Finsbury Food Group PLC Replacement: Executive LTIP - PDMR Dealings (6657R)
30 Octubre 2019 - 6:54AM
UK Regulatory
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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October 30, 2019 08:54 ET (12:54 GMT)
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