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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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END
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