SAN
11/12/2015 08:30
GENERAL
NOT PRICE SENSITIVE
REL: 0830 HRS Sanford Limited
GENERAL: SAN: Sanford Limited - Long Term Incentive Securities Allotment
11 December 2015
Listed Company Relations
NZX Limited
Level 1, NZX Centre
11 Cable Street
WELLINGTON
NOTIFICATION OF ALLOTMENT OF SECURITIES
For the purposes of Listing Rule 7.12.1, Sanford Limited (the Company)
advises that the following securities have been issued on 11 December 2015:
a Class of security Unlisted performance share rights issued pursuant to the
Company's long-term incentive plan (the LTI Plan).
ISIN Not applicable.
b Number issued 42,770 performance share rights.
c Nominal value Not applicable.
Issue Price Nil consideration is payable for the issue of the performance
share rights. The performance share rights have a nil exercise price.
d Payment terms Not applicable.
e Amount paid up Not applicable.
f Principle terms of performance share rights Issued under the Company's LTI
Plan. The holder has the right to acquire one ordinary share in the Company
ranking pari passu with the existing ordinary shares on exercise of each
performance share right. The performance share rights have a nil exercise
price, but are only exercisable if the Company achieves certain earnings
targets relative to the Company's weighted average cost of capital. The
performance share rights will become exercisable during a 7 month period
after the expiry of the vesting period, after which time any unexercised
performance share rights will lapse.
g Percentage of class of securities 30.05% of the Company's performance share
rights on issue.
h Reason for issue Issue of performance share rights to the Chief Executive
Officer (the CEO) under the Company's LTI Plan to encourage, incentivise and
reward the CEO for growth in certain of the Company's underlying earnings
metrics (as determined by the board).
i Authority for issue Directors' resolution dated 11 December 2015.
j Number of securities in existence after issue 142,333 performance share
rights. The performance share rights are not quoted on NZX.
k Treasury stock Not applicable.
l Date of issue 11 December 2015.
Yours faithfully
Sanford Limited
Dean McIntosh
General Manager Risk and Corporate Affairs
End CA:00274954 For:SAN Type:GENERAL Time:2015-12-11 08:30:26
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