Oryx Properties executive directors Ben Jooste and Francis Heunis have vested a combined 122,482 linked units under the company's Long Term Share Incentive Scheme. The vesting occurred on 1 July 2026, following the allocation of the linked units on 30 June 2023. This transaction has a significant financial implication for both directors. The vesting price and market value of the units varied between the two directors.
Ben Jooste, an executive director of Oryx Properties, vested 78,358 linked units at a vesting price of N$13.63 per unit. The market value of these units is N$1.068 million. Jooste's award price was N$11 per linked unit. Additionally, the market value of the vested interest accumulated on the units was N$211,174.81. This information provides insight into Jooste's shareholding.
Francis Heunis vested 44,124 linked units at the same vesting price of N$13.63 per unit. The market value of Heunis' units is N$601,410.12. Heunis also accumulated a market value of N$118,914.18 on the vested interest of his units. The combined market value of the 122,482 vested linked units is approximately N$1.67 million. This substantial amount reflects the company's investment in its directors.
The vested linked units will be transferred to and registered in the name of Grace Spartan Investments (Pty) Ltd. This company is used by both directors to hold their interests. Ben Jooste owns 83% of the issued share capital of Grace Spartan Investments, while Francis Heunis owns the remaining 17%. The transfer is pending and will be completed according to the settlement procedures of the Namibia Securities Exchange.
Oryx Properties stated that the transfer of the vested linked units does not change the beneficial ownership of the units. The directors will remain the beneficial owners in the same proportions as the units vested in their names. This means that the transaction does not constitute a disposal of, or change in, the directors' beneficial interests in the company's securities.
The transactions were disclosed in accordance with paragraphs 3.63 and 3.65 of the Namibia Securities Exchange Listings Requirements. This compliance ensures transparency and accountability in the company's dealings. The disclosure provides stakeholders with essential information about the company's shareholding and director interests.
The vesting of linked units under the Long Term Share Incentive Scheme is part of Oryx Properties' strategy to incentivize and reward its directors. This scheme aligns the directors' interests with those of the shareholders, promoting long-term growth and performance. The vesting of units reinforces the company's commitment to its executive team.
Key points
- Oryx Properties directors vest 122,482 linked units worth N$1.67 million
- The vesting occurred on 1 July 2026, following allocation on 30 June 2023
- The transaction does not change the beneficial ownership of the linked units
