Grant and acceptance of conditional share awards to directors of the Company
TIGER BRANDS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1944/017881/06)
Share code: TBS
(“Tiger Brands” or the “Company”)
Grant and acceptance of conditional share awards to directors of the Company, the
company secretary and directors 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 4 December 2020 (“Offer Date”), offered
Performance Vesting Shares ("PVS") and, where applicable, Restricted Shares (“RS”) in terms
of the Tiger Brands Limited 2013 Share Plan to directors of the Company, the company
secretary and directors of a major subsidiary of the Company. (“Participants"), as set out below.
The offers were all accepted on 8 December 2020.
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 company secretary as retention shares. These Shares vest after
three years from the Offer Date and will be settled to the Participant 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 PVS No. of RS Deemed value
awarded granted of at Offer
NP Doyle Director and director of 59,930 - 12,237,106.70*
Y Maharaj Director of a major 25,000 - 5,104,750.00*
NJ Ralebepa Director of a major 20,610 - 4,208,355.90*
DS Sita Director and director of a 31,680** - 6,468,739.20*
JK Monaisa Company Secretary 1,710 2,340 826,969.50*
* Deemed value determined by applying the closing price of a Share on the Offer Date (i.e. R204.19 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
** Includes 9,700 PVS awarded as a “sign on” allocation
The following details are applicable to the above:
- Class of underlying security to which PVS and RS Ordinary shares
- 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.
9 December 2020
J.P. Morgan Equities South Africa Proprietary Limited
Date: 09-12-2020 02:58:00
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