Bakkavor Group PLC Director/PDMR Shareholding (0660Z)

TIDMBAKK

RNS Number : 0660Z

Bakkavor Group PLC

15 September 2020

15 September 2020

NOTIFICATION DEALING WITH GRANT OF AWARDS TO PDMRS

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them in accordance with the Market Abuse Regulations.

On 15 September 2020 the following award over ordinary shares of 2 pence in Bakkavor Group plc was granted under the Bakkavor Group plc Long Term Incentive Plan to the following person discharging managerial responsibilities:

 
    PDMR       No. of shares under        Type of Award 
                      Award 
 Peter Gates        1,118,051        Performance Share Award 
              --------------------  ------------------------ 
 

The award will ordinarily become exercisable on the third anniversary of grant subject to the grantee's continued service and to the extent to which the performance condition set for the award is satisfied. The performance condition shall measure the Company's total shareholder return over the three-year period commencing on grant of the award relative to that of a bespoke group of comparator companies.

A term of the award includes that the Company's remuneration committee retains discretion to reduce (including to nil) the extent to which the award would otherwise vest. Such discretion may be applied in exceptional circumstances to protect against inappropriate levels of vesting taking into account such factors as the remuneration committee considers relevant (including but not limited to overall performance of the Company and/or general market and share response in the context of the COVID-19 pandemic).

Details of the full notifications received by the Company are set out below.

 
 1    Details of the person discharging managerial responsibilities 
       / person closely associated 
 a)   Name                             Peter Gates 
     -------------------------------  -------------------------------------------- 
 2    Reason for Notification 
     ----------------------------------------------------------------------------- 
 a)   Position/status                  Chief Financial Officer 
     -------------------------------  -------------------------------------------- 
 b)   Initial notification/Amendment   Initial Announcement 
     -------------------------------  -------------------------------------------- 
 3    Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     ----------------------------------------------------------------------------- 
 a)   Name                             Bakkavor Group plc 
     -------------------------------  -------------------------------------------- 
 b)   LEI                              213800COL7AD54YU9949 
     -------------------------------  -------------------------------------------- 
 4    Details of the 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     Ordinary Shares of 2 pence each in 
       instrument, type of              Bakkavor Group plc 
       instrument 
 
       Identification code              GB00BF8J3Z99 
     -------------------------------  -------------------------------------------- 
 b)   Nature of the transaction        Grant of a nil cost option award under 
                                        the Bakkavor Group plc Long Term Incentive 
                                        Plan. The award will ordinarily become 
                                        exercisable three years from the date 
                                        of grant, subject to continued service 
                                        and to the extent to which a total 
                                        shareholder return performance condition 
                                        are met, and once exercisable may be 
                                        ordinarily exercised at any point up 
                                        until the tenth anniversary of the 
                                        date of grant. 
     -------------------------------  -------------------------------------------- 
 c)   Price(s) and volume(s)            Price(s)   Volume(s) 
                                         Nil        1,118,051 Performance 
                                                     Share Award 
                                                   ---------------------- 
     -------------------------------  -------------------------------------------- 
 d)        Aggregated information 
             *    Aggregated volume      Not applicable - single transaction 
 
 
            - Price 
     -------------------------------  -------------------------------------------- 
 e)   Date of the transaction          15 September 2020 
     -------------------------------  -------------------------------------------- 
 f)   Place of the transaction         Outside a trading venue 
     -------------------------------  -------------------------------------------- 
 

-Ends-

Enquiries

Company Secretarial:

Annabel Tagoe-Bannerman, General Counsel and Company Secretary [phone]

Institutional investors and analysts:

Sally Barret-Jolley, Head of Corporate Affairs [phone]

Media enquiries:

Tulchan Communications [phone]

Will Smith

About Bakkavor

Bakkavor is the leading provider in the large and fast-growing UK Fresh Prepared Food (FPF) market, which consists of the four categories of Meals, Salads, Desserts and Pizza & Bread, and has a growing international presence in the US and China.

In the UK the Group is the number one producer by market share in all four FPF categories, supplying all of the UK's leading grocery retailers, including Tesco, Marks & Spencer, Sainsbury's and Waitrose.

The International segment has operations in the US and China, supplying both retail and foodservice customers.

LEI number: 213800COL7AD54YU9949

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September 15, 2020 07:54 ET (11:54 GMT)