The Board of Tiger Brands Limited (JSE:TBS) announced a spin off of 42.1% stake in Oceana Group Limited (JSE:OCE) on November 22, 2018. As of April 3, 2019, the Board of Tiger Brands Limited agreed to spin off of 36.2% stake in Oceana Group Limited. About 57 million shares will be handed back to shareholders. As of April 3, 2019, about 49.1 million shares will be handed back to shareholders. The shares will be distributed by way of a distribution in specie such that each Tiger Brands Limited shareholder will receive 25.86927 shares for every 100 shares held in Tiger Brands Limited. The record date for the spin-off is April 26, 2019. As of April 3, 2019, the Board of Tiger Brands Limited approved the deal and all necessary authorities and approvals are in place. The approximate implementation date of the unbundling is April 2019. As of April 5, 2019, the deal is expected to be completed on April 29, 2019. The Board of Tiger Brands Limited (JSE:TBS) completed the spin off of 36.2% stake in Oceana Group Limited (JSE:OCE) on April 29, 2019.