• Afrimat Limited directors accept shares and share appreciation rights as part of incentive programs.
• Transactions made in compliance with Afrimat Forfeitable Share Plan (FSP) and Share Appreciation Rights Scheme.
• Directors demonstrate confidence in Afrimat’s future, aligning their interests with shareholders and promoting long-term value creation.

In a strategic move to align the interests of its directors with the company’s long-term growth objectives, Afrimat Limited announced the acceptance of shares and share appreciation rights (SARs) by several key directors. The transactions were made in accordance with the Afrimat Forfeitable Share Plan (FSP) and the Share Appreciation Rights Scheme, as required by the JSE Limited Listings Requirements.

Under the Afrimat Forfeitable Share Plan (FSP), executives Andries J van Heerden, Collin Ramukhubathi, Marthinus G Odendaal, and Pieter GS De Wit have accepted awards of ordinary shares. This off-market transaction, which took place on 30 May 2023, signifies the directors’ confidence in Afrimat’s future prospects. The shares are set to vest on 15 May 2026, subject to the fulfillment of specified vesting conditions. Based on the 30-day volume weighted average price (VWAP) on 16 May 2023, the deemed price per share for this transaction is R51.96. The allocation of shares varies for each director: Andries J van Heerden received 95,000 shares, while Collin Ramukhubathi, Marthinus G Odendaal, and Pieter GS De Wit acquired 62,500 shares each. The total deemed rand value of the securities transacted stands at an impressive R4,936,200 for Andries J van Heerden and R3,247,500 for each of the remaining three directors.

In addition to the FSP, the same four executives, along with company secretary Catharine Burger, have accepted awards of share appreciation rights (SARs) under the Afrimat Share Appreciation Right Share Scheme. This off-market transaction, also completed on 30 May 2023, reinforces the directors’ commitment to the company’s success. The SARs are set to vest on 15 May 2026, contingent upon the fulfillment of predefined performance conditions. The award price per right is R51.96, based on the 30-day VWAP on 16 May 2023. The number of SARs awarded varies for each director: Andries J van Heerden received 295,000 SARs, Collin Ramukhubathi, Marthinus G Odendaal, and Pieter GS De Wit were each granted 125,000 SARs, while Catharine Burger obtained 15,000 SARs.

All transactions were conducted directly, and the directors have a direct and beneficial interest in these acquisitions. Afrimat Limited obtained clearance for these transactions in accordance with paragraph 3.66 of the JSE Limited Listings Requirements. Valeo Capital (Pty) Ltd acted as the sponsor for Afrimat Limited throughout the process.

The acceptance of shares and share appreciation rights by Afrimat Limited’s directors exemplifies their unwavering commitment and confidence in the company’s future. These incentive programs aim to align the interests of the directors with those of the shareholders, promoting long-term value creation and rewarding exceptional performance.