Rex Trueform Group Limited, a South African company, announced the vesting of shares awarded to key directors and officers. This follows the SENS announcement on May 17, 2024.
Details of Share Awards
The vesting occurred under the Rex Trueform Group Limited Share Incentive Scheme. The awards were granted on May 17, 2024, and vested on June 11, 2024.
Directors and Officers Receiving Shares
The following directors and officers received shares:
| Name | Position | Number of Shares | Deemed Price per Share (ZAR) | Deemed Total Value (ZAR) |
|---|---|---|---|---|
| M Golding | Director | 50,000 | 11.48 | 574,000 |
| D Franklin | Director | 25,000 | 11.48 | 287,000 |
| W Nel | Prescribed Officer | 25,000 | 11.48 | 287,000 |
| C Lloyd | Director | 25,000 | 11.48 | 287,000 |
| A Gihwala | Company Secretary | 15,000 | 11.48 | 172,200 |
Key Details of Vesting
All shares were classified as “N” ordinary shares. The shares were awarded at a nil cost per share. The deemed price per share was ZAR 11.48, based on the closing price on June 11, 2024.
Clearance to Deal
Each director and officer received clearance to deal. Their interest in the transactions is direct beneficial.
M Golding’s Share Vesting
M Golding, a director, received 50,000 “N” ordinary shares. The total deemed value of these shares is ZAR 574,000.
D Franklin’s Share Vesting
D Franklin, another director, was awarded 25,000 “N” ordinary shares. These shares have a total deemed value of ZAR 287,000.
W Nel’s Share Vesting
W Nel, a prescribed officer, vested 25,000 “N” ordinary shares. The total deemed value of these shares is ZAR 287,000.
C Lloyd’s Share Vesting
C Lloyd, also a director, received 25,000 “N” ordinary shares. The total deemed value of these shares is ZAR 287,000.
A Gihwala’s Share Vesting
A Gihwala, the company secretary, vested 15,000 “N” ordinary shares. The total deemed value of these shares is ZAR 172,200.
Summary of Vesting
The total number of shares vested is 140,000. The total deemed value of these shares is ZAR 1,607,200.
Conclusion
Rex Trueform’s recent share vesting highlights the company’s strategic direction. The awards recognize the contributions of key directors and officers. Shareholders and investors will be watching closely for the impact on the company’s future performance.