South Africa’s construction leader, Stefanutti Stocks, has transferred shares worth R13.3 million ($823,368) to directors following the vesting and net settlement of awards under its Forfeitable Share Plan.

The Johannesburg Stock Exchange-listed company said 9.84 million of the 10.05 million shares awarded to eligible employees in August 2023 vested on August 30, 2026, in accordance with the rules governing the plan.

Directors receive shares after tax settlement

Stefanutti Stocks implemented a net settlement mechanism to cover employees’ tax obligations arising from the vested awards. Under the arrangement, the number of treasury shares transferred to participants was reduced by the number of shares equivalent in value to their tax liability, with the company paying the resulting employee taxes to the South African Revenue Service.

Following the settlement, 5.412 million treasury shares were transferred to participants.

Chief Executive Officer Russell Crawford received 635,250 shares following the vesting of 1.155 million awards. At R6 per share, the transferred shares were valued at R3.81 million ($235,828).

Chief Financial Officer Yolanda du Plessis received 398,750 shares after 725,000 awards vested, with the transferred shares valued at R2.39 million ($147,924). Both transactions took place off-market on August 31, 2026, and represented direct beneficial interests in ordinary shares.

Major subsidiary directors also receive shares

Directors of Stefanutti Stocks Proprietary Limited, a major subsidiary of the group, also received shares following the vesting and net settlement of their awards. Eric Wisse, Matthew Horwill, Mauro Donato and Shaun White each had 430,000 awards vest and received 236,500 shares after the net settlement.

Each director’s transferred shares were valued at R1.42 million ($87,888) at the R6 per-share price, bringing the combined value of the four transactions to R5.68 million ($351,496).

The transactions were also conducted off-market and represented direct beneficial interests.

Stefanutti Stocks completes 2023 award cycle

The latest transfers mark the settlement of forfeitable share awards granted three years earlier under the Stefanutti Stocks Holdings Limited Forfeitable Share Plan 2009, as amended. The company disclosed the transactions in compliance with the JSE Listings Requirements governing dealings in securities by directors and related parties.

The awards were granted on August 30, 2023, and vested three years later under the plan’s rules. With the net settlement completed, Stefanutti Stocks has transferred the applicable treasury shares to participants while settling the associated tax obligations with the South African Revenue Service.