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SPEAR REIT LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2015/407237/06)
Share Code: SEA
ISIN: ZAE000228995
LEI: 378900F76170CCB33C50
Approved as a REIT by the JSE
(“Spear” or “the Company”)
DEALING IN SHARES BY AN ASSOCIATE OF A DIRECTOR
In compliance with paragraphs 3.63 to 3.74 of the JSE Limited Listings Requirements, details of
a dealing in securities by an associate of Mike Flax, a non-executive director of Spear, are
disclosed in the table below.
Mike Flax is one of the founders of Spear and served as the chief executive officer of the
Company from July 2016 until May 2018, whereafter he assumed the role of non-executive
deputy chairman. As a founding shareholder, Mike’s shareholding in Spear at the date of its listing
on the JSE Limited was 22,5%, which shareholding was diluted to circa 9%, following numerous
capital raises by the Company. Prior to the dealing disclosed in this announcement, Mike had
not disposed of any Spear shares held directly or indirectly by him. For the sole purpose of
diversifying his investment portfolio, marginally reducing a concentrated holding and restructuring
aspects of his broader direct, indirect and managed investment portfolios, Mike has disposed of
a limited number of Spear shares, as detailed in the table below. Following this dealing, Mike still
holds more than 6,92% of the issued shares in Spear.
NAME OF DIRECTOR Mike Flax
COMPANY OF WHICH A DIRECTOR Spear REIT Limited
STATUS: EXECUTIVE/NON-EXECUTIVE Non-executive
TYPE AND CLASS OF SECURITIES Ordinary shares
NATURE AND RATIONALE OF Sale of shares by an associate of the director
TRANSACTION (off-market transaction)
DATE OF TRANSACTION 20 December 2022
PRICE PER SECURITY R7.780458
NUMBER OF SECURITIES TRANSACTED 5 000 000
TOTAL RAND VALUE OF SECURITIES R38 902 288.96
TRANSACTED
NAME OF ASSOCIATE Fronsac Investments Limited
RELATIONSHIP WITH DIRECTOR Director is a director of the associate and a
beneficiary of the sole shareholder of the
associate
NATURE AND EXTENT OF INTEREST IN Indirect, beneficial
THE TRANSACTION
Clearance for the above dealing was obtained in terms of paragraph 3.66 of the JSE Limited
Listings Requirements.
Cape Town
22 December 2022
Sponsor
PSG Capital
