REG - Bakkavor Group PLC - Director/PDMR Shareholding
13/04/2023 10:00
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RNS Number : 1279W Bakkavor Group PLC 13 April 2023
Bakkavor Group plc
Transaction by PDMRS
13 April 2023
Bakkavor Group plc
(the "Company" or "Bakkavor")
NOTIFICATION DEALING WITH GRANT OF AWARDS TO PDMRS
Notification and public disclosure of transactions by persons discharging
managerial responsibilities and persons closely associated with them in
accordance with the Market Abuse Regulations.
LTIP Awards
On 12 April 2023 the following awards over ordinary shares of 2 pence in
Bakkavor Group plc were granted under the Bakkavor Group plc Long Term
Incentive Plan to the following persons discharging managerial
responsibilities:
PDMR No. of shares under Award Type of Award
Michael Edwards 1,034,482 Performance Share Award
Ben Waldron 665,024 Performance Share Award
Donna-Maria Lee 85,233 Restricted Share Award
Donna-Maria Lee 170,466 Performance Share Award
David Selleck 68,965 Restricted Share Award
David Selleck 137,931 Performance Share Award
Shona Taylor 66,502 Restricted Share Award
Shona Taylor 133,004 Performance Share Award
The awards noted above are structured as nil cost options.
The awards will ordinarily become exercisable on the third anniversary of
grant subject to the grantee's continued service and, in the case of the
Performance Share Awards, only to the extent to which adjusted earnings per
share ("EPS") and total shareholder return ("TSR") performance conditions set
for the award are satisfied that each apply with equal weighting.
The EPS targets set for the Performance Share Awards require EPS for the 2025
financial year to be at least 10.0 pence, for which one-quarter of the EPS
element may vest, rising on a straight-line basis to full vesting of the EPS
element for EPS for the 2025 financial year of 11.5 pence or more.
The TSR targets set for the Performance Share Awards measure the Company's TSR
performance over three financial years (ending with the 2025 financial year)
relative to that of a bespoke group of comparator companies. One quarter of
the TSR element may vest for median relative TSR performance, rising on a
straight-line basis to full vesting of the TSR element for upper quartile or
better relative TSR performance.
The awards granted to Mr Edwards and Mr Waldron include a two-year
post-vesting holding period requirement in respect of which vested shares (net
of tax) acquired under the awards must be retained until at least the second
anniversary of the vesting of the awards.
Deferred Bonus Awards
On 12 April 2023 the following awards over ordinary shares of 2 pence in
Bakkavor Group plc were granted under the Bakkavor Group plc Deferred Annual
Bonus Plan ("DABP") to the following persons discharging managerial
responsibilities:
PDMR No. of shares (or notional shares) under Award Type of Award
Michael Edwards 54,249 Nil cost Option
Ben Waldron 42,042 Nil cost Option
The awards noted above are structured as nil cost options and will ordinarily
become exercisable on the third anniversary of grant subject to the grantee's
continued service.
Notifications
Details of the full notifications received by the Company are set out below.
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Michael Edwards
2 Reason for Notification
a) Position/status Chief Executive Officer
b) Initial notification/Amendment Initial Announcement
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Bakkavor Group plc
b) LEI 213800COL7AD54YU9949
4 Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each
place where transactions have been conducted
a) Description of the financial instrument, type of instrument Ordinary Shares of 2 pence each in Bakkavor Group plc
Identification code
GB00BF8J3Z99
b) Nature of the transaction 1. Grant of a nil cost option award under the Bakkavor Group plc Long Term
Incentive Plan. A Performance Share Award which will ordinarily become
exercisable three years from the date of grant, subject to continued service
and once exercisable may ordinarily be exercised at any point up until the
tenth anniversary of the date of grant. The Performance Share Award will only
vest to the extent to which adjusted earnings per share and total shareholder
return performance conditions are met. A two year (net of tax) post vesting
holding requirement applies to the award.
2. Grant of a nil cost option award under the Bakkavor Group plc Deferred
Annual Bonus Plan. The award will ordinarily become exercisable three years
from the date of grant, subject to continued service and once exercisable may
ordinarily be exercised at any point up until the tenth anniversary of the
date of grant.
c) Price(s) and volume(s) Price(s) Volume(s)
Nil 1,034,482
Nil 54,249 Nil cost option under DABP
d) Aggregated information
- Aggregated volume
1,088,731
- Price
Nil
e) Date of the transaction 12 April 2023
f) Place of the transaction Outside a trading venue
d)
Aggregated information
- Aggregated volume
- Price
1,088,731
Nil
e)
Date of the transaction
12 April 2023
f)
Place of the transaction
Outside a trading venue
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Ben Waldron
2 Reason for Notification
a) Position/status Chief Financial Officer
b) Initial notification/Amendment Initial Announcement
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Bakkavor Group plc
b) LEI 213800COL7AD54YU9949
4 Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each
place where transactions have been conducted
a) Description of the financial instrument, type of instrument Ordinary Shares of 2 pence each in Bakkavor Group plc
Identification code
GB00BF8J3Z99
b) Nature of the transaction 1. Grant of a nil cost option award under the Bakkavor Group plc Long Term
Incentive Plan. A Performance Share Award which will ordinarily become
exercisable three years from the date of grant, subject to continued service
and once exercisable may ordinarily be exercised at any point up until the
tenth anniversary of the date of grant. The Performance Share Award will only
vest to the extent to which adjusted earnings per share and total shareholder
return conditions are met. A two year (net of tax) post vesting holding
requirement applies to the award.
