2017 SHARESAVE 1ST JUNE 2020 MATURITY€¦ · If you want to buy your shares and keep (Choice 1) or sell them (Choice 2), there are four initial weekly exercise batch dates (which

SHARESAVE

You have a choice to make

2017 SHARESAVE1ST JUNE 2020MATURITY

SHARESAVEMATURITY 2020

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YOUR MATURITY CONFIRMATION

Dear Colleague,

I’m pleased to confirm that your 2017 Sharesave account will mature on 1st June 2020 (assuming that all payments have been received by YBS Share Plans). In this booklet you’ll find everything you need to know about your maturing Sharesave account, the choices available to you and how to provide your instruction to YBS Share Plans.

You now need to decide what you’d like to do with the savings in your account and your choices, in brief, are as follows:-

You don’t have to make your choice straight away however; you’ll have six months from the Maturity Date after which time your Option to buy shares at the fixed Option Price will lapse.

You can view full details of your Sharesave account (including the current balance) online at www.ybsshareplans.co.uk/greggs.

For your convenience a maturity share dealing service is being provided by Jarvis Investment Management Limited (‘Jarvis’) which will allow you to sell some or all of your shares if you decide to exercise your Option and buy shares. Full details follow later in this booklet.

It is recommended that you check the price of Greggs plc shares regularly before deciding whether or not to buy shares at the fixed Option Price.

At the time of writing the price of shares as quoted on the London Stock Exchange is higher than the fixed Option Price. However, there is no guarantee that this will still be the case by the time you sell or keep your shares.

Please note that YBS Share Plans will not be able to advise you on the best course of action for you in your particular circumstances. If you’re unsure about buying shares or your tax position, you should consult an Independent Financial Adviser.

2017 SHARESAVE MATURITY• 3 year account • Option Price: £8.07

• buy some or all of my shares and KEEP them in the form of a share certificate at the fixed Option Price of £8.07; or

• buy some or all of my shares at the fixed Option Price of £8.07 and SELL them using the maturity share dealing service being offered by Jarvis

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YOU’VE GOT CHOICES

You now need to make a choice about what you’d like to do with the savings in your Sharesave account.The following choices are available to you:-

Remember - you don’t have to make up your mind straight away. You’re able to buy shares at the fixed Option Price for up to six months following the Maturity Date. Please note however that you’ll need to allow sufficient time for the processing of your instructions before your Option lapses and therefore it is recommended that you submit your instructions no later than 21 days prior to the Option Lapse Date.

Please note that if you decide to exercise your Option and buy the shares, that the value of your shares and any income from them can go down as well as up and that you may not recover the amount of your original investment. Past performance is no indication of future performance.

Buy and keep some or all of the shares at the fixed Option Price1 Buy the shares at the

fixed Option Price and then sell some or all of them

2KEEP SELL

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YOUR CHOICES

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1. Buy and KEEP some or all of the shares at the fixed Option Price

If you select this choice, you’ll be using the savings in your Sharesave account to buy the Greggs plc shares to which you are entitled and to keep them in the form of a share certificate.

This is an involved process and therefore it may take a little time for YBS Share Plans to complete this process with Greggs plc and their share registrars. YBS Share Plans cannot be held responsible for any adverse movements in the share price during this period. Once this process is complete you will receive a share certificate in your name. Please allow up to 30 days from the completion of this process for receipt of your share certificate.

When your share certificate arrives you have the choice to either hold on to the shares or to sell the shares. If you retain the shares, as a shareholder of Greggs plc you’ll be entitled to receive dividends (if and when they are paid) and have the chance to vote on important issues at General Meetings of the Company.

For this choice, you need to select the appropriate box when instructing online and enter the number of shares you wish to allocate to this choice.

The exercise of share Options is an involved process and therefore it may take a little time for YBS Share Plans to complete this process with your employing Company and their share registrars. Neither Greggs plc, nor YBS Share Plans can be held responsible for any adverse movements in the share price during this period. Once the share option exercise process is complete the Company registrars will issue you with a share certificate.

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2. Buy the shares at the fixed Option Price and then SELL some or all of them

If you select this choice you’ll be using the savings in your Sharesave account to buy the Greggs plc shares to which you are entitled and to sell some or all of them using the maturity share dealing service being provided by Jarvis Investment Management Limited (‘Jarvis’).

Jarvis will charge you a flat fee of £10.00 for the sale of your shares, of which YBS Share Plans will receive a £2.10 share to cover their administration costs. This will be deducted from your sale proceeds before the balance is paid directly into the bank account you specify online; Jarvis do not offer cheque settlement.

For this choice, you need to select the appropriate box when instructing online and enter the number of shares you wish to allocate to this choice.

