Spear REIT Limited has announced the vesting and exercise of awards under its Conditional Share Plan (CSP). This event involves key executives and a prescribed officer of the company.
Key Details of the Transaction
The transaction complies with paragraphs 3.63 to 3.74 of the JSE Limited Listings Requirements. The awards were vested and exercised on June 30, 2024, with settlement on July 8, 2024. The company opted for an after-tax net equity settlement, issuing new ordinary shares.
Directors and Prescribed Officer Involved
Quintin Michael Rossi
- Position: Executive Director
- Number of Securities Issued: 138,600
- Deemed Price Per Security: R8.65
- Total Deemed Rand Value: R1,198,890
Christiaan Barnard
- Position: Executive Director
- Number of Securities Issued: 138,600
- Deemed Price Per Security: R8.65
- Total Deemed Rand Value: R1,198,890
Clifford Wade Toerien
- Position: Prescribed Officer
- Number of Securities Issued: 139,008
- Deemed Price Per Security: R8.65
- Total Deemed Rand Value: R1,202,419
Transaction Breakdown
| Name | Position | Number of Securities Issued | Deemed Price Per Security | Total Deemed Rand Value |
|---|---|---|---|---|
| Quintin Michael Rossi | Executive Director | 138,600 | R8.65 | R1,198,890 |
| Christiaan Barnard | Executive Director | 138,600 | R8.65 | R1,198,890 |
| Clifford Wade Toerien | Prescribed Officer | 139,008 | R8.65 | R1,202,419 |
Award Details
- Award Date: July 1, 2020
- Vesting Date: June 30, 2024
- Settlement Date: July 8, 2024
- Award Strike Price: Nil
- Deemed Price Per Security: R8.65
Conclusion
Spear REIT Limited’s recent transactions highlight its strategic efforts to reward and retain top talent. The vesting and exercise of the awards under the CSP are significant milestones for the company. This move is expected to enhance shareholder value and drive the company’s future growth.
