SENS-AI
HLM Director Dealings Neutral

HULAMIN LIMITED - Vesting of shares awarded to directors and directors of major subsidiaries and subsequent disposal of shares

Hulamin Limited
Full analysis

What this filing means

Hulamin directors disposed of approximately R889,000 worth of shares on-market following the scheduled vesting of long-term incentive and BEE scheme awards.

Hulamin's executives received shares from an old bonus plan and sold some of them on the open market. This is a routine paperwork update regarding their compensation, not a change in the company's business strategy.

Bull case

  • The disclosures confirm the orderly, mechanical settlement of historical incentive and BEE schemes (dating back to 2021-2023) rather than signifying fresh discretionary bearish conviction from insiders.
  • Several directors, including Executive Director P Nirghin and subsidiary director KP Deere, opted for only partial disposals of their vested shares, retaining a portion of their new equity exposure.

Bear case

  • The combined on-market disposals across multiple executive and subsidiary directors added approximately R889,000 of supply to the market while the stock trades at its 52-week low.
  • The majority of the disposals executed on 9 June were priced at R1.74 per share, representing an 8.9% discount to the notional vesting reference price of R1.91 per share.

AI-generated summary by SENS-AI, based on the original JSE SENS filing.

SENS-AI conclusion

Hulamin disclosed the vesting of historical Bonus and A3 scheme shares and the subsequent on-market disposal of roughly R889,000 worth of these shares by executive and subsidiary directors. The transactions represent the mechanical completion of previously announced share plans and BEE conversions rather than discretionary insider selling, though the sales were notably executed at an 8.9% discount to the R1.91 notional vesting price. This does not signal a structural change in management's outlook, nor does it alter the company's fundamental investment case. Investor Takeaway: This is a routine administrative disclosure regarding the settlement of long-term incentives, carrying no fresh directional signal for the equity. Rating Context: This is a technical/administrative event with no direct equity impact.

Routine filing. No equity signal. No portfolio action required.

Decision framework

Current stance: Filing Neutral

Key drivers

  • The disclosures confirm the orderly, mechanical settlement of historical incentive and BEE schemes (dating back to 2021-2023) rather than signifying fresh discretionary bearish conviction from insiders.
  • Several directors, including Executive Director P Nirghin and subsidiary director KP Deere, opted for only partial disposals of their vested shares, retaining a portion of their new equity exposure.

Key risks

  • The combined on-market disposals across multiple executive and subsidiary directors added approximately R889,000 of supply to the market while the stock trades at its 52-week low.
  • The majority of the disposals executed on 9 June were priced at R1.74 per share, representing an 8.9% discount to the notional vesting reference price of R1.91 per share.

What would change the view

  • Guidance and cash-flow quality both improve materially from current baseline.
  • Subsequent filings remove current uncertainty and confirm durable execution.
  • Market structure/positioning shifts enough to support a directional thesis.

Evidence from the filing

  • The combined on-market disposals across multiple executive and subsidiary directors added approximately R889,000 of supply to the market while the stock trades at its 52-week low.

    “Name of recipient: M Gounder - Executive Director. Trade 1: Number of Bonus Shares disposed of: 135 976. Date of delivery and disposal: 9 June 2026. Price per share: R1.74. Total value of Bonus Shares disposed of on-market: R237 101.35.”

  • The disclosures confirm the orderly, mechanical settlement of historical incentive and BEE schemes (dating back to 2021-2023) rather than signifying fresh discretionary bearish conviction from insiders.

