Spear REIT Issues R3.6 Million in Shares to Executives and Officer

  • Spear REIT Limited issued R3.6 million in shares to key executives and a prescribed officer.
  • The awards were vested and exercised on June 30, 2024, with settlement on July 8, 2024.
  • The deemed price per security for the issued shares was R8.65.

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

NamePositionNumber of Securities IssuedDeemed Price Per SecurityTotal Deemed Rand Value
Quintin Michael RossiExecutive Director138,600R8.65R1,198,890
Christiaan BarnardExecutive Director138,600R8.65R1,198,890
Clifford Wade ToerienPrescribed Officer139,008R8.65R1,202,419

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.


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