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PIONEER FOOD GROUP LIMITED - Acceptance Of Allocated Phantom Share Rights In Terms Of The Pioneer Foods Equity Settled Phantom Share Plan

Release Date: 26/02/2019 13:30
Code(s): PFG     PDF:  
 
Wrap Text
Acceptance Of Allocated Phantom Share Rights In Terms Of The Pioneer Foods Equity Settled Phantom Share Plan

PIONEER FOOD GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1996/017676/06)
Share code: PFG
ISIN: ZAE000118279
(“Pioneer Foods” or “the Company”)

ACCEPTANCE OF ALLOCATED PHANTOM SHARE RIGHTS IN TERMS OF THE PIONEER FOODS EQUITY SETTLED PHANTOM SHARE PLAN

In compliance with paragraphs 3.63 to 3.74 of the JSE Limited Listings Requirements, the following information 
regarding the acceptance of the allocated phantom share rights is disclosed:

1.
NAME OF DIRECTOR                                TA Carstens

COMPANY OF WHICH A DIRECTOR                     Pioneer Food Group Limited

STATUS: EXECUTIVE/NON-EXECUTIVE                 Executive

TYPE OF SECURITIES                              Equity Settled Phantom Share Rights

CLASS OF SECURITIES                             Ordinary Shares

NATURE OF TRANSACTION                           Acceptance of Phantom Share Rights in
                                                terms of the Pioneer Foods Equity Settled
                                                Phantom Share Plan
                                                (Off-market transaction)

DATE OF PHANTOM SHARE RIGHT GRANT               22 February 2019

DATE OF PHANTOM SHARE RIGHT                     25 February 2019
ACCEPTANCE

PHANTOM SHARE RIGHT STRIKE PRICE                8011 cents
(CENTS)
 
NUMBER OF PHANTOM SHARE RIGHTS                  384 808
ALLOCATED

STRIKE DATES OF PHANTOM SHARE                   22 February 2022; 22 February 2023 and
RIGHTS                                          22 February 2024

PERIOD OF EXERCISE                              Participants have until midnight on the 6
                                                month anniversary of the relevant vesting
                                                date during which the Phantom Share
                                                Rights can be exercised

NATURE AND EXTENT OF INTEREST IN                Direct, Beneficial
THE TRANSACTION

2.
NAME OF DIRECTOR                                F Lombard

COMPANY OF WHICH A DIRECTOR                     Pioneer Food Group Limited

STATUS: EXECUTIVE/NON-EXECUTIVE                 Executive

TYPE OF SECURITIES                              Equity Settled Phantom Share Rights

CLASS OF SECURITIES                             Ordinary Shares

NATURE OF TRANSACTION                           Acceptance of Phantom Share Rights in
                                                terms of the Pioneer Foods Equity Settled
                                                Phantom Share Plan
                                                (Off-market transaction)

DATE OF PHANTOM SHARE RIGHT GRANT               22 February 2019

DATE OF PHANTOM SHARE RIGHT                     25 February 2019
ACCEPTANCE

PHANTOM SHARE RIGHT STRIKE PRICE                8011 cents
(CENTS)
 
NUMBER OF PHANTOM SHARE RIGHTS                  273 871
ALLOCATED

STRIKE DATES OF PHANTOM SHARE                   22 February 2022; 22 February 2023 and
RIGHTS                                          22 February 2024

PERIOD OF EXERCISE                              Participants have until midnight on the 6
                                                month anniversary of the relevant vesting
                                                date during which the Phantom Share
                                                Rights can be exercised

NATURE AND EXTENT OF INTEREST IN                Direct, Beneficial
THE TRANSACTION

3.
NAME OF COMPANY SECRETARY                       JA Jacobs

COMPANY OF WHICH I AM COMPANY                   Pioneer Food Group Limited
SECRETARY

TYPE OF SECURITIES                              Equity Settled Phantom Share Rights

CLASS OF SECURITIES                             Ordinary Shares

NATURE OF TRANSACTION                           Acceptance of Phantom Share Rights in
                                                terms of the Pioneer Foods Equity Settled
                                                Phantom Share Plan
                                                (Off-market transaction)

DATE OF PHANTOM SHARE RIGHT GRANT               22 February 2019

DATE OF PHANTOM SHARE RIGHT                     22 February 2019
ACCEPTANCE

PHANTOM SHARE RIGHT STRIKE PRICE                8011 cents
(CENTS)

NUMBER OF PHANTOM SHARE RIGHTS                  78 511
ALLOCATED

STRIKE DATES OF PHANTOM SHARE                   22 February 2022; 22 February 2023 and
RIGHTS                                          22 February 2024

PERIOD OF EXERCISE                              Participants have until midnight on the 6
                                                month anniversary of the relevant vesting
                                                date during which the Phantom Share
                                                Rights can be exercised

NATURE AND EXTENT OF INTEREST IN                Direct, Beneficial
THE TRANSACTION

Notes:

   a. Clearance to deal in these Phantom Share Rights was obtained in accordance with
      paragraph 3.66 of the JSE Listings Requirements.
   b. 50% of the Phantom Share Rights will vest in 3 tranches of 33.33% each on the vesting
      dates specified above.
   c. The remaining 50% of the Phantom Share Rights will vest in 3 tranches of 33.33% on
      the vesting dates specified above, subject to a formula based on the compound growth
      of the Company´s headline earnings per share from the financial year prior to the date
      of grant of the Phantom Share Rights to the financial year prior to the date of exercise.
   d. The total number of Pioneer Foods shares that will be issued to the directors pursuant
      to the exercise of the Phantom Share Rights will be determined according to a formula
      based on the growth in the share price of Pioneer Foods from the date of grant of the
      Phantom Share Rights to the date of exercise. Accordingly, the total number of shares
      and monetary value thereof will only be determined at a future date.
   e. An additional SENS announcement will be made upon the exercise of the Phantom
      Share Rights by each director disclosing the exact number of shares issued and the
      monetary value thereof in accordance with the JSE Listings Requirements.

Tyger Valley
26 February 2019

Sponsor
PSG Capital

Date: 26/02/2019 01:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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