SAN
08/08/2014 10:52
GENERAL
REL: 1052 HRS Sanford Limited
GENERAL: SAN: Sanford Limited - Long Term Incentive Plan
SANFORD LIMITED
SUSTAINABLE SEAFOOD
8 August 2014
PROVISION OF FINANCIAL ASSISTANCE IN CONNECTION WITH SANFORD LIMITED'S LONG
TERM INCENTIVE PLAN
Dear Shareholder
On 28 July 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, the board proposes to issue to the CEO
53,097 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
establishing a trust to acquire shares at the current market value. Sanford
LTI Limited is the trustee of Sanford Long-Term Incentive Plan Trust.
In connection with the establishment of the 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
53,097 ordinary shares in Sanford Limited (the Shares).
Consideration paid for the Shares $4.025 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 $213,715.43.
Yours faithfully
J G Todd
For the Sanford Limited Board of Directors
End CA:00253637 For:SAN Type:GENERAL Time:2014-08-08 10:52:42
