Executive LTIP - PDMR Dealings

RNS Number : 6976N

Finsbury Food Group PLC

22 January 2019

 

Date:	22 January 2019
On behalf of:	Finsbury Food Group Plc ('Finsbury', 'the Company' or 'the Group')
For immediate release

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 21 January 2019.

Director	Type of option	Number of shares subject to option
John Duffy, Chief Executive Officer	Nil-cost option	344,262
Stephen Boyd, Group Finance Director	Nil-cost option	241,147

The value of the shares subject to each nil-cost option is 100% of the basic salary of each director, calculated using the average price of the shares over the three business days following the announcement on 17 September 2018 of the Company's preliminary results for the year ended 30 June 2018.

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 2019 Financial Year on 1 July 2018:

	·      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 nil-cost options 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 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, 2,757,640 and 1,897,677 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 7,565,070 Ordinary Shares (559,557 of which have been granted as linked CSOP options). 

- ENDS -

 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                                          [e-mail]                        020 3405 0205

Rebecca Sanders-Hewett

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.

·      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 30 June 2018 exceeding £300m.

·      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.

·      The Company is one of the largest ambient cake manufacturers in the UK, a market valued at over £950 million (source: IRI, 52 w/e 8^th December 2018). The annual retail bread and morning goods market has a value of £4.4 billion (source: Kantar Worldpanel 52 weeks to 30^th December 2018). The UK foodservice bread and savoury morning goods bakery sector is worth approximately £743 million per annum (source: derived from MCA data for 52 weeks to 30^th September 2018). The UK foodservice cake and sweet morning goods bakery sector is worth approximately £913 million per annum (UK foodservice data derived from MCA data for 52 weeks to 30^th September 2018).

·      The Company comprises a UK Bakery division and an Overseas division:

o  The UK Bakery division has manufacturing sites in Cardiff, East Kilbride, Hamilton, Salisbury, Sheffield, and Manchester.

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.

·       Since the year end date of 30th June 2018, the Company completed the acquisition of Free From baker Ultrapharm, giving the Group a significant opportunity to access an exciting and high growth marketplace and manufacturing facilities in Pontypool in the UK and in Zywiec, Poland.

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 instrument: Identification code:	Ordinary Shares of 1 pence each ISIN: GB0009186429
b)	Nature of the transaction:	Grant of nil-cost option over 344,262 Ordinary Shares respectively under the Company's long term incentive plan
c)	Price(s) and volume(s):	Price(s)	Volume(s)
		Nil-cost	344,262
d)	Aggregated volume: Price:	N/A
e)	Date of the Transaction:	21 January 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 instrument: Identification code:	Ordinary Shares of 1 pence each ISIN: GB0009186429
b)	Nature of the transaction:	Grant of nil-cost option over 241,147 Ordinary Shares respectively under the Company's long term incentive plan
c)	Price(s) and volume(s):	Price(s)	Volume(s)
		Nil-cost	241,147
d)	Aggregated volume: Price:	N/A
e)	Date of the Transaction:	21 January 2019
f)	Place of the Transaction:	Outside a trading venue

 

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