2.Grant of a nil cost option award under the Bakkavor Group plc Deferred
Annual Bonus Plan. The award will ordinarily become exercisable three years
from the date of grant, subject to continued service and once exercisable may
ordinarily be exercised at any point up until the tenth anniversary of the
date of grant.
c) Price(s) and volume(s) Price(s) Volume(s)
Nil 665,024 Performance Share Award under LTIP
Nil 42,042 Nil cost option under DABP
d) Aggregated information
- Aggregated volume 707,066
- Price
Nil
e) Date of the transaction 12 April 2023
f) Place of the transaction Outside a trading venue
d)
Aggregated information
- Aggregated volume
- Price
707,066
Nil
e)
Date of the transaction
12 April 2023
f)
Place of the transaction
Outside a trading venue
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Donna-Maria Lee
2 Reason for Notification
a) Position/status Chief People Officer
b) Initial notification/Amendment Initial Announcement
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Bakkavor Group plc
b) LEI 213800COL7AD54YU9949
4 Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each
place where transactions have been conducted
a) Description of the financial instrument, type of instrument Ordinary Shares of 2 pence each in Bakkavor Group plc
Identification code
GB00BF8J3Z99
b) Nature of the transaction Grant of nil cost option awards under the Bakkavor Group plc Long Term
Incentive Plan. One award is a Performance Share Award and the other a
Restricted Share Award both of which will ordinarily become exercisable three
years from the date of grant, subject to continued service and once
exercisable may ordinarily be exercised at any point up until the tenth
anniversary of the date of grant. The Performance Share Award will only vest
to the extent to which adjusted earnings per share and total shareholder
return performance conditions are met. No performance conditions apply to the
Restricted Share Award.
c) Price(s) and volume(s) Price(s) Volume(s)
Nil 170,466 Performance Share Award under LTIP
85,233 Restricted Share Award under LTIP
Nil
d) Aggregated information
- Aggregated volume 255,699
- Price
Nil
e) Date of the transaction 12 April 2023
f) Place of the transaction Outside a trading venue
d)
Aggregated information
- Aggregated volume
- Price
255,699
Nil
e)
Date of the transaction
12 April 2023
f)
Place of the transaction
Outside a trading venue
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name David Selleck
2 Reason for Notification
a) Position/status Managing Director - Meals
b) Initial notification/Amendment Initial Announcement
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Bakkavor Group plc
b) LEI 213800COL7AD54YU9949
4 Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each
place where transactions have been conducted
a) Description of the financial instrument, type of instrument Ordinary Shares of 2 pence each in Bakkavor Group plc
Identification code
GB00BF8J3Z99
b) Nature of the transaction Grant of nil cost option awards under the Bakkavor Group plc Long Term
Incentive Plan. One award is a Performance Share Award and the other a
Restricted Share Award both of which will ordinarily become exercisable three
years from the date of grant, subject to continued service and once
exercisable may ordinarily be exercised at any point up until the tenth
anniversary of the date of grant. The Performance Share Award will only vest
to the extent to which adjusted earnings per share and total shareholder
return performance conditions are met. No performance conditions apply to the
Restricted Share Award.
c) Price(s) and volume(s) Price(s) Volume(s)
Nil 137,931 Performance Share Award under LTIP
68,965 Restricted Share Award under LTIP
Nil
d) Aggregated information
- Aggregated volume 206,896
- Price
Nil
e) Date of the transaction 12 April 2023
f) Place of the transaction Outside a trading venue
d)
Aggregated information
- Aggregated volume
- Price
206,896
Nil
e)
Date of the transaction
12 April 2023
f)
Place of the transaction
Outside a trading venue
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Shona Taylor
2 Reason for Notification
a) Position/status Managing Director - Bakery
b) Initial notification/Amendment Initial Announcement
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Bakkavor Group plc
b) LEI 213800COL7AD54YU9949
4 Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each
place where transactions have been conducted
a) Description of the financial instrument, type of instrument Ordinary Shares of 2 pence each in Bakkavor Group plc
Identification code
GB00BF8J3Z99
b) Nature of the transaction Grant of nil cost option awards under the Bakkavor Group plc Long Term
Incentive Plan. One award is a Performance Share Award and the other a
Restricted Share Award both of which will ordinarily become exercisable three
years from the date of grant, subject to continued service and once
exercisable may ordinarily be exercised at any point up until the tenth
anniversary of the date of grant. The Performance Share Award will only vest
to the extent to which adjusted earnings per share and total shareholder
return performance conditions are met. No performance conditions apply to the
Restricted Share Award.
c) Price(s) and volume(s) Price(s) Volume(s)
Nil 133,004 Performance Share Award under LTIP
66,502 Restricted Share Award under LTIP
Nil
d) Aggregated information
- Aggregated volume 199,506
- Price
Nil
e) Date of the transaction 12 April 2023
f) Place of the transaction Outside a trading venue
d)
Aggregated information
- Aggregated volume
- Price
199,506
Nil
e)
Date of the transaction
12 April 2023
f)
Place of the transaction
Outside a trading venue
-Ends-
Enquiries
Company Secretarial:
Annabel Tagoe-Bannerman, Group General Counsel and Company
Secretary +44 (0) 20 7908 6130
Institutional investors and analysts:
Emily Daw, Group Financial Controller & Head of Investor
Relations
+44 (0) 20 7908 6114
About Bakkavor
We are the leading provider of fresh prepared food in the UK, and our presence
in the US and China positions the Group well in these, high-growth markets. We
leverage our consumer insight and scale to provide innovative food that offers
quality, choice, convenience, and freshness. Around 18,500 colleagues operate
from 44 sites across our three markets supplying a portfolio of over 2,900
products across meals, pizza & bread, salads and desserts to leading
grocery retailers in the UK and US, and international food brands in China.
LEI number: 213800COL7AD54YU9949
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