Setting a ‘Limit Price’You can set a ‘Limit Price’, which is a minimum price below which Jarvis will not sell your shares. This does not mean that your shares will be sold at this price; Jarvis will sell at the maximum price prevailing at the time the sale is placed in the market. Your limit order will be held for 10 business days. If Jarvis cannot sell your shares at or above your Limit Price within this time period, your limit order will be cancelled and you will receive a share certificate for the unsold shares approximately 14 calendar days later. Please refer to section 8 of the Jarvis Sharesave Sale Facility Terms and Conditions for further details.

The sale of your shares will be subject to Jarvis Sharesave Sale Facility Terms and Conditions which can be found online at www.ybsshareplans.co.uk/greggs. Please take the time to read this document before proceeding with this choice.

If you would prefer to sell your shares via another broker of your own choosing please follow the instructions under Choice 1 and make your own arrangements to sell your shares on receipt of your share certificate.

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Charity DonationIf you decide to buy the shares there will often be a small cash residue remaining in your Sharesave account. This is because it’s very unlikely that your savings will divide exactly by the fixed Option Price.

It would be great if as many of you as possible could support The Greggs Foundation with the aim of making a difference to the lives of disadvantaged people within our local communities. If you want to donate your residual balance to charity, please tick the appropriate box when instructing online.

CHARITY DONATION

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If you want to buy your shares and keep (Choice 1) or sell them (Choice 2), there are four initial weekly exercise batch dates (which are confirmed in the adjacent table).

Sale instructions will be batched and processed on a weekly basis until 12th June 2020. After this date they will be processed on a fortnightly basis for the remainder for the six month exercise period.

The first exercise of shares following maturity is scheduled to take place on 1st June 2020 and you will need to provide your instructions to YBS Share Plans no later than 22nd May 2020 to be included in this batch.

*Jarvis will usually release your sale proceeds three business days after the date your shares are sold (provided they have received settlement from the market) and the money should be in your account another two to three business days after this. Where late settlement occurs, there may be a delay to the receipt of your sale proceeds for which Jarvis will not be held accountable. A contract note confirming details of the sale will be emailed to the email address provided with your instruction. Please note all dates are subject to change. YBS Share Plans cannot be held responsible for any changes to advertised dates which are outside their control nor any resulting loss.

The table below sets out the dates when YBS Share Plans needs to receive your instructions to be included in the first four maturity batches; when we will close your account and forward your balance to Greggs plc to cover the cost of your shares; and, if applicable, when the sale of your shares is scheduled to take place.

Deadline for receipt of keep or sell instructions at YBS Share Plans

Approximate date shares expected to be sold by Jarvis*

Batch 1 22nd May 2020 1st June 2020

Batch 2 29th May 2020 8th June 2020

Batch 3 5th June 2020 15th June 2020

Batch 4 12th June 2020 22nd June 2020

Dealing Restrictions

If you’ve been notified by Greggs plc that you’re subject to its employee share dealing rules, you must comply with the requirements of those rules and seek clearance in accordance with the rules before proceeding with any transaction. All team members will be subject to the general law regarding insider dealing e.g. dealing when in possession of inside information.

TIMINGS

*If you choose to sell you shares (Choice 2), Jarvis will release your sale proceeds 3 business days after the date your shares are sold and the money should be in your account 2 to 3 business days after this.

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I do not want to buy the shares and want a refund of my savings

You don’t have to buy Greggs plc shares. If you prefer, you can simply request a refund of your savings and a cheque will be sent to your home address. Please allow up to 10 working days for receipt.

For this choice only, you must call the YBS Share Plans Helpline on or after 1st June 2020 on 0345 1 200 300 to close your account.

If you choose to close your account and take back your savings, you still retain the right to buy shares at the fixed Option Price for the remainder of the six month period immediately following your Maturity date. If you decide to follow this course of action you’ll need to call the YBS Share Plans Helpline to make the necessary arrangements.

REFUND OF SAVINGS

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IMPORTANT INFORMATION

MISSED ANY PAYMENTS?If you’ve missed any payments during the savings period (up to a maximum of twelve) your Maturity Date will be deferred by one month for every payment that you’ve missed and you’ll continue to have deductions taken from your pay until you’ve completed the three year savings contract. In these circumstances you’ll have six months from the deferred Maturity Date, in which to exercise your Option and buy your shares. Any instructions received in respect of a deferred maturity will be processed at the first available opportunity following your deferred Maturity Date.

LEFT OR LEAVING THE COMPANY?If you’re no longer an employee of Greggs plc or you leave after the Maturity Date but before you’ve exercised your Option to buy shares, you may not be able to buy your shares. This will depend on your reason for leaving and the date on which you left.

If you’re in any doubt about whether you can exercise your Option to buy any shares please contact the YBS Share Plans Helpline on 0345 1 200 300.

If you’re able to buy shares, you must do so within six months of leaving or within six months of the Maturity Date, whichever event comes first.

WHAT ABOUT TAX?