    “Name of recipient: M Gounder - Executive Director Name of company: Hulamin Limited Type of interest: Direct beneficial Clearance to deal obtained: Yes Trade 1: Nature of transaction: Off-market delivery of Bonus Shares awarded in terms of the Share Plan and the subsequent on- market disposal of those shares Date of Bonus Award: 13 December 2022 Date of vesting of Bonus Award: 25 April 2026 Number of Bonus Shares vested: 135 976 Issue price: Rnil (Free of charge) Notional value of transaction (based on an implied price of R1.91 per Hulamin share, being the closing price on the date immediately preceding the date of vesting): R259 714.16 Number of Bonus Shares disposed of: 135 976 Date of delivery and disposal: 9 June 2026 Price per share: R1.74 Total value of Bonus Shares disposed of on- market: R237 101.35 Trade 2: Nature of transaction: Off-market delivery of Bonus Shares awarded in terms of the Share Plan and the subsequent on- market disposal of those shares Date of Bonus Award: 27 March 2023 Date of vesting of Bonus Award: 25 April 2026 Number of Bonus Shares vested: 82 357 Issue price: Rnil (Free of charge) Notional value of transaction (based on an implied price of R1.91 per Hulamin share, being the closing price on the date immediately preceding the date of vesting): R157 301.87 Number of Bonus Shares disposed of: 82 357 Date of delivery and disposal: 9 June 2026 Price per share: R1.74 Total value of Bonus Shares disposed of on- market: R143 605.90 Trade 3: Nature of transaction: Off-market delivery of A3 Shares awarded in terms of the BEE Scheme, subsequent conversion to ordinary shares and the subsequent on-market disposal of those shares Date of A3 Share award: 1 December 2021 Date of vesting of A3 Share award: 25 April 2026 Number of ordinary shares vested: 18 442 Issue price: Rnil (Free of charge) Notional value of transaction (based on an implied price of R1.91 per Hulamin share, being the closing price on the date immediately preceding the date of vesting): R32 224.22 Number of ordinary shares disposed of: 18 442 Date of delivery and disposal: 9 June 2026 Price per share: R1.74 Total value of ordinary shares disposed of on-market: R32 157.32 Name of recipient: P Nirghin - Executive Director Name of company: Hulamin Limited Type of interest: Direct beneficial Clearance to deal obtained: Yes Trade 1: Nature of transaction: Off-market delivery of Bonus Shares awarded in terms of the Share Plan and the subsequent on- market partial disposal of those shares Date of Bonus Award: 27 March 2023 Date of vesting of Bonus Award: 25 April 2026 Date of delivery of Bonus Award: 9 June 2026 Number of Bonus Shares vested: 24 843 Issue price: Rnil (Free of charge) Notional value of transaction (based on an implied price of R1.91 per Hulamin share, being the closing price on the date immediately preceding the date of vesting): R47 450.13 Number of Bonus Shares disposed of: 11 552 Date of disposal: 9 June 2026 Price per share: R1.74 Total value of Bonus Shares disposed of on- market: R20 143.22 Trade 2: Nature of transaction: Off-market delivery of A3 Shares awarded in terms of the BEE Scheme, subsequent conversion to ordinary shares and the subsequent partial on- market disposal of those shares Date of A3 Share award: 1 December 2021 Date of vesting of A3 Share award: 25 April 2026 Date of delivery of ordinary shares: 9 June 2026 Number of ordinary shares vested: 16 463 Issue price: Rnil (Free of charge) Notional value of transaction (based on an implied price of R1.91 per Hulamin share, being the closing price on the date immediately preceding the date of vesting): R31 444.33 Number of ordinary shares disposed of: 7 655 Date of disposal: 9 June 2026 Price per share: R1.74 Total value of ordinary shares disposed of on-market: R13 348.02 Name of recipient: KP Deere - Director of major subsidiary Name of company: