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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Finsbury Food Group Plc | LSE:FIF | London | Ordinary Share | GB0009186429 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 110.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
TIDMFIF
RNS Number : 7539U
Finsbury Food Group PLC
27 October 2017
Hot Features
Premium
Date: 27 October 2017
On behalf Finsbury Food Group Plc ('Finsbury',
of: '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 26 October 2017:
Director Type of Number of Per share exercise
option* shares subject price of the
to option option (GBP)
------------------ ------------- ---------------- -------------------
John Duffy,
Chief Executive
Officer CSOP option 27,777 1.08
------------------ ------------- ---------------- -------------------
Nil-cost
option 410,423 0.00
-------------------------------- ---------------- -------------------
Stephen Boyd,
Group Finance
Director CSOP option 27,777 1.08
------------------ ------------- ---------------- -------------------
Nil-cost
option 287,492 0.00
-------------------------------- ---------------- -------------------
*to the extent permitted by the relevant tax legislation, each participant has been granted part of his award as a tax qualifying CSOP option.
The value of the shares subject to each nil-cost option is 100% of the basic salary of each director, calculated using the average price of the shares over the three business days following the announcement on 18 September 2017 of the Company's preliminary results for the year ended 1 July 2017. The nil-cost option and CSOP option are linked such that, at the time of exercise, to the extent that there is a gain in the CSOP option, a proportion of the linked nil-cost option with the same value will be forfeited.
The Remuneration Committee has determined that in each case the vesting of these 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 2018 Financial Year on 2 July 2017:
* Vesting of 50% of the award will 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 be based upon
Relative Total Shareholder Return against the FTSE
Small Cap (excluding investment trusts) ("TSR") over
the Performance Period.
* The nil-cost options 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 CSOP
options cannot be subject to a general performance
underpin due to legislative requirements.
* The awards are also subject to a two 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, 2,319,440 and 1,582,408 options over ordinary shares respectively.
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 6,493,130 ordinary shares (430,749 of which have been granted as linked CSOP options).
-S -
For further information: Finsbury Food Group Plc www.finsburyfoods.co.uk John Duffy (Chief Executive Officer) 029 20 357 500 Stephen Boyd (Group Finance Director) Cenkos Securities plc Bobbie Hilliam (Corporate Finance) Redleaf Communications finsbury@redleafpr.com Elisabeth Cowell 020 7382 4730 Ian Silvera Fiona Norman
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, has sales in the financial year ending 1 July 2017 exceeding GBP300m.
-- 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.
-- The Company is one of the largest ambient cake manufacturers in the UK, a market valued at over GBP938 million (source: Symphony IRI, 52 w/e 19th August 2017). The annual retail bread and morning goods market has a value of GBP4.0 billion (source: Kantar Worldpanel 52 weeks to 16th July 2017). The UK foodservice bread and morning goods bakery sector is worth approximately GBP836 million per annum. The UK foodservice cake and sweet treat bakery sector is worth approximately GBP494 million per annum (UK foodservice data derived from NPD Crest 52 w/e 30th June 2017).
-- The Company comprises a UK Bakery division and an Overseas division:
o The UK Bakery division has manufacturing sites in Cardiff, East Kilbride, Hamilton, Salisbury, Sheffield and Manchester.
o The Overseas division comprises the Company's 50% owned company, Lightbody Stretz Ltd, which supplies and distributes the Group's UK-manufactured products and third party products, primarily to Europe.
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 Ordinary Shares of 1
financial instrument: pence each
Identification code: ISIN: GB0009186429
---- ---------------------------------- --------------------------------
b) Nature of the transaction: Grant of nil-cost option
and CSOP option over
410,423 and 27,777 Ordinary
Shares respectively under
the Company's long term
incentive plan
---- ---------------------------------- --------------------------------
c) Price(s) and volume(s): Price(s) Volume(s)
---- ---------------------------------- --------------- ---------------
Nil-cost 438,200
------------------------------------------------------- ---------------
d) Aggregated volume: N/A
Price:
---- ---------------------------------- --------------------------------
e) Date of the Transaction: 26 October 2017
---- ---------------------------------- --------------------------------
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 Ordinary Shares of 1
financial instrument: pence each
Identification code: ISIN: GB0009186429
---- ---------------------------------- --------------------------------
b) Nature of the transaction: Grant of nil-cost option
and CSOP option over
287,492 and 27,777 Ordinary
Shares respectively under
the Company's long term
incentive plan
---- ---------------------------------- --------------------------------
c) Price(s) and volume(s): Price(s) Volume(s)
---- ---------------------------------- --------------- ---------------
Nil-cost 315,269
------------------------------------------------------- ---------------
d) Aggregated volume: N/A
Price:
---- ---------------------------------- --------------------------------
e) Date of the Transaction: 26 October 2017
---- ---------------------------------- --------------------------------
f) Place of the Transaction: Outside a trading venue
---- ---------------------------------- --------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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(END) Dow Jones Newswires
October 27, 2017 02:00 ET (06:00 GMT)
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