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Exercise of Share Appreciation Rights and Allotment of Southern Sun Ordinary Shares
Southern Sun Limited
Incorporated in the Republic of South Africa
Registration number 2002/006356/06
Share Code: SSU ISIN: ZAE000272522
("Southern Sun" or "the Company")
EXERCISE OF SHARE APPRECIATION RIGHTS AND ALLOTMENT OF SOUTHERN SUN ORDINARY SHARES AND
GRANT AND ACCEPTANCE OF SHARE APPRECIATION RIGHTS BY DIRECTORS
In compliance with Paragraphs 3.63 of the JSE Limited Listings Requirements, shareholders are advised that per
Southern Sun's Share Appreciation Rights Plan ("SARP"), Share Appreciation Rights ("SARs") vested and were
exercised by the following by directors of the Company and its major subsidiaries, to whom Southern Sun
ordinary shares ("SSUs") have been issued. The value of the SSUs issued is equal to the value of the appreciation
of the awarded SARs over the vesting period (net of tax).
Director Jaco Boshoff
Designation Director of Major Subsidiary – Southern Sun Hotel Interests (Pty) Ltd
Nature of transaction Off market exercise of SARs and allotment of SSUs
Nature of interest Direct, beneficial
Class of shares Ordinary SSU shares
Transaction date 1 July 2025
Number of SSU 328 013
Exercise price R8.8017
Transaction value R2 887 072.02
Clearance obtained Yes
Director Lindelwa Isabelle
Designation Director of Major Subsidiary, Southern Sun Hotel Interests (Pty) Ltd
Nature of transaction Off market exercise of SARs and allotment of SSUs
Nature of interest Direct, beneficial
Class of shares Ordinary SSU shares
Transaction date 1 July 2025
Number of SSU 274 367
Exercise price R8.7525
Transaction value R2 401 397.17
Clearance obtained Yes
Director Marcel Von Aulock
Designation Chief Executive Officer – Southern Sun Limited
Nature of transaction Off-market exercise of SARs and allotment of SSUs
Nature of interest Direct, beneficial*
Class of shares Ordinary SSU shares
Transaction date 1 July 2025
Number of SSU 548 898
Exercise price R8,7705
Transaction value R4 814 109.91
Clearance obtained Yes
* On allotment of the 548 898 SSU to Mr Von Aulock:
a) 260 000 SSU will immediately be transferred (off-market) at the exercise price to an Associate, Megalo
Investments (Pty) Ltd of which Mr Von Aulock is a director. Megalo is wholly owned by Megalo Trust, of
which Mr Von Aulock is an indirect beneficiary; and
b) 288 898 will immediately be transferred (off-market) at the exercise price to an Associate, Ingwezone (Pty)
Ltd, of which Mr Von Aulock is the sole shareholder and a director;
resulting in the nature of interest being indirect, beneficial.
Director Laurelle McDonald
Designation Chief Financial Officer
Nature of transaction Off market exercise of SARs and allotment of SSUs
Nature of interest Direct, beneficial
Class of shares Ordinary SSU shares
Exercise date 1 July 2025
Number of SSU 548 898
Exercise price R8,7705
Transaction value R4 814 109.91
Clearance obtained Yes
Further, in compliance with Paragraphs 3.63 to 3.74 of the JSE Limited Listings Requirements, the following
information is disclosed in relation to the granting and acceptance of SARs in terms of the SARP by directors of
the Company and its major subsidiaries.
Director Jaco Boshoff
Designation Director
Company Southern Sun Hotel Interests Pty Ltd
Nature of transaction Grant and acceptance of SARs, off market
Nature of interest Direct, beneficial
Class of shares Ordinary SSU shares
Date of grant of SARs 1 April 2025
Date of acceptance 30 June 2025
Clearance to deal Yes
Number of SARs strike price Value of transaction Vesting date of SARs Expiry Date of
SARs SARs
296 846 R8.4219 R2 500 007.33 31/03/2028 31/03/2029
Director Lindelwa Isabelle
Designation Director
Company Southern Sun Hotel Interests Pty Ltd
Nature of transaction Grant and acceptance of SARs, off market
Nature of interest Direct, beneficial
Class of shares Ordinary SSU shares
Date of grant of SARs 1 April 2025
Date of acceptance 30 June 2025
Clearance to deal Yes
Number of SARs strike price Value of transaction Vesting date of SARs Expiry Date of
SARs SARs
237 477 R8.4219 R2 000 007.55 31/03/2028 31/03/2029
Director Laurelle McDonald
Designation Chief Financial Officer
Company Southern Sun Limited
Nature of transaction Grant and acceptance of SARs, off market
Nature of interest Direct, beneficial
Class of shares Ordinary SSU shares
Date of grant of SARs 1 April 2025
Date of acceptance 30 June 2025
Clearance to deal Yes
Number of SARs strike price Value of transaction Vesting date of SARs Expiry Date of
SARs SARs
474 953 R8.4219 R4 000 006.67 31/03/2028 31/03/2029
Director Marcel Von Aulock
Designation Chief Executive Officer
Company Southern Sun Limited
Nature of transaction Grant and acceptance of SARs, off market
Nature of interest Direct, beneficial
Class of shares Ordinary SSU shares
Date of grant of SARs 1 April 2025
Date of acceptance 30 June 2025
Clearance to deal Yes
Number of SARs strike price Value of transaction Vesting date of SARs Expiry Date of
SARs SARs
356 215 R8.4219 R3 000 007.11 31/03/2028 31/03/2029
1 July 2025
Sponsor
Investec Bank Limited
Date: 01-07-2025 12:40:00
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