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Granting of Conditional Share Awards to Executive Directors of the Company and Major Subsidiaries
Capital Appreciation Limited
Incorporated in the Republic of South Africa
(Registration number 2014/253277/06)
Share code: CTA
ISIN: ZAE000208245
("the Company")
GRANTING OF CONDITIONAL SHARE AWARDS TO EXECUTIVE DIRECTORS OF THE
COMPANY AND EXECUTIVE DIRECTORS OF MAJOR SUBSIDIARIES
Unless the context indicates otherwise, capitalised (defined) terms used in this announcement
have the meanings given to them in the Plan (as defined below).
Executive Directors have been awarded a Conditional Share Award (the "Award") in terms of
the rules of the 2020 Capital Appreciation Conditional Share Plan (the "Plan").
The Awards are subject to: (i) the achievement by the Executive Directors of certain performance
conditions; (ii) continued employment by the Executive Directors with the Company for the three
financial year periods commencing 1 April 2025 to 31 March 2028, respectively; and (iii) the
Company meeting the solvency and liquidity settlement condition as set out in the Plan.
The Awards will vest on 30 June 2028.
The Awards may only be settled by market purchase of ordinary shares in terms of clause 5.3.1
of the Plan.
Name of Executive Director: Michael Reuven Pimstein
Company Capital Appreciation Limited
Acceptance date: 30 June 2025
Class of securities Ordinary shares
Number of securities: 855,513 ordinary shares
Price per security: Fair values at grant date per ordinary share
using the three-day volume weighted average
price of R1.578 per ordinary share
Total value of award: R1,350,000
Nature of award: Off-market grant and acceptance of Award
made pursuant to the Plan
Nature and extent of director's Direct beneficial
interest:
Clearance received: Yes
Name of Executive Director: Bradley Jonathan Sacks
Company Capital Appreciation Limited
Acceptance date: 30 June 2025
Class of securities Ordinary shares
Number of securities: 855,513 ordinary shares
Price per security: Fair values at grant date per ordinary share
using the three-day volume weighted average
price of R1.578 per ordinary share
Total value of award: R1,350,000
Nature of award: Off-market grant and acceptance of Award
made pursuant to the Plan
Nature and extent of director's Direct beneficial
interest:
Clearance received: Yes
Name of Executive Director: Sjoerd Douwenga
Company Capital Appreciation Limited
Acceptance date: 30 June 2025
Class of securities Ordinary shares
Number of securities: 855,513 ordinary shares
Price per security: Fair values at grant date per ordinary share
using the three-day volume weighted average
price of R1.578 per ordinary share
Total value of award: R1,350,000
Nature of award: Off-market grant and acceptance of Award
made pursuant to the Plan
Nature and extent of director's Direct beneficial
interest:
Clearance received: Yes
Name of Executive Director: Michael Brain Shapiro
Company Capital Appreciation Limited
Acceptance date: 30 June 2025
Class of securities Ordinary shares
Number of securities: 570,342 ordinary shares
Price per security: Fair values at grant date per ordinary share
using the three-day volume weighted average
price of R1.578 per ordinary share
Total value of award: R900,000
Nature of award: Off-market grant and acceptance of Award
made pursuant to the Plan
Nature and extent of director's Direct beneficial
interest:
Clearance received: Yes
Name of Executive Director: Donn Engelbrecht
Company African Resonance Business Solutions
Proprietary Limited
Acceptance date: 30 June 2025
Class of securities Ordinary shares
Number of securities: 633,714 ordinary shares
Price per security: Fair values at grant date per ordinary share
using the three-day volume weighted average
price of R1.578 per ordinary share
Total value of award: R1,000,000
Nature of award: Off-market grant and acceptance of Award
made pursuant to the Plan
Nature and extent of director's Direct beneficial
interest:
Clearance received: Yes
Name of Executive Director: Benjamin Powell
Company Dashpay Proprietary Limited
Acceptance date: 30 June 2025
Class of securities Ordinary shares
Number of securities: 348,542 ordinary shares
Price per security: Fair values at grant date per ordinary share
using the three-day volume weighted average
price of R1.578 per ordinary share
Total value of award: R550,000
Nature of award: Off-market grant and acceptance of Award
made pursuant to the Plan
Nature and extent of director's Direct beneficial
interest:
Clearance received: Yes
Johannesburg
2 July 2025
Sponsor: Investec Bank Limited
Date: 02-07-2025 12:55:00
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