In August 2009, SPAR ordinary shareholders approved a broad based black economic empowerment transaction ('BBBEE Transaction') pursuant to which SPAR created, allocated and issued convertible, redeemable preference shares to the SPAR BBBEE Retailer Employee Trust and the SPAR BBBEE Employee Trust (collectively, the 'Trusts'). The BBBEE Transaction enabled SPAR employees and retailer employees (the 'Beneficiaries') to acquire the equivalent of 10% of the ordinary share capital of SPAR in issue at the inception of the BBBEE Transaction.

The BBBEE Transaction matured on 19 August 2016. The Trusts have sold approximately 7.4 million SPAR ordinary shares, on behalf of those Beneficiaries who elected to sell their SPAR ordinary shares for cash, by way of an accelerated bookbuild offering (the 'Offer'), which will settle on 29 August 2016. The Trusts will make an 'in specie' distribution of approximately 48 000 (the 'Distribution') SPAR ordinary shares to those Beneficiaries who elected to receive SPAR ordinary shares. Following the Offer and the Distribution the Trusts will no longer hold any ordinary shares in SPAR.

The BBBEE Transaction realised gross value of c.R1.5 billion for approximately 16 000 participants.

The SPAR Group Limited published this content on 24 August 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 24 August 2016 10:09:09 UTC.

Original documenthttps://www.spar.co.za/About-SPAR/SPAR-Financial/SENS-Media/View/321

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