TIGER BRANDS LIMITED - Grant and acceptance of conditional share awards

Release Date: 14/12/2018 16:36
Code(s): TBS
 
Wrap Text
Grant and acceptance of conditional share awards

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


Grant and acceptance of conditional share awards by directors
of the Company, the Company Secretary and directors of a major
subsidiary of the Company and vesting of shares of a director
of the Company and a director of a major subsidiary of the
Company

Share awards

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") in terms of the Tiger Brands
Limited 2013 Share plan, to the directors of the Company, the
Company Secretary and directors of a major subsidiary (Tiger
Consumer Brands Limited) of the Company ("the Participants"),
as set out below.

The Remuneration Committee, on behalf of the Board, approved
these share awards.

The above offers were accepted on 13 December 2018.

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.
Name                 Position              No. of
                                           SARs
                                           allocated

LC Mac Dougall       Director of           57,420
                     the Company

NP Doyle             Director of           52,700
                     the Company

JK Monaisa           Company Secretary     4,040

CFH Vaux             Director of a major
                     subsidiary            22,070

PW Spies             Director of a major
                     subsidiary            25,570


The following are applicable to the above:

Class of underlying security to which
rights attach                              Ordinary shares

SARs Allocation Price per share            R274,07


Nature of transaction                      Off-market acceptance of SARs

SARs vesting period                        One-third of allocation on
                                           each of the third,
                                           fourth and fifth anniversary
                                           dates of the Offer Date


Nature of interest                         Direct beneficial

Vesting of shares

In terms of the Tiger Brands Limited 2013 Share Plan, the
directors previously accepted Performance Vesting Shares
(“PVS”) and Restricted Shares (“RS”), which have now vested.
Shareholders are advised of the following information relating
to the dealing in securities by a director of the Company and a
director of a major subsidiary of the Company, as set out
below:
Name       Position      No. of Ordinary   No. of      Total value of
                         shares vested      Ordinary    shares sold
                                           shares sold


NP Doyle   Director of        12,054       8,254        R 2,230,560.96
           the Company

CFH Vaux   Director of        5,263        5,263        R 1,422,273.12
           a major
           subsidiary

The following are applicable to all of the above:

Date of transaction:                       14 December 2018

Price per share:                           R270,24

Class of securities:                       Ordinary shares

Nature of transaction:                     Off market vesting of PVS and
                                           RS and on-market sale of
                                           shares

Nature of interest:                        Direct


In accordance with section 3.66 of the Listings Requirements,
the necessary clearance was obtained.


Bryanston
14 December 2018

Sponsor:
J.P. Morgan Equities South Africa Proprietary Limited

Date: 14/12/2018 04:36:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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