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Dealings in Securities
LIBERTY TWO DEGREES LIMITED
Incorporated in the Republic of South Africa
(Registration number 2018/388906/06)
(Approved as a REIT by the JSE)
Share code: L2D ISIN: ZAE000260576
(“L2D” or “the Company”)
DEALINGS IN SECURITIES
In compliance with paragraphs 3.63 to 3.74 of the JSE Limited Listings Requirements, L2D hereby
announces the following transactions for the Directors of the Company in terms of L2D’s Restricted Share
Plan (“the “LTIP”).
1. FORFEITURE OF RESTRICTED SHARES PREVIOUSLY AWARDED
As a result of the performance condition, being distribution growth in excess of inflation, not being met in
respect of 100% of the second tranche of performance-based restricted shares awarded on 1 March 2018,
the following restricted ordinary shares held by the Executive Directors were forfeited on 1 March 2022:
Director (Chief Executive) Amelia Beattie
Number of securities forfeited 166 650 ordinary shares
Notional value per share * R4.20
Total notional value lost R699 930.00
Director (Financial Director) José Snyders
Number of securities forfeited 124 987 ordinary shares
Notional value per share * R4.20
Total notional value lost R524 945.40
As a result of the performance condition, being distribution growth in excess of inflation, not being met in
respect of 100% of the first tranche of performance-based restricted shares awarded on 1 March 2019, the
following restricted ordinary shares held by the Executive Directors and Company Secretary were forfeited
on 1 March 2022:
Director (Chief Executive) Amelia Beattie
Number of securities forfeited 212 744 ordinary shares
Notional value per share * R4.20
Total notional value lost R893 524.80
Director (Financial Director) José Snyders
Number of securities forfeited 141 829 ordinary shares
Notional value per share * R4.20
Total notional value lost R595 681.80
Company Secretary Benjamin Swanepoel
Number of securities forfeited 23 638 ordinary shares
Notional value per share * R4.20
Total notional value lost R99 279.60
2. VESTING OF RESTRICTED SHARES PREVIOUSLY AWARDED
The following restricted ordinary shares were awarded by STANLIB REIT Fund Managers (RF) Proprietary
Limited (“SRFM” or “Manager”) prior to the conversion of L2D to a Corporate REIT, the cost of which was
carried by Liberty Holdings Limited as the previous 100% shareholder of SRFM.
Director (Chief Executive) Amelia Beattie
Date of award 6 December 2016
Date of transaction (Vesting date) 1 March 2022
Number of securities 140 351 ordinary shares
Nature of transaction Off-market vesting of restricted share awards in respect
of the third and final tranche of share awards made on the
listing of L2D in terms of the LTIP. (No shares were sold
to cover the income tax liability)
Vesting periods One-third on 1 March 2020 (already vested), another one-
third on 1 March 2021 (already vested) and the balance
on 1 March 2022. No performance conditionality applies.
Price per share * R4.20
Total value of transaction R589 474.20
Nature and extent of interest Direct beneficial
Director (Financial Director) José Snyders
Date of award 1 March 2017
Date of transaction (Vesting date) 1 March 2022
Number of securities 40 849 ordinary shares
Nature of transaction Off-market vesting of restricted share awards in respect
of the third and final tranche of share awards made on
appointment to L2D.
Vesting periods One-third on 1 March 2020 (already vested), another one-
third on 1 March 2021 (already vested) and the balance
on 1 March 2022. No performance conditionality applies.
Price per share * R4.20
Total value of transaction R171 565.80
Nature and extent of interest Direct beneficial
Director (Financial Director) José Snyders
Date of transaction 1 March 2022
Number of securities 18 097 ordinary shares
Nature of transaction On-market sale to cover income tax liability
Price per share R4.30
Total value of transaction R77 817.10
Nature and extent of interest Direct beneficial
Director (Financial Director) José Snyders
Date of award 1 March 2017
Date of transaction (Vesting date) 1 March 2022
Number of securities 22 754 ordinary shares
Nature of transaction Off-market vesting of restricted share awards in respect
of the third and final tranche of share awards made on the
listing of L2D in terms of the LTIP.
Vesting periods One-third on 1 March 2020 (already vested), another one-
third on 1 March 2021 (already vested) and the balance
on 1 March 2022. No performance conditionality applies.
Price per share * R4.20
Total value of transaction R95 566.80
3. GRANT AND ACCEPTANCE OF SHARE AWARDS BY THE EXECUTIVE DIRECTORS
In compliance with paragraphs 3.63 to 3.74 of the JSE Limited Listings Requirements, L2D hereby
announces that the Directors and Company Secretary of the Company have been granted, and have
accepted, share awards in terms of L2D’s Long-Term Incentive Plan (“the LTIP”).
L2D’s Remuneration Committee approved the following share awards which are subject to performance
conditions:
Director (Chief Executive) Amelia Beattie
Acceptance date 1 March 2022
Number of securities 1 309 524
Nature of transaction Off-market award and acceptance of share awards in
terms of the LTIP.
Vesting periods One-third on 1 March 2025, another one-third on 1 March
2026 and the balance on 1 March 2027 subject to
performance conditions, being distribution growth, total
return of assets against the MSCI benchmark and a
strategic component.
Price per share * R4.20
Total value of transaction R5 500 000.80
Nature and extent of interest Indirect beneficial, via L2D’s Restricted Share Plan Trust
Director (Chief Executive) Amelia Beattie
Acceptance date 1 March 2022
Number of securities 282 950
Nature of transaction Off-market award and acceptance of share awards in
respect of a portion of short-term incentive remuneration
being deferred and converted into restricted shares in
terms of the LTIP.
Vesting periods One-third on 1 September 2023, another one-third on
1 September 2024 and the balance on 1 September 2025.
No conditionality applies.
Price per share * R4.20
Total value of transaction R1 188 390.00
Nature and extent of interest Indirect beneficial, via L2D’s Restricted Share Plan Trust
Director (Financial Director) José Snyders
Acceptance date 1 March 2022
Number of securities 714 286
Nature of transaction Off-market award and acceptance of share awards in
terms of the LTIP.
Vesting periods One-third on 1 March 2025, another one-third on 1 March
2026 and the balance on 1 March 2027 subject to
performance conditions, being distribution growth, total
return of assets against the MSCI benchmark and a
strategic component.
Price per share * R4.20
Total value of transaction R3 000 001.20
Nature and extent of interest Indirect beneficial, via L2D’s Restricted Share Plan Trust
Director (Financial Director) José Snyders
Acceptance date 1 March 2022
Number of securities 168 929
Nature of transaction Off-market award and acceptance of share awards in
respect of a portion of short-term incentive remuneration
being deferred and converted into restricted shares in
terms of the LTIP.
Vesting periods One-third on 1 September 2023, another one-third on
1 September 2024 and the balance on 1 September 2025.
No conditionality applies.
Price per share * R4.20
Total value of transaction R709 501.80
Nature and extent of interest Indirect beneficial, via L2D’s Restricted Share Plan Trust
Clearance to trade was obtained in terms of paragraph 3.66 of the JSE Limited Listings Requirements.
* The price per share is the closing price of the L2D ordinary share on Monday, 28 February 2022.
Johannesburg
3 March 2022
Sponsor
Merchantec Capital
Investor Relations
Sumenthree Moodley
Contact number: 011 358 9171
Date: 03-03-2022 09:55:00
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