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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 : 3186L
Finsbury Food Group PLC
30 September 2016
Date: 30 September 2016 On behalf Finsbury Food Group Plc ('Finsbury', of: 'the Company' or 'the Group') For immediate release
Finsbury Food Group Plc
Executive LTIP
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, under the terms of the Company's long term incentive plan ("LTIP") the following awards were granted after close of business on Thursday, 29 September 2016 in the form of nil-cost options:
Director Number of shares subject to awards John Duffy, Chief Executive Officer 515,464 Stephen Boyd, Finance Director 374,532
The value of the shares subject to these awards is 200% of the basic salary of each director, calculated using the average price of the shares over the three business days following the announcement on 19 September 2016 of the Company's preliminary results for the year ended 2 July 2016.
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 2017 Financial Year on 3 July 2016:
* 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 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 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, 1,832,993 and 1,226,268 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 scheme over 5,403,266 ordinary shares.
-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) Alex Aylen (Sales) Redleaf Communications finsbury@redleafpr.com Rebecca Sanders-Hewett 020 7382 4730 Sarah Fabietti - Dallison Sam Modlin
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.
-- Following the acquisition of the Fletchers Group of bakeries, the Company is one of the largest speciality bakery groups in the UK with annualised sales in 2016 exceeding GBP300 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.
-- The Company is now the second largest manufacturer of ambient packaged cake (excluding In Store Bakery (ISB)) in the UK, a market valued at over GBP950 million (Source Symphony IRI 52 w/e 13 August 2016). The annual retail bread and morning goods market has a value in excess of GBP4.0 billion (source Kantar Worldpanel 52 weeks to 19 June 2016). The UK foodservice bread and morning goods bakery sector is worth approximately GBP800 million per annum, 70% of which is in morning goods. The UK foodservice cake and sweet treat bakery sector is worth approximately GBP600 million per annum.
-- The Company comprises a UK Bakery division and an Overseas division:
- UK Bakery has manufacturing sites in Cardiff, East Kilbride, Hamilton, Twechar, Salisbury, Sheffield, London and Manchester.
- The overseas sector comprises the Company's 50% owned entity, Lightbody Stretz Ltd, that 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: ---- ---------------------------------- ------------------------------- 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 options over 515,464 Ordinary Shares under the Company's long term incentive plan ---- ---------------------------------- ------------------------------- c) Price(s) and volume(s): Price(s) Volume(s) ---- ---------------------------------- --------------- -------------- Nil-cost 515,464 ------------------------------------------------------- -------------- d) Aggregated volume: na Price: ---- ---------------------------------- ------------------------------- e) Date of the Transaction: 29 September 2016 ---- ---------------------------------- ------------------------------- 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: ---- ---------------------------------- ------------------------------- 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 options over 374,532 Ordinary Shares under the Company's long term incentive plan ---- ---------------------------------- ------------------------------- c) Price(s) and volume(s): Price(s) Volume(s)
---- ---------------------------------- --------------- -------------- Nil-cost 374,532 ------------------------------------------------------- -------------- d) Aggregated volume: na Price: ---- ---------------------------------- ------------------------------- e) Date of the Transaction: 29 September 2016 ---- ---------------------------------- ------------------------------- 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
September 30, 2016 03:40 ET (07:40 GMT)
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