Finsbury Food Group PLC Executive LTIP - PDMR Dealings (0769D)

TIDMFIF

RNS Number : 0769D

Finsbury Food Group PLC

23 October 2020

 
 Date:       23 October 2020 
 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 22 October 2020.

 
 Director              Type of option     Number of shares 
                                           subject to option 
John Duffy, Chief      Nil-cost option 
 Executive Officer      (PSP Award)            705,888 
                      -----------------  ------------------- 
Stephen Boyd, Group    Nil-cost option 
 Finance Director       (PSP Award)            494,458 
                      -----------------  ------------------- 
 

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 FY20 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 2021 Financial Year on 28 June 2020:

 
 
                   *    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. 
 

Mr Duffy and Mr Boyd hold, in addition to the LTIP awards set out above, 2,173,966 and 1,550,891 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 8,936,060 Ordinary Shares (802,034 of which have been granted as linked CSOP options).

-S -

For further information:

Finsbury Food Group www.finsburyfoods.co.uk 029 20 357 500

John Duffy (Chief Executive Officer)

Steve Boyd (Finance Director)

Cenkos Securities

Max Hartley (Corporate Finance)

Alma PR [e-mail] 020 3405 0205

Rebecca Sanders-Hewett

Sam Modlin

 
 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 financial        Ordinary Shares of 1 pence each 
       instrument:                         ISIN: GB0009186429 
       Identification 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 Price       Volume 
                                            Nil-cost    705,888 
                                                       -------- 
     ----------------------------------  ----------------------------------- 
 d)   Aggregated volume:                  N/A 
       Price: 
     ----------------------------------  ----------------------------------- 
 e)   Date of the Transaction:            22 October 2020 
     ----------------------------------  ----------------------------------- 
 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:                         ISIN: GB0009186429 
       Identification 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 Price       Volume 
                                            Nil-cost    494,458 
                                                       -------- 
     ----------------------------------  ----------------------------------- 
 d)   Aggregated volume:                  N/A 
       Price: 
     ----------------------------------  ----------------------------------- 
 e)   Date of the Transaction:            22 October 2020 
     ----------------------------------  ----------------------------------- 
 f)   Place of the Transaction:           Outside a trading venue 
     ----------------------------------  ----------------------------------- 
 

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October 23, 2020 07:00 ET (11:00 GMT)