Under current legislation there’s no Income Tax to pay as a result of exercising your option to buy shares or taking your savings. You may however have to pay Capital Gains Tax (CGT) if you sell your shares at a profit (this is the difference between the cost of buying your shares and the price you sell them for minus any sale expenses). HM Revenue & Customs currently allows you to make a certain level of capital gains in each tax year without being taxed. If your gain (which must include any other profit you’ve made from the disposal of other assets within the tax year) exceeds the annual exemption limit, you’ll have to pay tax on any gain above this limit. The CGT limit for the 2020/2021 tax year is £12,300.

Further information can be found on the HM Revenue & Customs website (https://www.gov.uk/capital-gains-tax/overview).

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MADE UP YOUR MIND?

Once you have decided what you would like to do, you will need to submit your instruction online using the secure facility provided by YBS Share Plans, you’ll need to register to view your account before you’re able to provide your instructions (unless you’ve already registered previously).

Visit www.ybsshareplans.co.uk/greggs

• You’ll need your Sharesave account number

• Initial registration will only take a few minutes of your time. Your login details will be sent to you through the post, when they arrive, you’ll then be able to log on and provide your instructions.

• Select the maturing Sharesave account in the account view section and click on ‘Closure Options’ to make your choice, then follow the onscreen instructions.

• You’ll receive an email confirmation once you’ve successfully submitted your instructions.

ONCE LOGGED IN1. Click on ‘Closure Options’

2. Make your choice and follow the onscreen instructions

You’ll receive email confirmation once you’ve successfully submitted your instructions.

For further details about this and how to provide your instructions please refer to the ‘Online Instructions Guide’.

CHANGE OF MIND?If you change your mind after you’ve submitted your instructions, you can resubmit a new instruction online. Any change to your original instruction is likely to delay the date on which your instructions can be processed and will therefore delay receipt of your cash or shares.

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CONTACT DETAILS

YBS SHARE PLANS

The Greggs plc Sharesave Scheme is administered by YBS Share Plans. If you have any queries about your Sharesave account, you may contact them by the following methods:

By post

YBS Share Plans, Yorkshire Building Society, Yorkshire House, Yorkshire Drive, Bradford, BD5 8LJ.

By phone

By calling the YBS Share Plan Helpline on

0345 1 200 300 (Lines are open 9am - 5pm Mon-Fri and 9am -1pm Sat, excluding public holidays in England and Wales)

JARVIS INVESTMENT MANAGEMENT

or any queries about the sale of your shares or other services offered by Jarvis, contact:

By post

Jarvis Investment Management Limited, 78 Mount Ephraim, Tunbridge Wells, Kent, TN4 8BS

By email

[email protected]

By phone

01892 700841(Lines are open Monday to Friday 8am - 4:30pm. Calls may be recorded for training and security purposes)

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GENERAL INFORMATION

In the event that YBS Share Plans receive your instructions to sell shares and the Greggs plc share price is lower than the Option Price at the time of closure, then YBS Share Plans reserve the right to cancel your sale instruction, close your Sharesave account and return your savings to you. In these circumstances your Option remains exercisable for a period of six months following your maturity date.

No information contained within this booklet or any accompanying information should be taken as providing any advice or as a recommendation to exercise or not to exercise your Option or, having exercised, to sell or not to sell your shares – the choice is yours. Neither Greggs plc, YBS Share Plans nor Jarvis can advise you on the best course of action for you in your particular circumstances.

Tax rules and legislation can change. Tax relief, which is referred to in this booklet, are those currently available and will depend upon your individual circumstances.

YBS Share Plans is part of Yorkshire Building Society. YBS Share Plans, Yorkshire House, Yorkshire Drive, Bradford BD5 8LJ. Tel: 0345 1 200 300. Fax: 01274 357 950. ybsshareplans.co.uk Yorkshire Building Society provides share plan trustee and administration services, including deposit taking, all of which are subject to English law, with deposit taking being regulated by the Financial Conduct Authority. The provision of share plan trustee and administration services is not regulated by the Financial Conduct Authority. We are not responsible for share plan deposits held by local savings carriers outside the UK.Yorkshire Building Society is a member of the Building Societies Association and is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Yorkshire Building Society is entered in the Financial Services Register under registration number 106085. Head Office: Yorkshire House, Yorkshire Drive, Bradford BD5 8LJ.Yorkshire Building Society is a member of the Financial Ombudsman Service. Further details are available on request from the Society.All communications with Yorkshire Building Society may be monitored/recorded to improve the quality of their service and for your protection and security. Calls to 03 numbers are

If you are in any doubt as to the legal, financial or taxation implications (including any Capital Gains Tax considerations and the collection of such taxes) for you of the exercise of Options, and/or the subsequent sale of shares, or the suitability of the maturity share dealing service, you should seek the advice of a qualified Independent Financial Adviser duly authorised under the Financial Services and Markets Act 2000.

Please remember that the price of shares, and the income from them, can go down as well as up, and that you may not recover the amount originally invested.

Documents

2017 SHARESAVE 1ST JUNE 2020 MATURITY€¦ · If you want to buy your shares and keep (Choice 1) or sell them (Choice 2), there are four initial weekly exercise batch dates (which