- Spar Limited settles obligations to participants: Spar Limited completes share purchases through its subsidiary, the Spar Group Limited Conditional Share Plan (CSP), to settle obligations owed to certain participants.
- On-market share acquisitions: The CSP acquires 87,943 SPAR ordinary shares in the first transaction on February 20, 2023, and 28,862 shares in the second transaction on March 31, 2023, through on-market purchases.
- Compliance and value creation: Spar Limited obtains clearance for the transactions, ensuring adherence to regulatory requirements. The share purchases reaffirm Spar Limited’s commitment to the CSP and its aim to create value for participants by aligning their interests with the company’s performance.
Spar Limited has recently completed a series of share purchases through its subsidiary, the Spar Group Limited Conditional Share Plan (CSP). The purpose of these purchases was to settle obligations to certain participants of the CSP, specifically in relation to vested awards.
In accordance with regulatory requirements, Spar Limited has disclosed the details of these transactions. The acquisitions were carried out on the open market and involved the purchase of SPAR ordinary shares. The CSP, with a direct beneficial interest, was responsible for executing the transactions.
The first transaction occurred on February 20, 2023. A total of 87,943 SPAR ordinary shares were acquired through various trades at different prices. The volume-weighted average price for these trades stood at R146.8702 per share. The highest price reached during the transactions was R146.90, while the lowest recorded price was R146.58. The total value of this transaction amounted to an impressive R12,916,206.00.
On March 31, 2023, the CSP undertook the second transaction, purchasing 28,862 SPAR ordinary shares through multiple trades. The volume-weighted average price for these trades was R140.8973 per share. The highest price observed during the transactions was R140.90, with the lowest reported at R140.83. The total value of this transaction amounted to R4,066,577.87.
Spar Limited has received clearance for these transactions in accordance with paragraph 3.66 of the Listings Requirements, indicating compliance with the necessary regulations and guidelines.
By settling its obligations to participants through the purchase of SPAR ordinary shares, Spar Limited has reaffirmed its commitment to the CSP and its dedication to providing value to its employees. The CSP is structured to reward and incentivize participants based on the performance of Spar Limited, aligning their interests with the overall success of the company.
This recent development underscores Spar Limited’s continued efforts to consolidate its position as a prominent player in the South African retail market. Through initiatives like the CSP, the company aims to cultivate a culture of growth, engagement, and long-term value creation for its shareholders and employees.