27 Oct 2017 07:00
Date: | 27 October 2017 |
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 26 October 2017:
Director | Type of option* | Number of shares subject to option | Per share exercise price of the option (£) |
John Duffy, Chief Executive Officer | CSOP option | 27,777 | 1.08 |
Nil-cost option | 410,423 | 0.00 | |
Stephen Boyd, Group Finance Director | CSOP option | 27,777 | 1.08 |
Nil-cost option | 287,492 | 0.00 |
*to the extent permitted by the relevant tax legislation, each participant has been granted part of his award as a tax qualifying CSOP option.
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 18 September 2017 of the Company's preliminary results for the year ended 1 July 2017. The nil-cost option and CSOP option are linked such that, at the time of exercise, to the extent that there is a gain in the CSOP option, a proportion of the linked nil-cost option with the same value will be forfeited.
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 2018 Financial Year on 2 July 2017:
| · 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 CSOP options cannot be subject to a general performance underpin due to legislative requirements. · 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, 2,319,440 and 1,582,408 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 6,493,130 ordinary shares (430,749 of which have been granted as linked CSOP options).
- 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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Redleaf Communications | finsbury@redleafpr.com |
Elisabeth Cowell | 020 7382 4730 |
Ian Silvera Fiona Norman |
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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 1 July 2017 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 £938 million (source: Symphony IRI, 52 w/e 19th August 2017). The annual retail bread and morning goods market has a value of £4.0 billion (source: Kantar Worldpanel 52 weeks to 16th July 2017). The UK foodservice bread and morning goods bakery sector is worth approximately £836 million per annum. The UK foodservice cake and sweet treat bakery sector is worth approximately £494 million per annum (UK foodservice data derived from NPD Crest 52 w/e 30th June 2017).
· 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.
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 and CSOP option over 410,423 and 27,777 Ordinary Shares respectively under the Company's long term incentive plan | |
c) | Price(s) and volume(s): | Price(s) | Volume(s) |
Nil-cost | 438,200 | ||
d) | Aggregated volume: Price: | N/A | |
e) | Date of the Transaction: | 26 October 2017 | |
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 and CSOP option over 287,492 and 27,777 Ordinary Shares respectively under the Company's long term incentive plan | |
c) | Price(s) and volume(s): | Price(s) | Volume(s) |
Nil-cost | 315,269 | ||
d) | Aggregated volume: Price: | N/A | |
e) | Date of the Transaction: | 26 October 2017 | |
f) | Place of the Transaction: | Outside a trading venue | |