Executive LTIP - PDMR Dealings

RNS Number : 9941Q

Finsbury Food Group PLC

02 November 2021

 

Date:	02 November 2021
On behalf of:	Finsbury Food Group Plc ('Finsbury', 'the 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 Executive Officer	Nil-cost option (PSP Award)	468,608
Stephen Boyd, Group Finance Director	Nil-cost option (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). 

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  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   [e-mail]   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 instrument: Identification code:	Ordinary Shares of 1 pence each ISIN: GB0009186429
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: Price:	N/A
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 instrument: Identification code:	Ordinary Shares of 1 pence each ISIN: GB0009186429
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: Price:	N/A
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 £313m.

· 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 £992 million (source: IRI 52 w/e 11 ^th  September 2021). The retail bread and morning goods market has a value of £5.1 billion (source: Kantar Worldpanel 52 w/e 5 ^th  September 2021). The retail Free From cake market is valued at £52 million (source: Kantar Worldpanel 52 w/e 8 ^th  August 2021). The retail Free From bread & morning goods market is valued at £146 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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