SAN
12/01/2015 08:30
GENERAL
NOT PRICE SENSITIVE
REL: 0830 HRS Sanford Limited
GENERAL: SAN: Sanford Limited - Long Term Incentive Plan
SANFORD LIMITED
SUSTAINABLE SEAFOOD
12 January 2015
PROVISION OF FINANCIAL ASSISTANCE IN CONNECTION WITH SANFORD LIMITED'S LONG
TERM INCENTIVE PLAN
Dear Shareholder
In 2014, Sanford Limited (Sanford) established a Long-Term Incentive Plan
(the LTI Plan) for the CEO. The LTI Plan is designed to improve the long-term
performance of Sanford by incentivising and motivating the CEO.
Pursuant to the terms of the LTI Plan, 53,097 performance share rights were
issued to the CEO in July 2014. In conjunction with the end of Sanford's 2014
financial year, the board proposes to make a further grant to the CEO of
46,466 performance share rights (the Performance Share Rights). Each
Performance Share Right gives the CEO the right to acquire one ordinary share
in the Company subject to the performance hurdle being met. No consideration
is payable on exercise of a Performance Share Right.
The Company will hedge its cost of providing shares to the CEO by a trust
(established in July 2014) to acquire shares at the current market value.
Sanford LTI Limited is the trustee of Sanford Long-Term Incentive Plan Trust.
Sanford has given financial assistance to Sanford LTI Limited for the
purchase of shares in Sanford in accordance with the terms of the LTI Plan.
The financial assistance has been provided pursuant to section 80 of the
Companies Act 1993.
The details of the financial assistance provided by Sanford are as follows:
Shares in respect of which the financial assistance was provided 46,466
ordinary shares in Sanford Limited (the Shares).
Consideration paid for the Shares $4.7714 per Share.
Recipients of the financial assistance Sanford LTI Limited as Trustee of the
Sanford Long-Term Incentive Plan Trust.
Nature and amount of the financial assistance The financial assistance was
given in the form of an interest free loan to Sanford LTI Limited. The
aggregate amount of the loan made was $221,710.16.
Yours faithfully
P G Norling
For the Sanford Limited Board of Directors
End CA:00259655 For:SAN Type:GENERAL Time:2015-01-12 08:30:04
