Wrap Text
Directors Dealings in Securities
Lewis Group Limited
Registration Number: 2004/009817/06
Share Code: LEW
ISIN Code: ZAE 000058236
Bond Code: LEWI
("Lewis" or "the Company")
Directors Dealings in Securities
In compliance with paragraphs 3.63 to 3.74 of the JSE Listings Requirements,
the following should be noted:
1. The Lewis 2019 Executive Retention Scheme – Exercise of Matching
Share Option
In terms of the Lewis 2019 Executive Retention Scheme, the following executive
directors, elected on 10 June 2024 to exercise their matching share awards
which were granted on 9 June 2021 (refer to SENS announcement dated 11
June 2021):
Matching Total
Executive Designation Share Value
Awards
Exercised
J. Enslin Executive Director, Lewis Group Ltd 126 533 R 6 427 876
J. Bestbier Executive Director, Lewis Group Ltd 78 047 R 3 964 788
W. Achmat Director, Lewis Stores (Pty) Ltd 38 947 R 1 978 508
D.M. Oliphant Director, Lewis Stores (Pty) Ltd 61 698 R 3 134 258
The awards were acquired for no consideration and are in respect of ordinary
shares. The implied value was calculated using the share price of R 50.80 as
at the close of business on 7 June 2024.
2. The Lewis 2019 Executive Performance Scheme – Vesting of Awards
The 3 year short term share awards granted to the directors on 9 June 2021
(refer to SENS announcement dated 11 June 2021) vested on 10 June
2024.The awards referred to above that vested are as follows:
Share Total
Executive Designation Awards Value
Vested
J. Enslin Executive Director, Lewis Group Ltd 202 362 R 10 279 990
J. Bestbier Executive Director, Lewis Group Ltd 123 618 R 6 279 794
W. Achmat Director, Lewis Stores (Pty) Ltd 66 821 R 3 394 507
D.M. Oliphant Director, Lewis Stores (Pty) Ltd 66 386 R 3 372 409
The awards were acquired for no consideration and are in respect of ordinary
shares. The implied value was calculated using the share price of R 50.80,
being the closing price on 7 June 2024.
3. Sale of Shares
The executive directors have sold ordinary shares on-market on 10 June 2024
at a price of R 51.07 to settle the tax on the above awards as follows:
No. of Total
Executive Designation Shares Value
J. Enslin Executive Director, Lewis Group Ltd 157 870 R 8 062 421
J. Bestbier Executive Director, Lewis Group Ltd 96 799 R 4 943 525
W. Achmat Director, Lewis Stores (Pty) Ltd 50 769 R 2 592 773
D.M. Oliphant Director, Lewis Stores (Pty) Ltd 61 480 R 3 139 784
4. Short Term Awards – Lewis Executive Performance Schemes
In terms of the Lewis 2021 Executive Performance Scheme and the 2023
Executive Performance Scheme, executives have been offered the right to
acquire shares of the Company for no consideration subject to the
achievement of performance targets. The share awards under this scheme will
lapse, should the executive terminate his or her employment before the
completion of the period of the award, other than in the event of death, ill-
health, retirement or retrenchment.
The Lewis Remuneration Committee ("Committee") have agreed to grant the
executives a three-year award (short term award as defined in the various
scheme rules) under this scheme, details which are set out below.
The performance targets are set by the Committee at the beginning of the each
of the three years and are based on a weighting set for each executive
depending on their daily employment responsibilities, of the following:
- Headline earnings per share;
- Quality of the debtors book;
- Gross margin.
The following executive directors have been granted awards on 12 June 2024
under the Lewis 2021 Executive Performance Scheme and the 2023 Executive
Performance Schemes:
Maximum No. Implied
Executive Designation of shares for Value
no
consideration
J. Enslin Executive Director, Lewis Group Ltd 305 632 R 15 520 000
J. Bestbier Executive Director, Lewis Group Ltd 127 019 R 6 450 000
W. Achmat Director, Lewis Stores (Pty) Ltd 67 152 R 3 410 000
D.M. Oliphant Director, Lewis Stores (Pty) Ltd 72 076 R 3 660 000
The above values are implied values based on a market price of R50.78,
determined as an average of the last three trading day's closing price before the
award date calculated in terms of the rules of the scheme.
All the transactions as set out in 1 to 4 above were for the direct benefit of the
directors. The requisite clearances have been obtained.
Cape Town
14 June 2024
Sponsor: The Standard Bank of South Africa Limited
Debt Sponsor: Absa Bank Limited, acting through its Corporate and Investment
Banking Division
Date: 14-06-2024 05:00:00
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