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Vesting of A1 Ordinary Shares and subsequent conversion into Ordinary Shares
HULAMIN LIMITED
Incorporated in the Republic of South Africa
(Registration number 1940/013924/06)
ISIN: ZAE000096210
JSE Code: HLM
(“Hulamin”)
VESTING OF A1 ORDINARY SHARES AND SUBSEQUENT CONVERSION INTO ORDINARY SHARES
1. Background
In 2015 Hulamin implemented a black economic empowerment transaction which resulted in, inter alia, the creation
and issue to the BEE SPV of B Ordinary Shares and the creation and issue to the ESOP Trust of the A1 Ordinary Shares
and the A2 Ordinary Shares.
In terms of the 2015 BEE Transaction, Hulamin established the ESOP Trust for the purpose of holding the A1 Ordinary
Shares and A2 Ordinary Shares for the benefit of the Employee Beneficiaries.
2. Vesting of A1 Ordinary Shares and subsequent conversion into Ordinary Shares
4 721 600 unlisted no par value A1 Ordinary Shares were issued at nominal value (i.e. were effectively free or grant
shares). The A1 Ordinary Shares vest and convert to Ordinary Shares in accordance with their terms on 22 December
2020. The terms of the A1 Ordinary Shares were such that the restrictions effectively fall away and will be distributed
to Employee Beneficiaries in accordance with the terms of the ESOP Trust Deed.
The allocation of the 4 721 600 Ordinary Shares to the 1 650 Employee Beneficiaries, and potential disposal of some
of the Ordinary Shares if required, will be concluded during the first quarter of 2021.
3. Vesting of A1 Ordinary Shares to a director of a major subsidiary
This announcement confirms that Ms MA Janneker, a beneficiary of the ESOP Trust and a director Hulamin Operations
(Pty) Ltd, a major subsidiary of Hulamin, will be entitled to receive Ordinary Shares off market, or the value of the
Ordinary Shares in cash, in lieu of 28 021 A1 Ordinary Shares that vested directly and beneficially in her name on
22 December 2020. The deemed value of this transaction is R 47,635.70 which is based on 28 021 Ordinary Shares at
a price of R 1.70 as at the close of business on 21 December 2020.
Capitalised terms used in this announcement are as per the defined terms set out in the Circular distributed to
shareholders on 17 November 2020.
Pietermaritzburg
22 December 2020
Sponsor
Questco Corporate Advisory Proprietary Limited
Date: 22-12-2020 04:48:00
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