REG - Finsbury Food Group - Executive LTIP - PDMR Dealings

Finsbury FoodAnnouncement

07/11/2022 16:15

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RNS Number : 5781F  Finsbury Food Group PLC  07 November 2022

 Date:          07 November 2022
 On behalf of:  Finsbury Food Group Plc ('Finsbury', 'the Company' or 'the Group')
 For immediate release

 

Finsbury Food Group Plc

Executive LTIP - PDMR Dealings

 

Finsbury Food Group Plc (AIM: FIF), a leading UK specialty bakery manufacturer
of cake, bread and morning goods for both the retail and foodservice channels,
announces that, under the terms of the Company's long term incentive plan
("LTIP"), the following awards were granted on 04 November 2022.

 

 Director                              Type of option               Number of shares subject to option
 John Duffy, Chief Executive Officer   Nil-cost option (PSP Award)  641,970
 Stephen Boyd, Group Finance Director  Nil-cost option (PSP Award)  449,685

 

The value of the shares subject to each PSP Award is 100% of the basic salary
of each director, calculated using the average price of the shares over the
three business days immediately prior to the end of the Company's FY22
financial year.

 

The Remuneration Committee has determined that the vesting of the PSP Awards
should be conditional upon the performance conditions set out below, to be
satisfied over a period of 3 years (the "Performance Period") beginning with
the start of the Company's 2022 Financial Year on 3 July 2022:

 

 ·             Vesting of 50% of the award will normally be based upon the amount of the
               adjusted diluted Earnings Per Share ("EPS") delivered in the final Financial
               Year of the Performance Period determined on a straight-line basis between EPS
               vesting targets set by the Remuneration Committee.

 ·             Vesting of 50% of the award will normally be based upon Relative Total
               Shareholder Return against the FTSE Small Cap (excluding investment trusts)
               ("TSR") over the Performance Period.
 ·             The PSP Awards are subject to a general performance underpin, which will be
               assessed on a number of factors including ROCE performance, at the discretion
               of the Remuneration Committee.

 ·             The PSP Awards are also subject to a 2 year post vesting holding period during
               which they may not be exercised.

 

Mr Duffy and Mr Boyd hold, in addition to the LTIP awards set out above,
2,758,766 and 1,960,531 options over Ordinary Shares respectively (36,585 and
36,585 of which have been granted as linked CSOP options).

 

Immediately following these awards, the Company's issued share capital was
130,383,361 Ordinary Shares and there were outstanding awards (vested and
unvested) under the previous and new LTIP over 11,081,738 Ordinary Shares
(847,253 of which have been granted as linked CSOP options).

 

- ENDS -

 

For further information:

 

 Finsbury Food Group                                                                    www.finsburyfoods.co.uk (http://www.finsburyfoods.co.uk)  029 20 357 500

 John Duffy (Chief Executive)

 Steve Boyd (Finance Director)

 Panmure Gordon (UK) Limited                                                                                                                      020 7886 2500

 Oliver Cardigan (Corporate Finance)

 Atholl Tweedie

 Erik Anderson (Corporate Broking)

 Alma                                                                                   finsbury@almapr.co.uk (mailto:finsbury@almapr.co.uk)      020 3405 0205
 PR

 Sam Modlin

 David Ison

 Matthew Young

 

 

 

 1   Details of the person discharging managerial responsibilities/person closely
     associated
 a)  Name:                                     John Duffy
 2   Reason for the notification
 a)  Position/Status:                          Chief Executive Officer

 b)  Initial Notification/Amendment:           Initial Notification

 3   Details of the issuer, emission allowance market participation, auction
     platform, auctioneer or auction monitor
 a)  Name:                                     Finsbury Food Group Plc
 b)  LEI:                                      213800NP5Y3DYJM1MF44
 4.  Details of 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:  Ordinary Shares of 1 pence each

     Identification code:                      ISIN: GB0009186429
 b)  Nature of the transaction:                Grant of awards over Ordinary Shares under the Company's long term incentive

                                         plan

 c)  Price(s) and volume(s):                   PSP Award

Price     Volume
                                               Nil-cost  641,970
 d)  Aggregated volume:                        N/A

     Price:
 e)  Date of the Transaction:                  04 November 2022
 f)  Place of the Transaction:                 Outside a trading venue

d)

Aggregated volume:

Price:

N/A

e)

Date of the Transaction:

04 November 2022

f)

Place of the Transaction:

Outside a trading venue

 

 

 

 1   Details of the person discharging managerial responsibilities/person closely
     associated
 a)  Name:                                     Stephen Boyd
 2   Reason for the notification
 a)  Position/Status:                          Group Finance Director

 b)  Initial Notification/Amendment:           Initial Notification

 3   Details of the issuer, emission allowance market participation, auction
     platform, auctioneer or auction monitor
 a)  Name:                                     Finsbury Food Group Plc
 b)  LEI:                                      213800NP5Y3DYJM1MF44
 4.  Details of 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:  Ordinary Shares of 1 pence each

     Identification code:                      ISIN: GB0009186429
 b)  Nature of the transaction:                Grant of awards over Ordinary Shares under the Company's long term incentive

                                         plan

 c)  Price(s) and volume(s):                   PSP Award

Price     Volume
                                               Nil-cost  449,685
 d)  Aggregated volume:                        N/A

     Price:
 e)  Date of the Transaction:                  04 November 2022
 f)  Place of the Transaction:                 Outside a trading venue

d)

Aggregated volume:

Price:

N/A

e)

Date of the Transaction:

04 November 2022

f)

Place of the Transaction:

Outside a trading venue

 

Notes to Editors:

 

·      Finsbury Food Group Plc (AIM: FIF) is a leading UK and European
manufacturer of cake and bread bakery goods, supplying a broad range of
blue-chip customers within both the grocery retail and 'out of home eating'
foodservice sectors including major multiples and leading foodservice
providers.

·      The Company is one of the largest speciality bakery groups in the
UK and, together with its overseas division, has sales in the financial year
ending 2 July 2022 of £357 million.

·      The Company's bakery product range is comprehensive and includes:

·      Large premium and celebration cakes;

·      Small snacking cake formats such as cake slices and bites;

·      Artisan, healthy lifestyle and organic breads through to rolls,
muffins (sweet and savoury) and morning pastries, all of which are available
both fresh and frozen dependent on customer channel requirements; and

·      Gluten Free bread, morning goods and cake ranges.

·      The Company is one of the largest ambient cake manufacturers in
the UK, a market valued at £1.031 billion (source: IRI 52 w/e 13th August
2022). The retail bread and morning goods market has a value of £5.3 billion
(source: Kantar Worldpanel 52 w/e 4th September 2022). The retail Free From
cake market is valued at £58 million (source: Kantar Worldpanel 52 w/e 4th
September 2022). The retail Free From bread and morning goods market is valued
at £166 million (source: Kantar Worldpanel 52 w/e 4th September 2022).

 

·      The Company comprises a core UK bakery division and an overseas
division:

·      The UK bakery division has manufacturing sites in Cardiff, East
Kilbride, Hamilton, Salisbury, Sheffield, Manchester, and Pontypool.

·      The overseas division comprises the Company's 85% owned company,
Lightbody-Stretz Limited, which supplies and distributes the Group's
UK-manufactured products and third-party products, primarily to Europe, and
the Company's manufacturing facilities in Rybarzowice and Żywiec in Poland.

 

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