Vesting and Exercise of Awards in Spear REIT Limited's Conditional Share Plan

Strategic Insights -

Spear REIT Limited, a Johannesburg-based real estate investment trust, has announced the vesting and exercise of awards under its Conditional Share Plan (CSP). The awards, granted to the company's directors and a prescribed officer, have vested and been settled through the issue of new ordinary shares. The settlement was made at the closing share price of R10.30 on 30 June 2025. This transaction is in compliance with the JSE Limited Listings Requirements and has been approved by the company's board.

Key Takeaways:

  • The vesting and exercise of awards under the CSP resulted in the issuance of 92,400 ordinary shares to Quintin Michael Rossi, an executive director, and 92,400 shares to Clifford Wade Toerien, a prescribed officer. Christiaan Barnard, another executive director, received 92,400 shares, while Kim Pfaff-Karg, a prescribed officer, received 84,143 shares.
  • The awards were granted on 1 July 2021, with vesting dates ranging from 30 June 2025 to 01 July 2025. The total deemed rand value of securities transacted was R1,951,720 for the directors and R951,720 for the prescribed officers.
  • The settlement of awards was made at the closing share price of R10.30 on 30 June 2025, representing an off-market transaction.
  • The nature and extent of interest in the transaction were direct and beneficial for all the directors and prescribed officers involved.
  • Clearance for the above transaction was obtained in terms of paragraph 3.66 of the JSE Limited Listings Requirements.

Statistics:

  • 92,400 ordinary shares were issued to Quintin Michael Rossi
  • 92,400 ordinary shares were issued to Clifford Wade Toerien
  • 92,400 shares were issued to Christiaan Barnard
  • 84,143 shares were issued to Kim Pfaff-Karg
  • Total deemed rand value of securities transacted: R1,951,720
  • Settlement date: 01 July 2025
  • Vesting dates: 30 June 2025 (Quintin Michael Rossi and Clifford Wade Toerien), 01 July 2025 (Christiaan Barnard and Kim Pfaff-Karg)
  • Award strike price: Nil
  • Closing share price on 30 June 2025: R10.30

Sources:

  • Johannesburg Stock Exchange (JSE) Limited Listings Requirements
  • Spear REIT Limited Company Announcement dated 01 July 2025
  • PSG Capital (Sponsor)