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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 an award of conditional shares to a director 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 18 December 2023
(“Offer Date”), offered 149,700 Conditional Shares in terms of a specially
assigned long-term share award to a director of the Company who is also the
Chief Executive Officer, Mr TN Kruger (the “Participant”).
The offer was accepted by the Participant on 18 December 2023.
The Conditional Shares are conditionally awarded with the final number of
Tiger Brands ordinary shares (“Shares”) to be settled on the vesting date,
i.e. 31 December 2025 (“Vesting Date”). The number of Shares to be settled on
the Vesting Date will range from 0% to 200% of the conditional award dependent
on the specific performance criteria for the Conditional Shares being met. The
determined number of Conditional Shares will be settled to the Participant in
Shares purchased in the market immediately after the Vesting Date.
A further one year restriction period will apply during which the Participant
will not be allowed to trade in the Shares until the release date of 31
December 2026.
The deemed value of the offer at Offer Date is R29,832,216.00. This deemed
value is determined by applying the closing price of a Tiger Brands ordinary
share on the Offer Date (i.e. R199.28) to the total number of Conditional
Shares awarded (i.e. 149,700)(i.e. it is assumed that 100% of the Conditional
Shares awarded will be settled upon vesting).
Additional information to the dealings:
Class of underlying security to which the Ordinary shares
Conditional Shares attach
Award Price per Share Rnil (not applicable)
Nature of transaction Off-market allocation of
Conditional Shares
Conditional Shares vesting date 31 December 2025
In accordance with section 3.66 of the Listings Requirements, the necessary
clearance was obtained for acceptance of the abovementioned award of
Conditional Shares.
Bryanston
19 December 2023
Sponsor:
J.P. Morgan Equities South Africa Proprietary Limited
