AEL: ALLIED ELECTRONICS CORPORATION LIMITED - Dealing in Securities by a Director of Altron and its Major Subsidiaries
Dealing in Securities by a Director of Altron and its Major Subsidiaries

ALLIED ELECTRONICS CORPORATION LIMITED
(Registration number 1947/024583/06)
(Incorporated in the Republic of South Africa)
Share code: AEL ISIN: ZAE000191342
("Altron" or "Group" or "Company")


DEALING IN SECURITIES BY A DIRECTOR OF ALTRON AND ITS MAJOR SUBSIDIARIES: ALLOCATION OF BONUS
SHARES ON 2019 AND 2020 SHARE APPRECIATION RIGHTS ("SARS") IN TERMS OF THE ALTRON 2009 SHARE
PLAN


Shareholders are referred to the Company's SENS announcement dated 23 February 2021 where the rationale
for certain adjustments were made to the 2017 awards granted to participants under The 2009 Altron Share
Plan ("Plan") in order to place the participants in the same position as they were prior to the Bytes UK demerger.


The Bytes UK demerger also had an impact to the 2018, 2019 and 2020 issuances in terms of the Altron Share
Plan. The 2018 issuance is subject to accelerated vesting on the third anniversary date in June 2021 and the
relevant changes will be communicated in a separate SENS at the appropriate time. The 2019 and 2020
issuances are not subject to accelerated vesting and changes to these issuances will be shared in more detail
below.

In accordance with the rules of the Plan, there will be no variation in the remuneration receivable by the
executive directors. However, as a result of a negative strike price on vesting, given the rebasing of Altron´s
share price which is as a consequence of the Bytes UK demerger, the Board has approved that certain
adjustments be effected to awards previously allocated to participants in 2019 and 2020. Such adjustments as
recently approved by the Board include: Reduction of the strike price of existing awards granted under the 2019
and 2020 issuances as well as additional bonus appreciation rights issued to compensate for the negative strike
price following the Bytes UK demerger. In addition, the Board amended the performance criteria over the
remaining vesting periods and the quantum of ultimate vesting of both original Share Appreciation Rights and
the additional bonus appreciation rights will be determined by the extent of the amended performance criteria
being achieved.

Vesting Conditions:
Accordingly the following awards previously made to a director of the Group have been adjusted in accordance
with the provisions of Schedule 14.3 and are now disclosed below in terms of paragraph´s 3.63 - 3.74 of the JSE
Listings Requirements:

In terms of the 2019 grant, the performance criteria will be applied on the third anniversary date being February
2022 and the qualifying SARS will vest equally over three years at the prevailing market rate at a strike price of
R0.00 (zero).

In terms of the 2020 grant, the performance criteria will be applied on the third anniversary date being February
2023 and the qualifying SARS will vest equally over three years at the prevailing market rate at a strike price of
R0.00 (zero).

2019 SARS - Bonus Share Allocations:
Director:                                     Mr. Mteto Nyati
Designation:                                  Executive Director - Chief Executive Officer
Company:                                      Altron
Date of Transaction:                          13 May 2021
Nature of transaction:                        Allocation of additional securities to compensate
                                              for negative strike price arising as a result of
                                              Bytes UK demerger. This additional allocation to
                                              be subject to performance criteria and original
                                              vesting periods
Class of Securities:                          Altron A Ordinary Shares
Original Strike Price:                        R18.60
Negative Strike Price:                        R8.24
Price applicable to bonus share allocation:   R11.03
Original Number of 2019 SARS allocated:       375 878
Bonus Shares allocated:                       280 801
Instruments issued:                           Three year vesting period in equal annual
                                              tranches from February 2022 to February 2024
Nature of interest:                           Direct Beneficial


Director:                                     Mr. Mteto Nyati
Designation:                                  Executive Director - Chief Executive Officer
Company:                                      Altron
Date of Transaction:                          13 May 2021
Nature of transaction:                        Allocation of additional securities to compensate
                                              for negative strike price arising as a result of
                                              Bytes UK demerger. This additional allocation to
                                              be subject to performance criteria and original
                                              vesting periods
Class of Securities:                          Altron A Ordinary Shares
Original Strike Price:                        R23.70
Negative Strike Price:                        R3.14
Price applicable to bonus share allocation:   R11.03
Original Number of 2019 SARS allocated:       175 623
Bonus Shares allocated:                       49 996
Instruments issued:                           Three year vesting period in equal annual
                                              tranches from August 2022 to August 2024
Nature of interest:                           Direct Beneficial


2020 SARS - Bonus Share Allocations:
Director:                                     Mr. Mteto Nyati
Designation:                                  Executive Director - Chief Executive Officer
Company:                                      Altron
Date of Transaction:                          13 May 2021
Nature of transaction:                        Allocation of additional securities to compensate
                                              for negative strike price arising as a result of
                                              Bytes UK demerger. This additional allocation to
                                              be subject to performance criteria and original
                                              vesting periods
Class of Securities:                          Altron A Ordinary Shares
Original Strike Price:                        R20.00
Negative Strike Price:                        R6.84
Price applicable to bonus share allocation:   R11.03
Original Number of 2020 SARS allocated:       519 385
Bonus Shares allocated:                       322 085
Instruments issued:                           Three year vesting period in equal annual
                                              tranches from May 2023 to May 2025
Nature of interest:                           Direct Beneficial


Shareholders are advised that the adjustments above do not amend the Plan, and the adjustments were
effected as a result of the negative effect of the strike price which was due to the rebasing of Altron´s share
price which came about as a consequence of the Bytes UK demerger. The above mentioned adjustments, are
subject to performance criteria being met. In addition, no accelerated vesting has been applied to the 2019 and
2020 issuances, and vesting will take place as originally envisaged.

Other than for the above-mentioned adjustments made to the awards granted to participants under the Plan,
there will be no variation in the remuneration receivable by the executive directors and the Company Secretary
of Altron unless approved by the Altron Board of Directors.


Johannesburg
04 June 2021
Sponsor: Investec Bank Limited

Date: 04-06-2021 12:00:00
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