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
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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.