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METAIR INVESTMENTS LIMITED - Directors' dealings in securities

Release Date: 27/11/2019 17:20
Code(s): MTA     PDF:  
Wrap Text
Directors' dealings in securities

METAIR INVESTMENTS LIMITED
(Reg No. 1948/031013/06)
(Incorporated in the Republic of South Africa)
Share code : MTA
ISIN code : ZAE000090692
(“Metair”)

DIRECTORS’ DEALINGS IN SECURITIES

In accordance with the requirements of paragraphs 3.63 to 3.74 of the JSE Limited Listings Requirements
(“Listings Requirements”), the following on-market and off-market transactions by directors and the company
secretary of Metair and directors of its major subsidiaries are hereby disclosed.

VESTING AND EXERCISE OF SHARE APPRECIATION RIGHTS AND SALE OF SHARES

On 25 November 2016, Metair ordinary shares ("Shares") were conditionally granted (“Share Appreciation
Rights” or “SARs”), to certain of the directors and the company secretary of Metair and directors of its major
subsidiaries (“Participants”) in accordance with The Metair Investments Limited 2009 Share Plan. These Share
Appreciation Rights have partially vested and have been exercised by the Participants pursuant to which the
Participants received Shares at no cost.

Details of the exercise of the Share Appreciation Rights, the related receipt of Shares and sale of Shares are
provided below:

 DETAILS OF EXERCISE AND VESTING OF SHARE APPRECIATION RIGHTS
 
 Total number of Shares exercised                     10 961
 Deemed value of Share Appreciation Rights on         R262 987.27 at a price of R23.993 per Share, being
 exercise                                             the 20-day volume weighted average price
                                                      (“VWAP”) as at 25 November 2019
 Class of securities                                  Ordinary shares
 Nature of transaction                                Off-market acquisition of Shares pursuant to the
                                                      exercise of Share Appreciation Rights at no cost
 Date of award                                        25 November 2016
 Date of Share Appreciation Rights exercise           25 November 2019
 Vesting period                                       In equal thirds on the 3rd, 4th and 5th anniversaries
                                                      but need not be exercised until the 6th anniversary
 Clearance obtained in terms of paragraph 3.66 of the Yes
 Listings Requirements

In order to facilitate the disposal of a portion of the Shares received by the Participants in an orderly fashion,
the Participants have entered into a pooled sale in terms of which the Participant's Shares were disposed of
through a single arranged on-market trade on 25 November 2019.

 DETAILS OF SALE OF SHARES

 Date of transaction                                      25 November 2019
 Nature of transaction                                    On-market sale of Shares
 Class of Share                                           Ordinary shares
 Price per Share                                          Various different trades with the following price
                                                          information:
                                                          - VWAP of R23.6098;
                                                          - highest price of R23.64; and
                                                          - lowest price of R23.60.
 Total number of Shares sold                              3 910
 Total value of Shares sold                               R92 314.32
 Clearance obtained in terms of paragraph 3.66 of         Yes
 the Listings Requirements

Further details of the exercise of the Share Appreciation Rights, the related receipt of Shares and sale of
Shares by each of the Participants are tabled below. The nature of the interest of all Participants is direct
beneficial.

 Director                Company          No. of Share             Deemed          No. of        Value of
                         name             Appreciation             value of       Shares      Shares sold
                                                Rights               Share          sold          (Rand)
                                            exercised          Appreciation
                                                                    Rights
                                                                 exercised
                                                                    (Rand)
 Mr D. Seker             Mutlu Holding
                                                     742             17 803           742           17 518
                         Anonim Sirketi
 Mr H. Okur              Mutlu Holding
                                                     710             17 035           710           16 763
                         Anonim Sirketi
 Mr M. Aksel             Mutlu Holding
                                                     669             16 051           669           15 795
 Bukagikiran             Anonim Sirketi
 Mr T. Tulgar            Mutlu Holding
                                                     632             15 164           632           14 921
                         Anonim Sirketi
 Mr Y. Kaptan            Mutlu Holding
                                                     893             21 426           893           21 084
                         Anonim Sirketi
 Mr C.T. Loock           Metair                    6 299            151 132             0                0
 Mr A. Jogia             Metair                      489             11 733             0                0
 Ms S.M.                 Metair
                                                     527             12 644           264            6 233
 Vermaak

ALLOCATION OF SHARE APPRECIATION RIGHTS

The terms and conditions of the award of SARs are:

 Date of award                                             27 November 2019
 Number of SARs awarded to Participants                    251 236
 Price paid per SAR                                        Nil
 Total value of transaction                                Nil
 Allocation price per SAR                                  R24.015, being the      20-day   VWAP     as   at
                                                           26 November 2019
 Nature of transaction                                     Acceptance of awards
 First vesting date                                        27 November 2022
 Vesting period                                            In equal thirds on the 3rd, 4th and 5th anniversaries
                                                           but need not be exercised until the 6th anniversary
 Clearance obtained in terms of paragraph 3.66 of          Yes
 the Listings Requirements

The details of the allocation of the SARs per Participant are set out below. The nature of the interest of all
Participants is direct beneficial. Share Appreciation Rights are conditional rights to receive Metair Shares,
which are the equivalent to the value of the difference between the future exercise price and the grant price of
the SARs granted.

                                                                                               Deemed base
                                                                         No. of SARs
 Participant                    Company name                                                value of SARS at
                                                                           accepted
                                                                                           grant price (Rand)
 Mr T. Tulgar                   Mutlu Holding Anonim Sirketi
                                                                                7 823                 187 869
                                Mutlu Holding Anonim Sirketi
 Mr M. Aksel Bukagikiran
                                                                                8 057                 193 489
                                Mutlu Holding Anonim Sirketi
 Mr Y. Kaptan
                                                                               10 848                 260 515
                                Mutlu Holding Anonim Sirketi
 Mr H. Okur
                                                                                8 834                 212 149
                                Mutlu Holding Anonim Sirketi
 Ms S. Emiroglu
                                                                                7 793                 187 149
                                Mutlu Holding Anonim Sirketi
 Mr D. Seker
                                                                                8 524                 204 704
 Mr C.T. Loock                  Metair                                        121 858               2 926 420
 Mr S. Douwenga                 Metair                                         57 296               1 375 963
 Mr A. Jogia                    Metair                                          9 447                 226 870
 Ms S.M. Vermaak                Metair                                         10 756                 258 305


Johannesburg
27 November 2019

Sponsor
One Capital

Date: 27-11-2019 05:20:00
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