Hulamin Operations Proprietary Limited Type of interest: Direct beneficial Clearance to deal obtained: Yes Trade 1: Nature of transaction: Off-market delivery of Bonus Shares awarded in terms of the Share Plan and the subsequent on- market partial disposal of those shares Date of Bonus Award: 13 December 2022 Date of vesting of Bonus Award: 25 April 2026 Date of delivery of Bonus Award: 9 June 2026 Number of Bonus Shares vested: 41 977 Issue price: Rnil (Free of charge) Notional value of transaction (based on an implied price of R1.91 per Hulamin share, being the closing price on the date immediately preceding the date of vesting): R80 176.07 Number of Bonus Shares disposed of: 19 519 Date of disposal: 9 June 2026 Price per share: R1.74 Total value of Bonus Shares disposed of on- market: R34 035.28 Trade 2: Nature of transaction: Off-market delivery of Bonus Shares awarded in terms of the Share Plan and the subsequent on- market partial disposal of those shares Date of Bonus Award: 27 March 2023 Date of vesting of Bonus Award: 25 April 2026 Date of delivery of Bonus Award: 9 June 2026 Number of Bonus Shares vested: 55 654 Issue price: Rnil (Free of charge) Notional value of transaction (based on an implied price of R1.91 per Hulamin share, being the closing price on the date immediately preceding the date of vesting): R106 299.14 Number of Bonus Shares disposed of: 25 879 Date of disposal: 9 June 2026 Price per share: R1.74 Total value of Bonus Shares disposed of on- market: R45 125.21 Name of recipient: Z Gumede - Director of major subsidiary Name of company: Hulamin Operations Proprietary Limited Type of interest: Direct beneficial Clearance to deal obtained: Yes Trade 1: Nature of transaction: Off-market delivery of Bonus Shares awarded in terms of the Share Plan and the subsequent on- market disposal of those shares Date of Bonus Award: 13 December 2022 Date of vesting of Bonus Award: 25 April 2026 Number of Bonus Shares vested: 112 336 Issue price: Rnil (Free of charge) Notional value of transaction (based on an implied price of R1.91 per Hulamin share, being the closing price on the date immediately preceding the date of vesting): R214 561.76 Number of Bonus Shares disposed of: 112 336 Date of delivery and disposal: 29 April 2026 Price per share: R1.90 Total value of Bonus Shares disposed of on- market: R213 708.01 Trade 2: Nature of transaction: Off-market delivery of Bonus Shares awarded in terms of the Share Plan and the subsequent on- market disposal of those shares Date of Bonus Award: 27 March 2023 Date of vesting of Bonus Award: 25 April 2026 Number of Bonus Shares vested: 65 190 Issue price: Rnil (Free of charge) Notional value of transaction (based on an implied price of R1.91 per Hulamin share, being the closing price on the date immediately preceding the date of vesting): R124 512.90 Number of Bonus Shares disposed of: 65 190 Date of delivery and disposal: 29 April 2026 Price per share: R1.90 Total value of Bonus Shares disposed of on- market: R124 017.46 Trade 3: Nature of transaction: Off-market delivery of A3 Shares awarded in terms of the BEE Scheme, subsequent conversion to ordinary shares and the subsequent on-market disposal of those shares Date of A3 Share award: 1 December 2021 Date of vesting of A3 Share award: 25 April 2026 Number of ordinary shares vested: 14 728 Issue price: Rnil (Free of charge) Notional value of transaction (based on an implied price of R1.91 per Hulamin share, being the closing price on the date immediately preceding the date of vesting): R28 130.48 Number of ordinary shares disposed of: 14 728 Date of delivery and disposal: 22 May 2026 Price per share: R1.78 Total value of ordinary shares disposed of on-market: R26 171.66 Pietermaritzburg 12 June 2026 Sponsor Questco Corporate Advisory Proprietary Limited Date: 12 2026 02:45:00 Produced by the JSE SENS Department.”

