AEL: ALLIED ELECTRONICS CORPORATION LIMITED - Dealing in securities by Directors, Prescribed Officers and Company Secretary Dealing in securities by Directors, Prescribed Officers and Company Secretary ALLIED ELECTRONICS CORPORATION LIMITED (Registration number 1947/024583/06) (Incorporated in the Republic of South Africa) Share code: AEL ISIN: ZAE000191342 ("Altron" or "Altron Group") DEALING IN SECURITIES BY DIRECTORS, PRESCRIBED OFFICERS AND COMPANY SECRETARY OF ALTRON AND ITS MAJOR SUBSIDIARIES: ALLOCATION AND VESTING OF 2017 AND 2018 SHARE APPRECIATION RIGHTS ("SARS") IN TERMS OF THE ALTRON 2009 SHARE PLAN Introduction / Rationale Shareholders are referred to the Company's SENS announcement dated 03 November 2020 and its subsequent circular to shareholders, issued on 03 November 2020 ("Circular"), regarding the Bytes Technology Group Limited demerger and the separate listing of Bytes Technology Group plc. The Circular provided shareholders with information regarding the post demerger impacts on the Altron Group, including but not limited to the remuneration and benefits of directors and/or prescribed officers and/or the Company Secretary. Shareholders were specifically notified of certain adjustments to be made to the awards granted to participants under The 2009 Altron Share Plan ("Plan") in order to place the participants in the same position as they were in prior to the demerger. 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 recent rebasing of Altron´s share price (which are as a consequence of the recent demerger), the Board has approved that certain adjustments be effected to the existing awards. Such adjustments as recently approved by the Board includes the reducing strike price of existing awards, accelerated vesting of awards granted under the 2017 and 2018 schemes, adjusting the performance criteria for the remaining vesting period in respect of existing awards made under the 2019 and 2020 schemes and applying extended vesting to shares issued to compensate for the negative strike price. Accordingly the following awards previously made to directors and/or prescribed officers and/or the Company Secretary of the Altron 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: Director: Mr. Mteto Nyati Designation: Executive Director - Chief Executive Officer Company: Altron Date of Transaction: 23 February 2021 Nature of transaction: Automatic vesting of 2017 share appreciation rights Class of Securities: Altron A Ordinary Shares Original Strike Price: R10.00 Adjusted Strike Price: R0.00 VWAP Price applicable to vesting: R11.12 Number of 2017 SARS instruments: 1,333,334 Value of transaction: R14,826,674 Nature of interest: Direct Beneficial Clearance to deal obtained: Yes Director: Mr. Mteto Nyati Designation: Executive Director - Chief Executive Officer Company: Altron Date of Transaction: 23 February 2021 Nature of transaction: Allocation of additional securities in respect of the 2017 share appreciation rights, vesting based on performance criteria, to compensate for the negative strike price calculated by reducing the original strike price by the Bytes UK demerger dividend Class of Securities Issued: Bonus Shares Number of 2017 SARS Instruments: 1,333,334 Negative strike price: R16.84 Value of transaction: R22,453,345 Vesting period of additional instruments issued: Three year vesting period in equal annual tranches from February 2022 to February 2024 Nature of interest: Direct Beneficial Clearance to deal obtained: Yes Director: Mr. Mteto Nyati Designation: Executive Director - Chief Executive Officer Company: Altron Date of Transaction: 23 February 2021 Nature of transaction: Automatic vesting of 2018 share appreciation rights Class of Securities: Altron A Ordinary Shares Original Strike Price: R14.98 Adjusted Strike Price: R0.00 VWAP Price applicable to vesting: R11.12 Number of 2018 SARS instruments: 258,146 Value of transaction: R2,870,584 Nature of interest: Direct Beneficial Clearance to deal obtained: Yes Director: Mr. Mteto Nyati Designation: Executive Director - Chief Executive Officer Company: Altron Date of Transaction: 23 February 2021 Nature of transaction: Allocation of additional securities in respect of the 2018 share appreciation rights, vesting based on performance criteria, to compensate for the negative strike price calculated by reducing the original strike price by the Bytes UK demerger dividend. Class of Securities Issued: Bonus Shares Number of 2018 SARS Instruments: 258,146 Negative strike price R11.86 Value of transaction: R3,061,612 Vesting period of additional instruments issued: Three year vesting period in equal annual tranches from February 2022 to February 2024 Nature of interest: Direct Beneficial Clearance to deal obtained: Yes Director: Mr. Andrew Holden Designation: Executive Director - Chief Operating Officer Company: Altron TMT Holding Pty Limited (major subsidiary of Altron) Date of