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Dealing in securities
TIGER BRANDS LIMITED
“Tiger Brands” or “the Company”
(Incorporated in the Republic of South Africa)
(Registration number 1944/017881/06)
Share code: TBS
ISIN: ZAE000071080
Tiger Brands Limited 2013 Share Plan: Dealing in securities
In compliance with paragraphs 3.63 - 3.74 of the Listings Requirements of JSE Limited ("the
JSE"), shareholders are advised that Tiger Brands Limited ("the Company") has offered Share
Appreciation Rights ("SARs") and Restricted Shares (“RS”) to the following directors of the
Company, the Company Secretary and directors of major subsidiaries of the Company ("the
Participants"), as set out below. The offers were accepted on 13 December 2016.
SARs are allocated at an allocation price equal to the volume weighted average price of a
Tiger Brands share on the JSE over the 10 trading days immediately prior to the Offer Date
("the Allocation Price"). Provided that the performance criteria are met, one-third of the SARs
allocation will vest on each of the third, fourth and fifth anniversary dates of the Offer Date (in
terms of the performance criteria, the number of SARs vesting in relation to the full number
allocated is proportionally reduced if Company financial performance targets are not met).
The Participants may elect to delay exercise of the SARs to some future date not exceeding
the sixth anniversary of the Offer Date. The value of the SARs which a Participant may
exercise will be calculated with reference to the difference between the closing price of a Tiger
Brands share on the date on which a Participant exercises his SARs and the Allocation Price.
The Company, at its sole and absolute discretion, can decide to settle the value of the SARs
to the Participant in Tiger Brands shares or in cash.
RS are granted on a basis linked to the receipt of an annual short-term incentive bonus in
respect of the financial year ended 30 September 2016. These shares vest after three years
from the Offer Date.
Name Position No. of SARs No. of RS Deemed value
allocated granted of RS at grant
date (Rand)
LC Mac Dougall Director 32,840 1,950 747,474.00
NP Doyle Director 33,780 3,710 1,422,117.20
AG Kirk Director of a major 12,760 1,900 728,308.00
subsidiary
T Naidoo Company Secretary 2,960 60 22,999.20
The following are applicable to the above:
- Class of underlying security to which rights attach Ordinary shares
- SARs Allocation Price per share R395,97
- Restricted Share Grant Price per share Rnil (not applicable)
- Nature of transaction Off-market acceptance of SARs and RS
- SARs vesting period One-third of allocation on each of the third,
fourth and fifth anniversary dates of the
Offer Date
- RS vesting period Third anniversary of the Offer Date
- Nature of interest Direct beneficial
In accordance with section 3.66 of the Listings Requirements the necessary clearance was
obtained to offer the abovementioned SARs and RS.
Bryanston
14 December 2016
Sponsor:
J.P. Morgan Equities South Africa Proprietary Limited
Date: 14/12/2016 03:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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