  • Several directors, including Executive Director P Nirghin and subsidiary director KP Deere, opted for only partial disposals of their vested shares, retaining a portion of their new equity exposure.

    “Name of recipient: M Gounder - Executive Director Name of company: Hulamin Limited Type of interest: Direct beneficial Clearance to deal obtained: Yes Trade 1: Nature of transaction: Off-market delivery of Bonus Shares awarded in terms of the Share Plan and the subsequent on- market disposal of those shares Date of Bonus Award: 13 December 2022 Date of vesting of Bonus Award: 25 April 2026 Number of Bonus Shares vested: 135 976 Issue price: Rnil (Free of charge) Notional value of transaction (based on an implied price of R1.91 per Hulamin share, being the closing price on the date immediately preceding the date of vesting): R259 714.16 Number of Bonus Shares disposed of: 135 976 Date of delivery and disposal: 9 June 2026 Price per share: R1.74 Total value of Bonus Shares disposed of on- market: R237 101.35 Trade 2: Nature of transaction: Off-market delivery of Bonus Shares awarded in terms of the Share Plan and the subsequent on- market disposal of those shares Date of Bonus Award: 27 March 2023 Date of vesting of Bonus Award: 25 April 2026 Number of Bonus Shares vested: 82 357 Issue price: Rnil (Free of charge) Notional value of transaction (based on an implied price of R1.91 per Hulamin share, being the closing price on the date immediately preceding the date of vesting): R157 301.87 Number of Bonus Shares disposed of: 82 357 Date of delivery and disposal: 9 June 2026 Price per share: R1.74 Total value of Bonus Shares disposed of on- market: R143 605.90 Trade 3: Nature of transaction: Off-market delivery of A3 Shares awarded in terms of the BEE Scheme, subsequent conversion to ordinary shares and the subsequent on-market disposal of those shares Date of A3 Share award: 1 December 2021 Date of vesting of A3 Share award: 25 April 2026 Number of ordinary shares vested: 18 442 Issue price: Rnil (Free of charge) Notional value of transaction (based on an implied price of R1.91 per Hulamin share, being the closing price on the date immediately preceding the date of vesting): R32 224.22 Number of ordinary shares disposed of: 18 442 Date of delivery and disposal: 9 June 2026 Price per share: R1.74 Total value of ordinary shares disposed of on-market: R32 157.32 Name of recipient: P Nirghin - Executive Director Name of company: Hulamin Limited Type of interest: Direct beneficial Clearance to deal obtained: Yes Trade 1: Nature of transaction: Off-market delivery of Bonus Shares awarded in terms of the Share Plan and the subsequent on- market partial disposal of those shares Date of Bonus Award: 27 March 2023 Date of vesting of Bonus Award: 25 April 2026 Date of delivery of Bonus Award: 9 June 2026 Number of Bonus Shares vested: 24 843 Issue price: Rnil (Free of charge) Notional value of transaction (based on an implied price of R1.91 per Hulamin share, being the closing price on the date immediately preceding the date of vesting): R47 450.13 Number of Bonus Shares disposed of: 11 552 Date of disposal: 9 June 2026 Price per share: R1.74 Total value of Bonus Shares disposed of on- market: R20 143.22 Trade 2: Nature of transaction: Off-market delivery of A3 Shares awarded in terms of the BEE Scheme, subsequent conversion to ordinary shares and the subsequent partial on- market disposal of those shares Date of A3 Share award: 1 December 2021 Date of vesting of A3 Share award: 25 April 2026 Date of delivery of ordinary shares: 9 June 2026 Number of ordinary shares vested: 16 463 Issue price: Rnil (Free of charge) Notional value of transaction (based on an implied price of R1.91 per Hulamin share, being the closing price on the date immediately preceding the date of vesting): R31 444.33 Number of ordinary shares disposed of: 7 655 Date of disposal: 9 June 2026 Price per share: R1.74 Total value of ordinary shares disposed