Hudaco Industries Limited ("Hudaco" or "the company")

Incorporated in the Republic of South Africa Registration number: 1985/004617/06

Share code: HDC

ISIN code: ZAE000003273

DIRECTOR'S ASSOCIATE DEALING IN SECURITIESName of the company

  • : Hudaco

    Name of director

  • : GR Dunford

    Status

  • : Chief executive

    Information regarding the associate and the transactions mentioned below

  • : GR Dunford owns 60% of the issued shares of Dunford Holdings (Pty) Ltd (DH) and he therefore benefits indirectly from the transaction detailed below, while DH benefits directly. The remaining shares in DH are held by TB Dunford, GR Dunford's brother.

    Rationale for the transaction

  • : In December 2013, DH sold 100% of the shares of Dosco Precision Hydraulics (Pty) Ltd, Gear Pump Manufacturing (Pty) Ltd, Joseph Grieveson (Pty) Ltd and Engineering Technology Services (Pty)Ltd (the DH businesses) to Hudaco Trading (Pty) Ltd, 85% owned by Hudaco. In terms of the sale agreement, DH purchased 927 000 Hudaco shares on the open market, which shares were to be retained for a minimum period, which expired in 2016.

The investment in Hudaco shares still held by DH represents a substantial portion of the personal wealth of GR Dunford and

TB Dunford. Furthermore, TB Dunford, who was the managing director of the DH businesses, retired from Hudaco in 2021, so he is restructuring his financial affairs accordingly. As a result, they concluded that it would be a prudent investment strategy to diversify their investment risk by having DH dispose of part of its holding. DH had sold 35% of the initial holding in February 2018 andhas now sold a further 25.9%. GR Dunford's direct shareholding in Hudaco remains unchanged

Date of transaction

:

31 March 2022

Nature of transaction

:

DH disposed of 240 000 ordinary Hudaco

shares to certain collective investment

schemes in exchange for the issuance of

new units in those schemes by the

acquirers (off-market).

Price per share

:

Closing market price of R149.01

Value of transaction

:

R35 762 400

Clearance obtained

:

Yes

Edenvale

5 April 2022

Sponsor

Nedbank Corporate and Investment Banking, a division of Nedbank Limited

Attachments

  • Original Link
  • Original Document
  • Permalink

Disclaimer

Hudaco Industries Limited published this content on 05 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 April 2022 12:57:01 UTC.