Director/PDMR Shareholding

RNS Number : 0660Z

Bakkavor Group PLC

15 September 2020

 

15 September 2020

NOTIFICATION DEALING WITH GRANT OF AWARDS TO PDMRS

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them in accordance with the Market Abuse Regulations.

On 15 September 2020 the following award over ordinary shares of 2 pence in Bakkavor Group plc was granted under the Bakkavor Group plc Long Term Incentive Plan to the following person discharging managerial responsibilities:

PDMR	No. of shares under Award	Type of Award
Peter Gates	1,118,051	Performance Share Award

The award will ordinarily become exercisable on the third anniversary of grant subject to the grantee's continued service and to the extent to which the performance condition set for the award is satisfied. The performance condition shall measure the Company's total shareholder return over the three-year period commencing on grant of the award relative to that of a bespoke group of comparator companies.

A term of the award includes that the Company's remuneration committee retains discretion to reduce (including to nil) the extent to which the award would otherwise vest. Such discretion may be applied in exceptional circumstances to protect against inappropriate levels of vesting taking into account such factors as the remuneration committee considers relevant (including but not limited to overall performance of the Company and/or general market and share response in the context of the COVID-19 pandemic).

Details of the full notifications received by the Company are set out below.

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Peter Gates
2	Reason for Notification
a)	Position/status	Chief Financial Officer
b)	Initial notification/Amendment	Initial Announcement
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Bakkavor Group plc
b)	LEI	213800COL7AD54YU9949
4	Details of the 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 instrument, type of instrument Identification code	Ordinary Shares of 2 pence each in Bakkavor Group plc GB00BF8J3Z99
b)	Nature of the transaction	Grant of a nil cost option award under the Bakkavor Group plc Long Term Incentive Plan. The award will ordinarily become exercisable three years from the date of grant, subject to continued service and to the extent to which a total shareholder return performance condition are met, and once exercisable may be ordinarily exercised at any point up until the tenth anniversary of the date of grant.
c)	Price(s) and volume(s)	Price(s) Volume(s) Nil 1,118,051 Performance Share Award
d)	Aggregated information -    Aggregated volume -   Price	Not applicable - single transaction
e)	Date of the transaction	15 September 2020
f)	Place of the transaction	Outside a trading venue

-Ends-

Enquiries

Company Secretarial:

Annabel Tagoe-Bannerman, General Counsel and Company Secretary      [phone]

Institutional investors and analysts:

Sally Barret-Jolley, Head of Corporate Affairs [phone]

Media enquiries:

Tulchan Communications [phone]

Will Smith

About Bakkavor  

Bakkavor is the leading provider in the large and fast-growing UK Fresh Prepared Food (FPF) market, which consists of the four categories of Meals, Salads, Desserts and Pizza & Bread, and has a growing international presence in the US and China.

In the UK the Group is the number one producer by market share in all four FPF categories, supplying all of the UK's leading grocery retailers, including Tesco, Marks & Spencer, Sainsbury's and Waitrose.

The International segment has operations in the US and China, supplying both retail and foodservice customers.

LEI number: 213800COL7AD54YU9949

 

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