Transaction: 23 February 2021 Nature of transaction: Automatic vesting of 2018 share appreciation rights Class of Securities: Altron A Ordinary Shares Original Strike Price: R14.98 Adjusted Strike Price: R0.00 VWAP Price applicable to vesting: R11.12 Number of 2018 SARS instruments: 132,446 Value of transaction: R1,472,798 Nature of interest: Direct Beneficial Clearance to deal obtained: Yes Director: Mr. Andrew Holden Designation: Executive Director - Chief Operations Officer Company: Altron TMT Holdings Pty Ltd (major subsidiary of Altron) Date of Transaction: 23 February 2021 Nature of transaction: Allocation of additional securities in respect of the 2018 share appreciation rights, vesting based on performance criteria, to compensate for the negative strike price calculated by reducing the original strike price by the Bytes UK demerger dividend. Class of Securities Issued: Bonus Shares Number of 2018 SARS Instruments: 132,446 Negative strike price R11.86 Value of transaction: R1,570,808 Vesting period of additional instruments issued: Three year vesting period in equal annual tranches from February 2022 to February 2024 Nature of interest: Direct Beneficial Clearance to deal obtained: Yes Director: Mr. Collin Govender Designation: Executive Director Company: Altron TMT Holding Pty Limited (major subsidiary of Altron) Date of Transaction: 23 February 2021 Nature of transaction: Automatic vesting of 2018 share appreciation rights Class of Securities: Altron A Ordinary Shares Original Strike Price: R14.98 Adjusted Strike Price: R0.00 VWAP Price applicable to vesting: R11.12 Number of 2018 SARS instruments: 86,048 Value of transaction: R956,859 Nature of interest: Direct Beneficial Clearance to deal obtained: Yes Director: Mr. Collin Govender Designation: Executive Director Company: Altron TMT Holdings Pty Ltd (major subsidiary of Altron) Date of Transaction: 23 February 2021 Nature of transaction: Allocation of additional securities in respect of the 2018 share appreciation rights, vesting based on performance criteria, to compensate for the negative strike price calculated by reducing the original strike price by the Bytes UK demerger dividend. Class of Securities Issued: Bonus Shares Number of 2018 SARS Instruments: 86,048 Negative strike price R11.86 Value of transaction: R1,020,535 Vesting period of additional instruments issued: Three year vesting period in equal annual tranches from February 2022 to February 2024 Nature of interest: Direct Beneficial Clearance to deal obtained: Yes Director: Ms. Zipporah Maubane Designation: Executive Director Company: Altron TMT Holdings (Pty) Limited (major subsidiary of Altron) Date of Transaction: 23 February 2021 Nature of transaction: Automatic vesting of 2018 share appreciation rights Class of Securities: Altron A Ordinary Shares Original Strike Price: R14.98 Adjusted Strike Price: R0.00 VWAP Price applicable to vesting: R11.12 Number of 2018 SARS instruments: 75,436 Value of transaction: R838,486 Nature of interest: Direct Beneficial Clearance to deal obtained: Yes Director: Ms. Zipporah Maubane Designation: Executive Director Company: Altron TMT Holdings (Pty) Limited (major subsidiary of Altron) Date of Transaction: 23 February 2021 Nature of transaction: Allocation of additional securities in respect of the 2018 share appreciation rights, vesting based on performance criteria, to compensate for the negative strike price calculated by reducing the original strike price by the Bytes UK demerger dividend. Class of Securities Issued: Bonus Shares Number of 2018 SARS Instruments: 75,436 Negative strike price R11.86 Value of transaction: R894,669 Vesting period of additional instruments issued: Three year vesting period in equal annual tranches from February 2022 to February 2024 Nature of interest: Direct Beneficial Clearance to deal obtained: Yes Shareholders are advised that the adjustments above do not amend the Share Plan in any way and the adjustments are effected as a result of the negative effect of the strike price due to the rebasing of Altron´s share price which came about as a consequence of the Bytes demerger. In order to ensure that Altron´s employees are remunerated fairly and in line with Altron´s Remuneration Policy, the Board has considered the performance criteria and the other measurements set out in Altron´s Share Plan Rules. Other than for the above-mentioned adjustments made to the awards granted to participants under the 2009 Altron Share, there will be no variation in the remuneration receivable by the executive directors, prescribed officers and Company Secretary of Altron. The new share allocations in respect of the 2017 and 2018 SARS will vest in three years in accordance with the Plan rules. Johannesburg 23 February 2021 Sponsor: Investec Bank Limited Date: 23-02-2021 05:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. 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