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Tiger Brands Limited Integrated Annual Report
2014
Shareholder information
be quoted or listed, subject to the
following conditions:
3.5.1 “That this authority shall be valid until the
next annual general meeting of the
company, or for 15 (fifteen) months from
the date of passing of this resolution,
whichever period is shorter;
3.5.2 “That any repurchases of shares in terms of
this authority be effected through the order
book operated by the JSE trading system
and done without any prior understanding
or arrangement between the company and
the counterparty, such repurchases being
effected by only one appointed agent of
the company at any point in time;
3.5.3 “That the acquisitions in any one financial
year shall be limited to 4,5% (four and a
half percent) of the issued share capital of
the company at the date of this annual
general meeting, provided that any
subsidiary(ies) may acquire shares to a
maximum of 10% (ten percent) in the
aggregate of the shares in the company;
3.5.4 “That any acquisition of shares, in terms of
this authority, may not be made at a price
greater than 10% (ten percent) above the
weighted average market value of the
shares over the 5 (five) business days
immediately preceding the date on which
the acquisition is effected;
3.5.5 “The repurchase of shares may not be
effected during a prohibited period, as
defined in the JSE Listing Requirements
unless the company has a repurchase
programme in place, where the dates and
quantities of securities to be traded are
fixed and details of the programme have
been submitted to the JSE in writing. The
company will instruct an independent third
party, which makes its investment decisions
in relation to the company’s securities
independently of, and uninfluenced by, the
company, prior to the commencement of
the prohibited period to execute the
repurchase programme submitted to the
JSE; and
3.5.6 “That an announcement containing full
details of such acquisitions of shares, will be
published as soon as the company and/or
its subsidiary(ies) has/have acquired shares
constituting, on a cumulative basis, 3% (three
percent) of the number of shares in issue at
the date of the general meeting at which this
special resolution number 5 is considered
and passed, and for each 3% (three
percent) in aggregate of the aforesaid initial
number acquired thereafter.”
In terms of the authorities granted at
previous annual general meetings of
shareholders, a subsidiary of the company
had purchased 10 326 758 (ten million
three hundred and twenty-six thousand
seven hundred and fifty eight) shares in the
company up to 30 September 2013. The
board of directors will continually reassess
the repurchase programme, having regard
to prevailing circumstances.