REG - Bakkavor Group PLC - Director/PDMR Shareholding
12/04/2024 07:00
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RNS Number : 3540K Bakkavor Group PLC 12 April 2024
Bakkavor Group plc
Transaction by PDMRS
12 April 2024
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 11 April 2024 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 972,135 Performance Share Award
Ben Waldron 624,944 Performance Share Award
Donna-Maria Lee 80,096 Restricted Share Award
Donna-Maria Lee 160,192 Performance Share Award
David Selleck 64,809 Restricted Share Award
David Selleck 129,618 Performance Share Award
Shona Taylor 62,494 Restricted Share Award
Shona Taylor 124,988 Performance Share Award
Lee Miley 57,865 Restricted Share Award
Lee Miley 115,730 Performance Share Award
Kamran Lodi 65,978 Restricted Share Award
Kamran Lodi 131,956 Performance Share Award
The awards noted above are structured as nil cost options other than in the
case of the awards to Mr Lodi which are structured as conditional awards.
The awards structured as nil cost options will ordinarily become exercisable
on the third anniversary of grant subject to the grantee's continued service
and, in the case of such Performance Share Awards, only to the extent to which
adjusted earnings per share ("EPS"), total shareholder return ("TSR") and
environmental social governance ("ESG") performance conditions set for the
award are satisfied that each apply in the weighting of EPS 40%, TSR 45% and
ESG 15%. Further details of such performance conditions and related targets
are as set out in the Directors' Remuneration Report section of our 2023
Annual Report.
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.
The awards to Mr Lodi will ordinarily vest on the third anniversary of grant
subject to continued service and, in the case of his Performance Share Award,
only to the extent to which Bakkavor USA related performance conditions are
met.
Deferred Bonus Awards
On 11 April 2024 the following awards over ordinary shares of 2 pence in
Bakkavor Group plc were granted under the Bakkavor Group plc Deferred Annual
Bonus Plan to the following persons discharging managerial responsibilities:
PDMR No. of shares (or notional shares) under Award Type of Award
Michael Edwards 259,651 Nil cost Option
Ben Waldron 166,918 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, total shareholder
return and environmental social governance 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 972,135
Nil 259,651 Nil cost option under DABP
d) Aggregated information
- Aggregated volume 1,231,786
- Price Nil
e) Date of the transaction 11 April 2024
f) Place of the transaction Outside a trading venue
d)
Aggregated information
- Aggregated volume
- Price
1,231,786
Nil
e)
Date of the transaction
11 April 2024
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, total shareholder
return and environmental social governance 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 624,944 Performance Share Award under LTIP
Nil 166,918 Nil cost option under DABP
d) Aggregated information
- Aggregated volume 791,862
- Price Nil
e) Date of the transaction 11 April 2024
f) Place of the transaction Outside a trading venue
d)
Aggregated information
- Aggregated volume
- Price
791,862
Nil
e)
Date of the transaction
11 April 2024
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, total shareholder return
and environmental social governance performance conditions are met. No
performance conditions apply to the Restricted Share Award.
c) Price(s) and volume(s) Price(s) Volume(s)
Nil 160,192 Performance Share Award under LTIP
80,096 Restricted Share Award under LTIP
Nil
d) Aggregated information
- Aggregated volume 240,288
- Price Nil
e) Date of the transaction 11 April 2024
f) Place of the transaction Outside a trading venue
d)
Aggregated information
- Aggregated volume
- Price
240,288
Nil
e)
Date of the transaction
11 April 2024
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, total shareholder return
and environmental social governance performance conditions are met. No
performance conditions apply to the Restricted Share Award.
c) Price(s) and volume(s) Price(s) Volume(s)
Nil 129,618 Performance Share Award under LTIP
64,809 Restricted Share Award under LTIP
Nil
d) Aggregated information
- Aggregated volume 194,427
- Price Nil
e) Date of the transaction 11 April 2024
f) Place of the transaction Outside a trading venue
d)
Aggregated information
- Aggregated volume
- Price
194,427
Nil
e)
Date of the transaction
11 April 2024
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, total shareholder return
and environmental social governance performance conditions are met. No
performance conditions apply to the Restricted Share Award.
c) Price(s) and volume(s) Price(s) Volume(s)
Nil 124,988 Performance Share Award under LTIP
62,494 Restricted Share Award under LTIP
Nil
d) Aggregated information
- Aggregated volume 187,482
- Price Nil
e) Date of the transaction 11 April 2024
f) Place of the transaction Outside a trading venue
d)
Aggregated information
- Aggregated volume
- Price
187,482
Nil
e)
Date of the transaction
11 April 2024
f)
Place of the transaction
Outside a trading venue
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Lee Miley
2 Reason for Notification
a) Position/status UK Finance Director
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, total shareholder return
and environmental social governance performance conditions are met. No
performance conditions apply to the Restricted Share Award.
c) Price(s) and volume(s) Price(s) Volume(s)
Nil 115,730 Performance Share Award under LTIP
57,865 Restricted Share Award under LTIP
Nil
d) Aggregated information
- Aggregated volume 173,595
- Price Nil
e) Date of the transaction 11 April 2024
f) Place of the transaction Outside a trading venue
d)
Aggregated information
- Aggregated volume
- Price
173,595
Nil
e)
Date of the transaction
11 April 2024
f)
Place of the transaction
Outside a trading venue
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Kamran Lodi
2 Reason for Notification
a) Position/status Chief Operating Officer, Bakkavor USA
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 conditional 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 vest three years from the date of grant,
subject to continued service. The Performance Share Award will only vest to
the extent to which Bakkavor USA related performance conditions are met. No
performance conditions apply to the Restricted Share Award.
c) Price(s) and volume(s) Price(s) Volume(s)
Nil 131,956 Performance Share Award under LTIP
65,978 Restricted Share Award under LTIP
Nil
d) Aggregated information
- Aggregated volume 197,934
- Price Nil
e) Date of the transaction 11 April 2024
f) Place of the transaction Outside a trading venue
d)
Aggregated information
- Aggregated volume
- Price
197,934
Nil
e)
Date of the transaction
11 April 2024
f)
Place of the transaction
Outside a trading venue
-Ends-
ENQUIRIES
Institutional investors and analysts:
Ben Waldron, Chief Financial Officer
Richard Wooldridge, Interim Head of Investor Relations
+44 (0) 20 7908 6114
Annabel Tagoe-Bannerman, Group General Counsel & Company Secretary
+44 (0) 20 7908 6130
Financial media:
bakkavor@mhpgroup.com (mailto:bakkavor@mhpgroup.com)
Katie Hunt, MHP
+44 (0) 20 3128 8100
+44 (0) 7884 494 112
Rachel Farrington, MHP
+44 (0) 7801 894 577
Oliver Hughes, MHP
+44 (0) 7885 224 532
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 18,000 colleagues operate
from 44 sites across our three markets, supplying a portfolio of over 3,000
products across meals, pizza & bread, salads and desserts to leading
grocery retailers in the UK and US, and international food brands in China.
Find out more at www.bakkavor.com (http://www.bakkavor.com) .
LEI number: 213800COL7AD54YU9949
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