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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: 01/07/2020 15:19
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 CI 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.

The trustees of the CI Trust include directors of Huge Connect and/or
Huge Networks Proprietary Limited (Huge Networks) and in terms of the
Listings Requirements, the CI 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 a director of
a major subsidiary.

Furthermore, as and when Huge shares vest in a director and/or
associate of a director of Huge Connect and Huge Networks 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, 560 089
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:

Dealings by the CI Trust, an associate of directors of a major subsidiary:

 Name of associate:                The CI Trust
 Name of the director/s and        Associate of the following directors of
 relationship information:         Huge Connect and Huge Networks,
                                   by virtue of the fact that they are the
                                   trustees of the Trust:
                                       - E Van Heerden;
                                       - S Oberholzer; and
                                       - K Sinclair.
 Nature of interest of             Direct non-beneficial
 associate:
 Date of transaction:              1July 2020
 Class of securities:              Ordinary shares
 Nature of transaction:            Off-market disposal
 Number of shares vested to        560 089
 Share Beneficiaries in terms of
 the Scheme:
 Price per share:                  R0
 Market value per share:           R4.38
 Market value of transaction:      R2 458 174.61
 Clearance to deal obtained:       Yes

Dealings by directors of a major subsidiary:

 Name of director:                 E Van Heerden
 Name of company:                  Huge Connect
 Nature of interest:               Direct beneficial
 Date of transaction:              1July 2020
 Class of securities:              Ordinary shares
 Nature of transaction:            Off-market acquisition
 Number of shares vested in        47 847
 terms of the Scheme:
 Price per share:                  R0
 Market value per share:           R4.38
 Market value of transaction:      R209 995.70
 Clearance to deal obtained:       Yes
Name of director:                  K Schmulian
Name of company:                   Huge Connect
Nature of interest:                Direct beneficial
Date of transaction:               1 July 2020
Class of securities:               Ordinary shares
Nature of transaction:             Off-market acquisition
Number of shares vested in         18 713
terms of the Scheme:
Price per share:                   R0
Market value per share:            R4.38
Market value of transaction:       R82 129.49
Clearance to deal obtained:        Yes

Johannesburg
1 July 2020

Sponsor

Nedbank Corporate and Investment Banking

Date: 01-07-2020 03:19:00
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