 R0
 Value per share (based on        R6.17
 the 5-day VWAP of a Huge
 share preceding 14 August
 2019):
 Market value of transaction:     R236 977.36
 Clearance to deal obtained:      Yes
Name of director:                 K Schmulian
Name of company:                  Huge Connect
Nature of interest:               Direct beneficial
Date of transaction:              15 August 2019
Class of securities:              Ordinary shares
Nature of transaction:            Off-market acquisition
Number of shares vested in        15 021 shares
terms of the Scheme:
Price per share:                  R0
Value per share (based on         R6.17
the 5-day VWAP of a Huge
share preceding 14 August
2019):
Market value of transaction:      R92 679.57
Clearance to deal obtained:       Yes

Name of director:                 A Lessing
Name of company:                  Huge Connect
Name of associate:                CJE Lessing
Relationship to director:         Spouse
Nature of interest:               Direct beneficial
Date of transaction:              15 August 2019
Class of securities:              Ordinary shares
Nature of transaction:            Off-market acquisition
Number of shares vested in        15 057 shares
terms of the Scheme:
Price per share:                  R0
Value per share (based on         R6.17
the 5-day VWAP of a Huge
share preceding 14 August
2019):
Market value of transaction:      R92 901.69
Clearance to deal obtained:       n/a

Johannesburg
16 August 2019


Sponsor
Questco Corporate Advisory (Pty) Ltd

Date: 16/08/2019 03:30:00
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