REG - Norish Plc - Executive Director Bonuses

Roebuck FoodAnnouncement

08/12/2021 07:00

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RNS Number : 8993U  Norish PLC  08 December 2021

8 December 2021

Roebuck Food Group plc ("the Company")

(formerly Norish plc)

Executive Director Bonuses

In light of the disposal of the Company's cold store division for a gross
consideration of £65.706 million announced on 30 September 2021 and completed
on 29 October 2021 and capital return of £49.916 million approved on 22
November 2021 and completed on 29 November 2021, the Board has agreed to pay
once-off non-pensionable cash bonuses of €170,000 to Executive Chairman Ted
O'Neill and £215,000 to Group Finance Director Aidan Hughes. In each case the
bonus is separate and distinct from Mr O'Neill's and Mr Hughes' respective
contractual entitlements as executive directors of the Company and is in
recognition of their work in connection with the disposal and return of
capital and, in the case of Mr Hughes, his ongoing post-disposal assistance to
the purchaser of the cold store division. In addition, with effect from 1
January 2022, Mr O'Neill's salary of €170,000 per annum will reduce to
€84,000 per annum.

It has been previously announced that Mr Hughes will step down from his
executive role on 31 December 2021 along with Group Managing Director Kieran
Mahon, who will resign as a director on that date.  Both Mr Hughes and Mr
Mahon have service agreements with the Company providing for a 12 month notice
period, in respect of which the Company anticipates making payments in lieu of
that notice by reference to their salaries of €170,000 and £115,000 per
annum respectively.

The directors of the Company (Mr O'Neill and Mr Hughes excepted) consider,
having consulted with the Company's nominated adviser Davy, that the terms of
these bonuses are fair and reasonable insofar as its shareholders are
concerned.

The directors of the Company accept responsibility for this announcement.

Enquiries:

 Roebuck Food Group plc
 Gerard Murphy, Group Company Secretary  Telephone: + 44 28  3025 7760
 Davy (Nomad)
 Anthony Farrell                         Telephone: + 353 1 679 6363

 

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