Frontier directors exercise share options, signaling confidence

Frontier Transport Holdings Limited announced that two of its executive directors, FE Meyer and UJ Gribble, exercised share options granted under the company’s employee option scheme. Both directors exercised options awarded on November 25, 2022, with the exercise date being December 15, 2025. The options were exercised at a strike price of 440 cents per share, representing a 10% discount to Frontier's 20-day volume-weighted average traded price prior to the award date.

FE Meyer exercised 1,117,482 options, totaling a value of R4,916,920.80. UJ Gribble exercised 71,067 options, amounting to R312,694.80. These options grant the right to acquire ordinary shares and were exercised in an off-market transaction. The options vest in tranches of 33.33% on the third, fourth, and fifth anniversaries of the award date, with directors having a six-month window from the vesting date to exercise them.

The transactions were disclosed in compliance with JSE Limited listings requirements, with both directors holding a direct, beneficial interest in the transactions.