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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
  -2.50 -2.67% 91.00 90.00 92.00 93.50 90.50 93.50 125,829 11:39:45
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Food Producers 313.3 17.0 9.8 9.3 119

Finsbury Food Group PLC Executive LTIP - PDMR Dealings

02/11/2021 7:00am

UK Regulatory (RNS & others)


TIDMFIF

RNS Number : 9941Q

Finsbury Food Group PLC

02 November 2021

 
 Date:       02 November 2021 
 On behalf   Finsbury Food Group Plc ('Finsbury', 'the 
  of:         Company' or 'the Group') 
 

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 01 November 2021.

 
 Director              Type of option     Number of shares 
                                           subject to option 
John Duffy, Chief      Nil-cost option 
 Executive Officer      (PSP Award)            468,608 
                      -----------------  ------------------- 
Stephen Boyd, Group    Nil-cost option 
 Finance Director       (PSP Award)            328,249 
                      -----------------  ------------------- 
 

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 FY21 financial year.

The Remuneration Committee has determined that 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 2022 Financial Year on 27 June 2021:

 
 
                   *    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. 
 
             *    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, 2,535,592 and 1,804,202 options over Ordinary Shares respectively (36,585 and 36,585 of which have been granted as linked CSOP options).

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 9,323,801Ordinary Shares (800,498 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)

Panmure Gordon (UK) Limited 020 7886 2500

Oliver Cardigan/Atholl Tweedie (Corporate Finance)

Erik Anderson (Corporate Broking)

Alma PR finsbury@almapr.co.uk 020 3405 0205

Sam Modlin

David Ison

Hilary Buchanan

Molly Gretton

 
 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    468,608 
                                                       -------- 
     ----------------------------------  ----------------------------------- 
 d)   Aggregated volume:                  N/A 
       Price: 
     ----------------------------------  ----------------------------------- 
 e)   Date of the Transaction:            01 November 2021 
     ----------------------------------  ----------------------------------- 
 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    328,249 
                                                       -------- 
     ----------------------------------  ----------------------------------- 
 d)   Aggregated volume:                  N/A 
       Price: 
     ----------------------------------  ----------------------------------- 
 e)   Date of the Transaction:            01 November 2021 
     ----------------------------------  ----------------------------------- 
 f)   Place of the Transaction:           Outside a trading venue 
     ----------------------------------  ----------------------------------- 
 

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 26 June 2021 exceeding GBP313m.

   --    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.

o Gluten Free bread, morning goods and cake ranges.

-- The Company is one of the largest ambient cake manufacturers in the UK, a market valued at over GBP992 million (source: IRI 52 w/e 11 (th) September 2021). The retail bread and morning goods market has a value of GBP5.1 billion (source: Kantar Worldpanel 52 w/e 5 (th) September 2021). The retail Free From cake market is valued at GBP52 million (source: Kantar Worldpanel 52 w/e 8 (th) August 2021). The retail Free From bread & morning goods market is valued at GBP146 million (source: Kantar Worldpanel 52 w/e 5 (th) September 2021).

   --    The Company comprises a core UK Bakery division and an Overseas division: 

o The UK Bakery division has manufacturing sites in Cardiff, East Kilbride, Hamilton, Salisbury, Sheffield, Manchester, and Pontypool.

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, and the Company's manufacturing facilities in Rybarzowice and Zywiec in Poland.

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