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
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
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
LC Mac Dougall Director of 57,420
NP Doyle Director of 52,700
JK Monaisa Company Secretary 4,040
CFH Vaux Director of a major
PW Spies Director of a major
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
Name Position No. of Ordinary No. of Total value of
shares vested Ordinary shares sold
NP Doyle Director of 12,054 8,254 R 2,230,560.96
CFH Vaux Director of 5,263 5,263 R 1,422,273.12
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
Nature of interest: Direct
In accordance with section 3.66 of the Listings Requirements,
the necessary clearance was obtained.
14 December 2018
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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