of on-market: R13 348.02 Name of recipient: KP Deere - Director of major subsidiary Name of company: Hulamin Operations Proprietary Limited Type of interest: Direct beneficial Clearance to deal obtained: Yes Trade 1: Nature of transaction: Off-market delivery of Bonus Shares awarded in terms of the Share Plan and the subsequent on- market partial disposal of those shares Date of Bonus Award: 13 December 2022 Date of vesting of Bonus Award: 25 April 2026 Date of delivery of Bonus Award: 9 June 2026 Number of Bonus Shares vested: 41 977 Issue price: Rnil (Free of charge) Notional value of transaction (based on an implied price of R1.91 per Hulamin share, being the closing price on the date immediately preceding the date of vesting): R80 176.07 Number of Bonus Shares disposed of: 19 519 Date of disposal: 9 June 2026 Price per share: R1.74 Total value of Bonus Shares disposed of on- market: R34 035.28 Trade 2: Nature of transaction: Off-market delivery of Bonus Shares awarded in terms of the Share Plan and the subsequent on- market partial disposal of those shares Date of Bonus Award: 27 March 2023 Date of vesting of Bonus Award: 25 April 2026 Date of delivery of Bonus Award: 9 June 2026 Number of Bonus Shares vested: 55 654 Issue price: Rnil (Free of charge) Notional value of transaction (based on an implied price of R1.91 per Hulamin share, being the closing price on the date immediately preceding the date of vesting): R106 299.14 Number of Bonus Shares disposed of: 25 879 Date of disposal: 9 June 2026 Price per share: R1.74 Total value of Bonus Shares disposed of on- market: R45 125.21 Name of recipient: Z Gumede - Director of major subsidiary Name of company: Hulamin Operations Proprietary Limited Type of interest: Direct beneficial Clearance to deal obtained: Yes Trade 1: Nature of transaction: Off-market delivery of Bonus Shares awarded in terms of the Share Plan and the subsequent on- market disposal of those shares Date of Bonus Award: 13 December 2022 Date of vesting of Bonus Award: 25 April 2026 Number of Bonus Shares vested: 112 336 Issue price: Rnil (Free of charge) Notional value of transaction (based on an implied price of R1.91 per Hulamin share, being the closing price on the date immediately preceding the date of vesting): R214 561.76 Number of Bonus Shares disposed of: 112 336 Date of delivery and disposal: 29 April 2026 Price per share: R1.90 Total value of Bonus Shares disposed of on- market: R213 708.01 Trade 2: Nature of transaction: Off-market delivery of Bonus Shares awarded in terms of the Share Plan and the subsequent on- market disposal of those shares Date of Bonus Award: 27 March 2023 Date of vesting of Bonus Award: 25 April 2026 Number of Bonus Shares vested: 65 190 Issue price: Rnil (Free of charge) Notional value of transaction (based on an implied price of R1.91 per Hulamin share, being the closing price on the date immediately preceding the date of vesting): R124 512.90 Number of Bonus Shares disposed of: 65 190 Date of delivery and disposal: 29 April 2026 Price per share: R1.90 Total value of Bonus Shares disposed of on- market: R124 017.46 Trade 3: Nature of transaction: Off-market delivery of A3 Shares awarded in terms of the BEE Scheme, subsequent conversion to ordinary shares and the subsequent on-market disposal of those shares Date of A3 Share award: 1 December 2021 Date of vesting of A3 Share award: 25 April 2026 Number of ordinary shares vested: 14 728 Issue price: Rnil (Free of charge) Notional value of transaction (based on an implied price of R1.91 per Hulamin share, being the closing price on the date immediately preceding the date of vesting): R28 130.48 Number of ordinary shares disposed of: 14 728 Date of delivery and disposal: 22 May 2026 Price per share: R1.78 Total value of ordinary shares disposed of on-market: R26 171.66 Pietermaritzburg 12 June 2026 Sponsor Questco Corporate Advisory Proprietary Limited Date: 12 2026 02:45:00 Produced by the JSE SENS Department.”

