7 Dec 2015 12:04
Date: | 7 December 2015 |
On behalf of: | Finsbury Food Group Plc ('Finsbury', 'the Company' or 'the Group') |
For immediate release | |
Finsbury Food Group Plc
Executive LTIP
Finsbury Food Group Plc (AIM: FIF), a leading UK specialty bakery and 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 after close of business on Friday, 4 December 2015 in the form of nil-cost options:
Director | Number of shares subject to awards |
John Duffy, Chief Executive Officer | 695,095 |
Stephen Boyd, Finance Director | 505,051 |
The value of the shares subject to these awards is 200% of the basic salary of each director, calculated using the average price of the shares over the three business days following the announcement on 21 September 2015 of the Company's preliminary results for the year ended 27 June 2015.
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 2016 Financial Year on 28 June 2015:
| · 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 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 awards are also subject to a two year post vesting holding period during which they may not be exercised.
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Mr Duffy and Mr Boyd hold, in addition to the LTIP awards set out above, 3,474,876 and 3,637,898 options over ordinary shares respectively.
Immediately prior to these awards the Company's issued share capital was 128,037,237 Ordinary Shares and there were outstanding awards (vested and unvested) under the previous and new LTIP scheme over 7,599,004 ordinary shares.
- ENDS -
For further information: |
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Finsbury Food Group Plc | www.finsburyfoods.co.uk |
John Duffy (Chief Executive Officer) | 029 20 357 500 |
Stephen Boyd (Group Finance Director) |
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Cenkos Securities plc |
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Bobbie Hilliam (Corporate Finance)
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Oliver Baxendale (Sales) |
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Redleaf Communications | finsbury@redleafpr.com |
Rebecca Sanders-Hewett | 020 7382 4730 |
Harriet Lynch |
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Sarah Fabietti |
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Publication quality photographs are available via Redleaf Communications on the numbers shown above. | |
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.
§ Following the acquisition of the Fletchers Group of bakeries, the Company is one of the largest speciality bakery groups in the UK with annualised sales in 2015 approaching £300 million.
§ The Company's bakery product range is comprehensive and includes:
- Large premium and celebration cakes.
- Small snacking cake formats such as cake slices and bites.
- 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 now the second largest manufacturer of ambient packaged cake (excluding In Store Bakery) in the UK, a market valued at £948 million (Source Symphony IRI 52 w/e 20 June 2015). The annual bread and morning goods market has a value in excess of £3.5 billion (source Kantar Worldpanel). The UK foodservice bakery sector is worth approximately £900 million per annum, 70% of which is in morning goods.
§ The Company comprises a UK Bakery division and an Overseas division:
- UK Bakery has manufacturing sites in Cardiff, Hamilton, East Kilbride, Salisbury, Sheffield, London and Manchester.
- Overseas division comprises the Company's 50% owned subsidiary, Lightbody Stretz Ltd, which supplies and distributes the Group's UK manufactured products and third party products, primarily to Europe.