Last checked at 25 Sep 2020 12:38
25 September 2020
Premier Foods plc (the "Company")
Notification of transactions by persons discharging managerial responsibilities (PDMRs) and persons closely associated
Long Term Incentive Plan 2020 - awards in respect of 2019/20
On 24 September 2020 (the "Grant Date") the following executive directors of the Company (each a person discharging managerial responsibilities) were granted awards, over ordinary shares of 10p each in the Company, under the Premier Foods Long Term Incentive Plan 2020 (the "LTIP"), as set out below.
Name | Title | Number of shares subject to option
|
Alex Whitehouse | Chief Executive Officer | 449,250 |
Duncan Leggett | Chief Financial Officer | 435,220 |
On appointment as CEO and acting CFO in 2019, the two executive directors were each entitled to receive an award under the LTIP for the 2019/20 financial period. However, as the Company was in a prohibited period, these awards have been delayed. The additional awards reflect their entitlement to shares as if the award had been made as originally intended. To ensure consistency with the original 2019/20 LTIP award, the same performance conditions, performance period and share price will apply. Each award is structured as a nil cost option to acquire shares for nil consideration. They will normally vest and become exercisable under the LTIP on the third anniversary of the Grant Date and remain exercisable until the day before the tenth anniversary of the Grant Date, subject to the participant continuing to hold an office or employment within the group and the achievement of two independent performance conditions. The first condition comprises of a relative total shareholder return based condition that will apply to two-thirds of the total number of shares held under an award and the second is an adjusted earnings per share based target that will apply to one-third of the total number of shares held under an award. No consideration was paid for the grant of the awards and no consideration shall be payable when an award is exercised.
The notifications set out below are provided in accordance with the requirements of the Market Abuse Regulation.
ENQUIRIES:
For further information please contact:
Simon Rose
General Counsel & Company Secretary
+44 (0) 1727 815 850
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Alex Whitehouse | ||||
2 | Reason for the notification | |||||
a) | Position/status | CEO | ||||
b) | Initial notification /Amendment | Initial notification | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Premier Foods plc | ||||
b) | LEI | 213800ZD5I8XHNMCJA67 | ||||
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 10p each ("Shares") in the capital of Premier Foods plc ISIN: GB00B7N0K053 | ||||
b) | Nature of the transaction | Grant of an award (in respect of 2019/20) under the Premier Foods plc Long Term Incentive Plan 2020 | ||||
c)
| Price(s) and volume(s)
|
| ||||
d)
| Aggregated information - Aggregated volume - Price | N/A
| ||||
e) | Date of the transaction | 24 September 2020 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Duncan Leggett | ||||
2 | Reason for the notification | |||||
a) | Position/status | CFO | ||||
b) | Initial notification /Amendment | Initial notification | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Premier Foods plc | ||||
b) | LEI | 213800ZD5I8XHNMCJA67 | ||||
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 10p each ("Shares") in the capital of Premier Foods plc ISIN: GB00B7N0K053 | ||||
b) | Nature of the transaction | Grant of an award (in respect of 2019/20) under the Premier Foods plc Long Term Incentive Plan 2020 | ||||
c)
| Price(s) and volume(s)
|
| ||||
d)
| Aggregated information - Aggregated volume - Price | N/A
| ||||
e) | Date of the transaction | 24 September 2020 | ||||
f) | Place of the transaction | Outside a trading venue | ||||