TIGER BRANDS LIMITED - Grant and acceptance of conditional share awards to directors of the Company and of a major subsidiary

Grant and acceptance of conditional share awards to directors of the Company and of a major subsidiary

TIGER BRANDS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1944/017881/06)
Share code: TBS
ISIN: ZAE000071080
(“Tiger Brands” or the “Company”)


Grant and acceptance of conditional share awards to directors of
the Company and of a major subsidiary of the Company


In compliance with paragraphs 3.63 - 3.74 of the Listings
Requirements of JSE Limited, shareholders are advised that Tiger
Brands has, on 15 December 2021 (“Offer Date”), offered
Performance Vesting Shares ("PVS") and Restricted Shares (“RS”)
in terms of the Tiger Brands Limited 2013 Share Plan to directors
of the Company and directors of a major subsidiary of the Company
(“Participants").

The offers were accepted by the Participants on 17 December 2021.

PVS are conditionally awarded with the final number of Tiger
Brands ordinary shares (“Shares”) settled after three years from
the Offer Date. The number of Shares to be settled will range
from 0% to 200% of the conditional award dependent on the specific
performance criteria for the PVS being met. The determined number
of PVS will be settled to the Participants in Shares or in cash,
at the Company’s sole and absolute discretion.

RS have been granted to the Participants as retention shares.
These Shares vest after three years from the Offer Date and will
be settled to the Participants in Shares or in cash, at the
Company’s sole and absolute discretion.
The following offers are applicable to this announcement:


Name           Position           No. of    No. of    Deemed value
                                    PVS       RS      of at Offer
                                 awarded    granted   Date (Rand)

NP Doyle       Director and        69,700         - 12,302,747.00*
               director of a
               major
               Subsidiary
NJ Ralebepa    Director of a        7,330    21,990   5,175,273.20*
               major
               subsidiary
               Director and
DS Sita        director of a        9,220    72,540 14,431,457.60*
               major
               Subsidiary

* Deemed value determined by applying the closing price of a
Share on the Offer Date (i.e. R176,51 per Share) to the total
number of PVS and RS awarded/granted (i.e. it is assumed that
100% of the PVS awarded will be settled upon vesting)

The following details are applicable to the above:

-    Class of underlying security to Ordinary shares
     which PVS and RS rights attach

-    PVS Award Price per Share          Rnil (not applicable)
-    RS Grant Price per Share           Rnil (not applicable)
-    Nature of transaction              Off-market allocation of PVS
                                        and RS
-    PVS vesting period                 Third anniversary 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 for acceptance of the
abovementioned PVS and RS offers.


Bryanston
20 December 2021

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

Date: 20-12-2021 09:42:00
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