  • The majority of the disposals executed on 9 June were priced at R1.74 per share, representing an 8.9% discount to the notional vesting reference price of R1.91 per share.

    “Name of recipient: M Gounder - Executive Director Name of company: Hulamin Limited Type of interest: Direct beneficial Clearance to deal obtained: Yes Trade 1: Nature of transaction: Off-market delivery of Bonus Shares awarded in terms of the Share Plan and the subsequent on- market disposal of those shares Date of Bonus Award: 13 December 2022 Date of vesting of Bonus Award: 25 April 2026 Number of Bonus Shares vested: 135 976 Issue price: Rnil (Free of charge) Notional value of transaction (based on an implied price of R1.91 per Hulamin share, being the closing price on the date immediately preceding the date of vesting): R259 714.16 Number of Bonus Shares disposed of: 135 976 Date of delivery and disposal: 9 June 2026 Price per share: R1.74 Total value of Bonus Shares disposed of on- market: R237 101.35 Trade 2: Nature of transaction: Off-market delivery of Bonus Shares awarded in terms of the Share Plan and the subsequent on- market disposal of those shares Date of Bonus Award: 27 March 2023 Date of vesting of Bonus Award: 25 April 2026 Number of Bonus Shares vested: 82 357 Issue price: Rnil (Free of charge) Notional value of transaction (based on an implied price of R1.91 per Hulamin share, being the closing price on the date immediately preceding the date of vesting): R157 301.87 Number of Bonus Shares disposed of: 82 357 Date of delivery and disposal: 9 June 2026 Price per share: R1.74 Total value of Bonus Shares disposed of on- market: R143 605.90 Trade 3: Nature of transaction: Off-market delivery of A3 Shares awarded in terms of the BEE Scheme, subsequent conversion to ordinary shares and the subsequent on-market disposal of those shares Date of A3 Share award: 1 December 2021 Date of vesting of A3 Share award: 25 April 2026 Number of ordinary shares vested: 18 442 Issue price: Rnil (Free of charge) Notional value of transaction (based on an implied price of R1.91 per Hulamin share, being the closing price on the date immediately preceding the date of vesting): R32 224.22 Number of ordinary shares disposed of: 18 442 Date of delivery and disposal: 9 June 2026 Price per share: R1.74 Total value of ordinary shares disposed of on-market: R32 157.32 Name of recipient: P Nirghin - Executive Director Name of company: Hulamin Limited Type of interest: Direct beneficial Clearance to deal obtained: Yes Trade 1: Nature of transaction: Off-market delivery of Bonus Shares awarded in terms of the Share Plan and the subsequent on- market partial disposal of those shares Date of Bonus Award: 27 March 2023 Date of vesting of Bonus Award: 25 April 2026 Date of delivery of Bonus Award: 9 June 2026 Number of Bonus Shares vested: 24 843 Issue price: Rnil (Free of charge) Notional value of transaction (based on an implied price of R1.91 per Hulamin share, being the closing price on the date immediately preceding the date of vesting): R47 450.13 Number of Bonus Shares disposed of: 11 552 Date of disposal: 9 June 2026 Price per share: R1.74 Total value of Bonus Shares disposed of on- market: R20 143.22 Trade 2: Nature of transaction: Off-market delivery of A3 Shares awarded in terms of the BEE Scheme, subsequent conversion to ordinary shares and the subsequent partial on- market disposal of those shares Date of A3 Share award: 1 December 2021 Date of vesting of A3 Share award: 25 April 2026 Date of delivery of ordinary shares: 9 June 2026 Number of ordinary shares vested: 16 463 Issue price: Rnil (Free of charge) Notional value of transaction (based on an implied price of R1.91 per Hulamin share, being the closing price on the date immediately preceding the date of vesting): R31 444.33 Number of ordinary shares disposed of: 7 655 Date of disposal: 9 June 2026 Price per share: R1.74 Total value of ordinary shares disposed of on-market: R13 348.02 Name of recipient: KP Deere - Director of