REG - Finsbury Food Group - PDMR Dealings

Finsbury FoodAnnouncement

16/11/2023 07:00

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RNS Number : 6785T  Finsbury Food Group PLC  16 November 2023

 Date:             16 November 2023
 On behalf of:     Finsbury Food Group Plc ('Finsbury', 'the Company' or 'the Group')
 Embargoed until:  0700hrs

 

Finsbury Food Group plc

PDMR Dealings

Finsbury Food Group Plc (AIM: FIF), a leading UK specialty bakery and
manufacturer of cake, bread and morning goods for both the retail and
foodservice channels, announces that, on 15 November 2023, John Duffy, Chief
Executive Officer, and Stephen Boyd, Group Finance Director, received ordinary
shares of 1p each in the Company ("Ordinary Shares") pursuant to the Company's
annual bonus arrangements in relation to the financial years ended 27 June
2015, 29 June 2019 and 27 June 2020.  On a gross settled basis, Mr Duffy
received 2,040,377 Ordinary Shares and Mr Boyd received 1,437,101 Ordinary
Shares.

Following receipt of the shares, Mr Duffy and his immediate family, have an
interest in 4,910,575 Ordinary Shares representing approximately 3.77 per
cent. of the Company's total issued share capital and Mr Boyd and his
immediate family, have an interest in 2,809,588 Ordinary Shares representing
approximately 2.15 per cent. of the Company's total issued share capital.

In parallel, in connection with the Acquisition of Finsbury by Frisbee Bidco
Limited ("Bidco"), all other participants in the Finsbury Share Plans either
exercised some or all of their options and received Ordinary Shares or elected
to surrender some or all of their options in favour of the grant of a new
award over shares in Bidco (or a combination of both) in accordance with the
proposals made by Finsbury and Bidco to them in letters dated 2 October 2023
in accordance with the Rule 15 Proposals.

The Ordinary Shares were transferred from the trustee of the Finsbury Food
Group Plc Employee Benefit Trust ("EBT"). Following such transfers, the
trustee of the EBT is interested in 1,085,693 Ordinary Shares, representing
0.83 per cent. of the Company's total issued share capital.

The EBT is a discretionary trust for the benefit of employees of the Company
and its subsidiaries. The Executive Directors of the Company are included in
the class of potential beneficiaries of the EBT and are deemed to be
interested in those shares and the dealings thereof.

 

 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:                Transfer of Ordinary Shares from the Finsbury Food Group Employee Benefit

                                         Trust pursuant to the Finsbury Share Plans, in accordance with the Acquisition
                                               by Frisbee Bidco Limited
 c)  Price(s) and volume(s):

Price     Volume
                                               Nil cost  2,040,377
 d)  Aggregated volume:                        N/A

     Price:
 e)  Date of the Transaction:                  15 November 2023
 f)  Place of the Transaction:                 Outside a trading venue

d)

Aggregated volume:

Price:

N/A

e)

Date of the Transaction:

15 November 2023

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:                Transfer of Ordinary Shares from the Finsbury Food Group Employee Benefit

                                         Trust pursuant to the Finsbury Share Plans, in accordance with the Acquisition
                                               by Frisbee Bidco Limited
 c)  Price(s) and volume(s):

Price     Volume
                                               Nil cost  1,437,101
 d)  Aggregated volume:                        N/A

     Price:
 e)  Date of the Transaction:                  15 November 2023
 f)  Place of the Transaction:                 Outside a trading venue

d)

Aggregated volume:

Price:

N/A

e)

Date of the Transaction:

15 November 2023

f)

Place of the Transaction:

Outside a trading venue

 

 

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

 Dominic Morley

 Atholl Tweedie

 Rupert Dearden

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

 Sam Modlin

 Rebecca Sanders-Hewett

 Matthew Young

Notes to Editors:

·      Finsbury Food Group Plc (AIM: FIF) is a leading UK 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, with its Overseas division, had sales in the financial year ended 1
July 2023 exceeding £413 million.

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

o  Large premium and celebration cakes.

o  Small snacking cake formats such as cake slices and bites.

o  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.

o  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 £1.4 billion (source: Kantar Worldpanel 52 w/e 06
August 2023). The retail bread and morning goods market has a value of £6.3
billion (source: Kantar Worldpanel 52 w/e 03 September 2023). The retail Free
From cake market is valued at £69.6 million (source: Kantar Worldpanel 52 w/e
06 August 2023). The retail Free From bread and morning goods market is valued
at £186.4 million (source: Kantar Worldpanel 52 w/e 03 September 2023).

·      The Company comprises a core UK Bakery division and an Overseas
division:

o  The UK Bakery division has manufacturing sites in Cardiff, East Kilbride,
Hamilton, Salisbury, Sheffield, Manchester, Pontypool and now Coatbridge.

o  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, in Europe, and the
Company's manufacturing facilities in Rybarzowice and Żywiec in Poland.

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