Finsbury Food Group PLC Executive LTIP - PDMR Dealings (5426R)
30 Octubre 2019 - 1:00AM
UK Regulatory
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
---------------------------- ---------------------------------------
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END
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