TIDMFIF
RNS Number : 3186L
Finsbury Food Group PLC
30 September 2016
Date: 30 September 2016
On behalf Finsbury Food Group Plc ('Finsbury',
of: 'the Company' or 'the Group')
For immediate release
Finsbury Food Group Plc
Executive LTIP
Finsbury Food Group Plc (AIM: FIF), a leading UK specialty
bakery and 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 after close of business on Thursday,
29 September 2016 in the form of nil-cost options:
Director Number of shares subject
to awards
John Duffy, Chief Executive
Officer 515,464
Stephen Boyd, Finance
Director 374,532
The value of the shares subject to these awards is 200% of the
basic salary of each director, calculated using the average price
of the shares over the three business days following the
announcement on 19 September 2016 of the Company's preliminary
results for the year ended 2 July 2016.
The Remuneration Committee has determined that in each case the
vesting of these 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 2017 Financial Year on 3 July 2016:
* Vesting of 50% of the award will 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 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 awards are also subject to a two 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, 1,832,993 and 1,226,268 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 scheme
over 5,403,266 ordinary shares.
-S -
For further information:
Finsbury Food Group Plc www.finsburyfoods.co.uk
John Duffy (Chief Executive
Officer) 029 20 357 500
Stephen Boyd (Group Finance
Director)
Cenkos Securities plc
Bobbie Hilliam (Corporate
Finance)
Alex Aylen (Sales)
Redleaf Communications finsbury@redleafpr.com
Rebecca Sanders-Hewett 020 7382 4730
Sarah Fabietti - Dallison
Sam Modlin
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.
-- Following the acquisition of the Fletchers Group of bakeries,
the Company is one of the largest speciality bakery groups in the
UK with annualised sales in 2016 exceeding GBP300 million.
-- The Company's bakery product range is comprehensive and
includes:
- Large premium and celebration cakes.
- Small snacking cake formats such as cake slices and bites.
- 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.
-- The Company is now the second largest manufacturer of ambient
packaged cake (excluding In Store Bakery (ISB)) in the UK, a market
valued at over GBP950 million (Source Symphony IRI 52 w/e 13 August
2016). The annual retail bread and morning goods market has a value
in excess of GBP4.0 billion (source Kantar Worldpanel 52 weeks to
19 June 2016). The UK foodservice bread and morning goods bakery
sector is worth approximately GBP800 million per annum, 70% of
which is in morning goods. The UK foodservice cake and sweet treat
bakery sector is worth approximately GBP600 million per annum.
-- The Company comprises a UK Bakery division and an Overseas
division:
- UK Bakery has manufacturing sites in Cardiff, East Kilbride,
Hamilton, Twechar, Salisbury, Sheffield, London and Manchester.
- The overseas sector comprises the Company's 50% owned entity,
Lightbody Stretz Ltd, that supplies and distributes the Group's UK
manufactured products and third party products primarily to
Europe.
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:
---- ---------------------------------- -------------------------------
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 Ordinary Shares of 1
financial instrument: pence each
Identification code: ISIN: GB0009186429
---- ---------------------------------- -------------------------------
b) Nature of the transaction: Grant of nil cost options
over 515,464 Ordinary
Shares under the Company's
long term incentive plan
---- ---------------------------------- -------------------------------
c) Price(s) and volume(s): Price(s) Volume(s)
---- ---------------------------------- --------------- --------------
Nil-cost 515,464
------------------------------------------------------- --------------
d) Aggregated volume: na
Price:
---- ---------------------------------- -------------------------------
e) Date of the Transaction: 29 September 2016
---- ---------------------------------- -------------------------------
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:
---- ---------------------------------- -------------------------------
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 Ordinary Shares of 1
financial instrument: pence each
Identification code: ISIN: GB0009186429
---- ---------------------------------- -------------------------------
b) Nature of the transaction: Grant of nil cost options
over 374,532 Ordinary
Shares under the Company's
long term incentive plan
---- ---------------------------------- -------------------------------
c) Price(s) and volume(s): Price(s) Volume(s)
---- ---------------------------------- --------------- --------------
Nil-cost 374,532
------------------------------------------------------- --------------
d) Aggregated volume: na
Price:
---- ---------------------------------- -------------------------------
e) Date of the Transaction: 29 September 2016
---- ---------------------------------- -------------------------------
f) Place of the Transaction: Outside a trading venue
---- ---------------------------------- -------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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