Afrimat Limited announced today that three of its directors have exercised their share appreciation rights as part of the Afrimat Share Appreciation Rights scheme. The transactions, conducted in compliance with the JSE Limited Listings Requirements, reflect the directors’ commitment to the long-term success of the company.
Andries van Heerden, an executive director of Afrimat Limited, led the exercise of share appreciation rights by acquiring 134,885 ordinary shares, net of tax. Mr. van Heerden exercised a total of 470,000 rights, which amounted to a value of approximately R7,054,485.50. These rights were initially awarded to him on 20 May 2020, with a vesting period of three years. The exercise took place on 22 May 2023 at an exercise price of R52.30 per share.
Pieter GS de Wit, another executive director of Afrimat Limited, followed suit by exercising 202,000 share appreciation rights. Mr. de Wit received 57,972 ordinary shares, net of tax, with a total value of approximately R3,031,935.60. Like Mr. van Heerden, he was granted these rights on 20 May 2020, and the exercise occurred on 22 May 2023 at an exercise price of R52.30 per share.
Collin Ramukhubathi, an executive director of Afrimat Limited, also exercised share appreciation rights. Mr. Ramukhubathi obtained 49,649 ordinary shares, net of tax, by exercising 173,000 rights, which equated to a total value of approximately R2,596,642.70. He received the rights on 20 May 2020, and the exercise was completed on 22 May 2023 at an exercise price of R52.30 per share.
The share appreciation rights scheme is part of Afrimat Limited’s long-term incentive plan, designed to align the interests of its directors with the company’s performance. These off-market transactions enable the directors to acquire ordinary shares and further strengthen their commitment to Afrimat Limited’s growth and shareholder value.
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