Director/PDMR Shareholding

RNS Number : 7343W
Bakkavor Group PLC
27 April 2021
 

 

27 April 2021

 

 

 

Bakkavor Group plc (the 'Company' or 'Bakkavor')

 

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 26 April 2021 the following awards over ordinary shares of 2 pence in Bakkavor Group plc were granted under the Bakkavor Group plc Long Term Incentive Plan to the following persons discharging managerial responsibilities:

 

 

PDMR

No. of shares under Award

Type of Award

Michael Edwards

545,872

Performance Share Award

Ben Waldron

419,818

Performance Share Award

Donna-Maria Lee

123,666

Performance Share Award

Donna-Maria Lee

61,833

Restricted Share Award

Pete Laport

149,981

Performance Share Award

Pete Laport

74,990

Restricted Share Award

 

 

The awards will ordinarily become exercisable (or vest as relevant) on the third anniversary of grant subject to the grantee's continued service and, in the case of the Performance Share Awards, only to the extent to which adjusted earnings per share ("EPS") and total shareholder return ("TSR") performance conditions set for the award are satisfied that each apply with equal weighting.

 

The EPS targets set for the Performance Share Awards require EPS for the 2023 financial year to be at least 12.7 pence, for which one-quarter of the EPS element may vest, rising on a straight-line basis to full vesting of the EPS element for EPS for the 2023 financial year of 14.7 pence or more.

 

The TSR targets set for the Performance Share Awards measure the Company's TSR performance over three financial years (ending with the 2023 financial year) relative to that of a bespoke group of comparator companies. One quarter of the TSR element may vest for median relative TSR performance, rising on a straight-line basis to full vesting of the TSR element for upper quartile or better relative TSR performance.

 

Each of the awards is subject to a value cap under which an automatic reduction in the size of the award shall apply to the extent that the prevailing share price at the time of the settlement of the award exceeds £3.60. For example, were the share price to be £4.00 at the time of the settlement of an award in shares the number of its vested shares would be scaled back by x £3.60/£4.00.

 

The awards granted to Mr Edwards and Mr Waldron include a two-year post-vesting holding period requirement in respect of which vested shares (net of tax) acquired under the awards must be retained until at least the second anniversary of the vesting of the awards.

 

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

Michael Edwards

2

Reason for Notification

a)

Position/status

UK Chief Operating 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. A Performance Share Award which will ordinarily become exercisable three years from the date of grant, subject to continued service and once exercisable may ordinarily be exercised at any point up until the expiry of one month following the fifth anniversary of the date of grant. The Performance Share Award will only vest to the extent to which adjusted earnings per share and total shareholder return performance conditions are met. A two-year (net of tax) post vesting holding requirement applies to the award.

c)

Price(s) and volume(s)

Price(s)

Volume(s)

Nil

 

545,872 Performance Share Award

 

 

d)

Aggregated information

Aggregated volume

Price

 

 

545,872

 

Nil

e)

Date of the transaction

26 April 2021

f)

Place of the transaction

Outside a trading venue

 

 

 

 

 

 

 

 

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Ben Waldron

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. A Performance Share Award which will ordinarily become exercisable three years from the date of grant, subject to continued service and once exercisable may ordinarily be exercised at any point up until the expiry of one month following the fifth anniversary of the date of grant. The Performance Share Award will only vest to the extent to which adjusted earnings per share and total shareholder return conditions are met. A two-year (net of tax) post vesting holding requirement applies to the award.

c)

Price(s) and volume(s)

Price(s)

Volume(s)

Nil

419,818 Performance Share Award

 

 

d)

Aggregated information

 

Aggregated volume

Price

 

 

419,818

 

Nil

 

e)

Date of the transaction

26 April 2021

f)

Place of the transaction

Outside a trading venue

 

 

 

 

 

 

 

 

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Donna-Maria Lee

2

Reason for Notification

a)

Position/status

Chief People 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 nil cost option awards under the Bakkavor Group plc Long Term Incentive Plan. One award is a Performance Share Award and the other a Restricted Share Award both of which will ordinarily become exercisable three years from the date of grant, subject to continued service and once exercisable may ordinarily be exercised at any point up until the fifth anniversary of the date of grant. The Performance Share Award will only vest to the extent to which adjusted earnings per share and total shareholder return performance conditions are met. No performance conditions apply to the Restricted Share Award.

c)

Price(s) and volume(s)

Price(s)

Volume(s)

Nil

 

 

Nil

123,666 Performance Share Award

 

61,833 Restricted Share Award

 

d)

Aggregated information

 

Aggregated volume

 

Price

 

 

185,499

 

Nil

 

e)

Date of the transaction

26 April 2021

f)

Place of the transaction

Outside a trading venue

 

 

 

 

 

 

 

 

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Pete Laport

2

Reason for Notification

a)

Position/status

President and Chief Executive Officer of Bakkavor USA

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 conditional share awards under the Bakkavor Group plc Long Term Incentive Plan. One award is a Performance Share Award and the other a Restricted Share Award both of which will ordinarily vest three years from the date of grant, subject to continued service. The Performance Share Award will only vest to the extent to which adjusted earnings per share and total shareholder return performance conditions are met. No performance conditions apply to the Restricted Share Award.

c)

Price(s) and volume(s)

Price(s)

Volume(s)

Nil

 

 

Nil

149,981 Performance Share Award

 

74,990 Restricted Share Award

 

d)

Aggregated information

 

Aggregated volume

Price

 

 

224,971

 

Nil

e)

Date of the transaction

26 April 2021

f)

Place of the transaction

Outside a trading venue

 

 

 

-Ends-

Enquiries

Company Secretarial:

Annabel Tagoe-Bannerman, General Counsel and Company Secretary                               +44 (0) 20 7908 6130

 

Institutional investors and analysts:

Sally Barret-Jolley, Head of Corporate Affairs                                                                                                  +44 (0) 20 7908 6143

Media enquiries:

Tulchan Communications                                                                                                                                 +44 (0) 20 7353 4200

Will Palfreyman

 

ABOUT BAKKAVOR

Bakkavor is the leading provider of fresh prepared food ("FPF") in the UK, with a growing international presence in the US and China. The Group is the number one by market share in the UK in the four FPF product categories of meals, salads, desserts and pizza & bread, providing high-quality, fresh, healthy and convenient food. Its customers include some of the UK's leading grocery retailers, including Tesco, Marks & Spencer, Sainsbury's and Waitrose. The Group's International segment operates in the US and China. Bakkavor was founded in 1986 and has its headquarters in London. The Group has over 19,000 employees and operates 25 factories in the UK, 5 in the US and 9 in China.

 

LEI number: 213800COL7AD54YU9949

 

 

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