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
  2.00 2.34% 87.50 87.00 88.00 88.00 85.50 85.50 1,170,265 11:00:23
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Food Producers 303.6 4.5 1.7 51.5 112

Finsbury Food Group PLC Replacement: Executive LTIP - PDMR Dealings

30/10/2019 12:54pm

UK Regulatory (RNS & others)


TIDMFIF

RNS Number : 6657R

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 
 

The 'Executive LTIP - PDMR Dealings' announcement released on 30(th) October 2019 at 07:00 under RNS No 5426R has been reformatted. All material details remain unchanged.

Finsbury Food Group Plc

Replacement: 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 -

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 finsbury@almapr.co.uk 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 
       instrument:                       each 
       Identification code:              ISIN: GB0009186429 
     --------------------------------  -------------------------------------------- 
 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    625,310 
                                                     -------- 
 
 
                                         Restricted Share Award Price       Volume 
                                          Nil-cost    512,195 
                                                     -------- 
 
 
                                         CSOP Option Price                   Volume 
                                          82p (per share 
                                           exercise price 
                                           payable to exercise 
                                           the option in 
                                           due course)            36,585 
                                                                 ------- 
                                       -------------------------------------------- 
 d)   Aggregated volume:                N/A 
       Price: 
                                       -------------------------------------------- 
 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:                       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    438,015 
                                                     -------- 
 
 
                                         Restricted Share Award Price       Volume 
                                          Nil-cost    358,780 
                                                     -------- 
 
 
                                         CSOP Option Price                   Volume 
                                          82p (per share 
                                           exercise price 
                                           payable to exercise 
                                           the option in 
                                           due course)            36,585 
                                                                 ------- 
     --------------------------------  -------------------------------------------- 
 d)   Aggregated volume:                N/A 
       Price: 
     --------------------------------  -------------------------------------------- 
 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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