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
  0.50 0.6% 84.00 83.00 85.00 84.00 83.50 83.50 52,566 14:54:52
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Food Producers 303.6 4.5 1.7 49.4 108

Finsbury Food Group PLC Executive LTIP - PDMR Dealings

30/10/2019 7:00am

UK Regulatory (RNS & others)


TIDMFIF

RNS Number : 5426R

Finsbury Food Group PLC

30 October 2019

 
   Date:        30 October 2019 
   On behalf    Finsbury Food Group Plc ('Finsbury', 'the 
    of:          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 28 October 2019.

 
 Director               Type of option*       Number of shares 
                                               subject to option 
 John Duffy, Chief      Nil-cost option 
  Executive Officer      (PSP Award)                   625,310 
                       --------------------  ------------------- 
  Nil-cost option 
   (Restricted Share 
   Award)                                              512,195 
 ------------------------------------------  ------------------- 
  CSOP Option                                           36,585 
 ------------------------------------------  ------------------- 
 Stephen Boyd, Group    Nil-cost option 
  Finance Director       (PSP Award)                   438,015 
                       --------------------  ------------------- 
  Nil-cost option 
   (Restricted Share 
   Award)                                              358,780 
 ------------------------------------------  ------------------- 
  CSOP Option                                           36,585 
 ------------------------------------------  ------------------- 
 

*to the extent permitted by the relevant tax legislation, each participant has been granted part of their Restricted Share Award as a tax qualifying CSOP Option.

The value of the shares subject to each PSP Award is 100% of the basic salary of each director, calculated using the average price of the shares over the three business days immediately prior to the end of the Company's FY19 financial year.

The Remuneration Committee has determined that in the vesting of the PSP 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 2020 Financial Year on 30 June 2019:

   --     Vesting of 50% of the award will normally 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, subject to a Remuneration Committee discretion to adjust vesting levels and/or substitute such condition with EBITDA target ranges if it considers that such condition is no longer a fair and appropriate measure of the Company's financial performance during the Performance Period, taking into account factors such as the Company's EBITDA performance relative to the wider market.

-- 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 PSP 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 PSP Awards are also subject to a 2 year post vesting holding period during which they may not be exercised.

In line with proposals set out in the Company's Directors' Remuneration Report for the FY19 financial year, this year the Company has granted additional share awards in the form of Restricted Stock Awards in recognition of the contribution made by and the importance of retaining and motivating the Executive Directors and the wider management team. The Restricted Stock Awards (including the CSOP Option element) will vest and become exercisable on the third anniversary of grant subject to continued employment. The value of shares subject to each Restricted Share Award (including the CSOP Option element) is 100% of the basic salary of each director, calculated using the closing price of the shares on the day prior to grant.

Mr Duffy and Mr Boyd hold, in addition to the LTIP awards set out above, 2,546,957 and 1,735,605 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 10,576,834 Ordinary Shares (1,139,477 of which have been granted as linked CSOP options).

   -S - 

Contact:

 
 Finsbury Food Group 
  John Duffy (Chief 
  Executive) 
  Steve Boyd (Finance 
  Director)                 www.finsburyfoods.co.uk    029 20 357 500 
                                   Cenkos Securities 
                                         Max Hartley 
                                 (Corporate Finance) 
 Alma PR 
  Rebecca Sanders-Hewett 
  Sam Modlin 
  Hilary Buchanan           finsbury@almapr.co.uk      020 3405 0205 
 
 
   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                        Initial Notification 
         Notification/Amendment: 
        -----------------------------  ------------------------------------------------------------------------- 
   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   Ordinary Shares of 1 pence each 
          instrument: Identification     ISIN: GB0009186429 
          code: 
        -----------------------------  ------------------------------------------------------------------------- 
   b)    Nature of the transaction:     Grant of awards over Ordinary 
                                         Shares under the Company's long 
                                         term incentive plan 
        -----------------------------  ------------------------------------------------------------------------- 
  c)     Price(s) and volume(s):        PSP Award 
                                         Restricted Share Award 
                                         CSOP Option 
                                       ------------------------------------------------------------------------- 
                                                  Price                   Volume 
                                       --------  ----------------------  -------  ------------------------------ 
                                             82p (per share 
                                             exercise price 
                                             payable to exercise 
                                             the option in 
                                             due 
                                             course)                      36,585 
       -----------------------------        ---------------------------  ------- 
 
  d)    Aggregated volume: Price:      N/A 
       -----------------------------  ------------------------------------------------------------------------ 
  e)    Date of the Transaction:       28 October 2019 
       -----------------------------  ------------------------------------------------------------------------ 
  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         Ordinary Shares of 1 pence each 
       instrument: Identification           ISIN: GB0009186429 
       code: 
     -----------------------------------  ---------------------------------- 
 
 
 b)    Nature of the transaction:    Grant of awards over Ordinary 
                                      Shares under the Company's long 
                                      term incentive plan 
      ----------------------------  --------------------------------------- 
 c)    Price(s) and volume(s):       PSP Award 
                                      Restricted Share Award 
                                      CSOP Option 
      ----------------------------  --------------------------------------- 
                                      Price                       Volume 
      ----------------------------   --------------------------  -------- 
    82p (per share 
     exercise price 
     payable to exercise 
     the option in 
     due 
     course)                                                      36,585 
   ------------------------------------------------------------  -------- 
 d)    Aggregated volume: Price:     N/A 
      ----------------------------  --------------------------------------- 
 e)    Date of the Transaction:      28 October 2019 
      ----------------------------  --------------------------------------- 
 f)    Place of the Transaction:     Outside a trading venue 
      ----------------------------  --------------------------------------- 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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