major subsidiary Name of company: Hulamin Operations Proprietary Limited Type of interest: Direct beneficial Clearance to deal obtained: Yes Trade 1: Nature of transaction: Off-market delivery of Bonus Shares awarded in terms of the Share Plan and the subsequent on- market partial disposal of those shares Date of Bonus Award: 13 December 2022 Date of vesting of Bonus Award: 25 April 2026 Date of delivery of Bonus Award: 9 June 2026 Number of Bonus Shares vested: 41 977 Issue price: Rnil (Free of charge) Notional value of transaction (based on an implied price of R1.91 per Hulamin share, being the closing price on the date immediately preceding the date of vesting): R80 176.07 Number of Bonus Shares disposed of: 19 519 Date of disposal: 9 June 2026 Price per share: R1.74 Total value of Bonus Shares disposed of on- market: R34 035.28 Trade 2: Nature of transaction: Off-market delivery of Bonus Shares awarded in terms of the Share Plan and the subsequent on- market partial disposal of those shares Date of Bonus Award: 27 March 2023 Date of vesting of Bonus Award: 25 April 2026 Date of delivery of Bonus Award: 9 June 2026 Number of Bonus Shares vested: 55 654 Issue price: Rnil (Free of charge) Notional value of transaction (based on an implied price of R1.91 per Hulamin share, being the closing price on the date immediately preceding the date of vesting): R106 299.14 Number of Bonus Shares disposed of: 25 879 Date of disposal: 9 June 2026 Price per share: R1.74 Total value of Bonus Shares disposed of on- market: R45 125.21 Name of recipient: Z Gumede - Director of major subsidiary Name of company: Hulamin Operations Proprietary Limited Type of interest: Direct beneficial Clearance to deal obtained: Yes Trade 1: Nature of transaction: Off-market delivery of Bonus Shares awarded in terms of the Share Plan and the subsequent on- market disposal of those shares Date of Bonus Award: 13 December 2022 Date of vesting of Bonus Award: 25 April 2026 Number of Bonus Shares vested: 112 336 Issue price: Rnil (Free of charge) Notional value of transaction (based on an implied price of R1.91 per Hulamin share, being the closing price on the date immediately preceding the date of vesting): R214 561.76 Number of Bonus Shares disposed of: 112 336 Date of delivery and disposal: 29 April 2026 Price per share: R1.90 Total value of Bonus Shares disposed of on- market: R213 708.01 Trade 2: Nature of transaction: Off-market delivery of Bonus Shares awarded in terms of the Share Plan and the subsequent on- market disposal of those shares Date of Bonus Award: 27 March 2023 Date of vesting of Bonus Award: 25 April 2026 Number of Bonus Shares vested: 65 190 Issue price: Rnil (Free of charge) Notional value of transaction (based on an implied price of R1.91 per Hulamin share, being the closing price on the date immediately preceding the date of vesting): R124 512.90 Number of Bonus Shares disposed of: 65 190 Date of delivery and disposal: 29 April 2026 Price per share: R1.90 Total value of Bonus Shares disposed of on- market: R124 017.46 Trade 3: Nature of transaction: Off-market delivery of A3 Shares awarded in terms of the BEE Scheme, subsequent conversion to ordinary shares and the subsequent on-market disposal of those shares Date of A3 Share award: 1 December 2021 Date of vesting of A3 Share award: 25 April 2026 Number of ordinary shares vested: 14 728 Issue price: Rnil (Free of charge) Notional value of transaction (based on an implied price of R1.91 per Hulamin share, being the closing price on the date immediately preceding the date of vesting): R28 130.48 Number of ordinary shares disposed of: 14 728 Date of delivery and disposal: 22 May 2026 Price per share: R1.78 Total value of ordinary shares disposed of on-market: R26 171.66 Pietermaritzburg 12 June 2026 Sponsor Questco Corporate Advisory Proprietary Limited Date: 12 2026 02:45:00 Produced by the JSE SENS Department.”
Category
Director Dealings
Published
Jun 12, 2026

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