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PICK N PAY STORES LIMITED - Circular to shareholders and Notice of General Meeting

Release Date: 30/01/2014 14:22
Code(s): PIK     PDF:  
Wrap Text
Circular to shareholders and Notice of General Meeting

Pick n Pay Stores Limited
Incorporated in the Republic of South Africa
Registration number: 1968/008034/06
Share Code: PIK
ISIN code: ZAE000005443
(“the Company”)


Circular to shareholders and Notice of General Meeting

Further to the Circular relating to:
- the adoption of the Pick n Pay Stores Limited Forfeitable Share Plan; and
- the election by shareholders of Audrey Mothupi, David Friedland and John Guildersleeve as non-
    executive Directors of the Company;
that was posted to shareholders on Tuesday, 14 January 2014, in relation to the General Meeting to
be held at the registered office of Pick n Pay on Wednesday, 12 February 2014 at 16:00, the
Company advises as follows:

In accordance with the circular’s statement that the proposed vesting scale for the first award would
be reviewed by the Remuneration Committee prior to the allocation of awards, the Company hereby
informs shareholders that, following a meeting of the Remuneration Committee held on 28 January
2014, in the event of the Forfeitable Share Plan being adopted at the General Meeting, the following
adjustments will be made to the proposed thresholds:

    -   cumulative HEPS growth for the Group of 10% per annum, 30% of the awards will vest;
    -   cumulative HEPS growth for the Group of 12% per annum, 65% of the awards will vest; and
    -   cumulative HEPS growth for the Group of 15% per annum, 100% of the awards will vest.

No awards will vest if the cumulative HEPS growth for the Group is less than 10% per annum.

In addition, in order to protect shareholders from the potential dilution that may be caused by a fresh
issue of shares to cover the shares in the plan, the Remuneration Committee has agreed that no
more than 5% of awards for the Forfeitable Share Plan may be settled by way of a fresh issue of
shares.



Cape Town
30 January 2014

Sponsor:
Investec Bank Limited

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