TIDMBAKK
RNS Number : 7343W
Bakkavor Group PLC
27 April 2021
27 April 2021
Bakkavor Group plc (the 'Company' or 'Bakkavor')
NOTIFICATION DEALING WITH GRANT OF AWARDS TO PDMRS
Notification and public disclosure of transactions by persons
discharging managerial responsibilities and persons closely
associated with them in accordance with the Market Abuse
Regulations.
On 26 April 2021 the following awards over ordinary shares of 2
pence in Bakkavor Group plc were granted under the Bakkavor Group
plc Long Term Incentive Plan to the following persons discharging
managerial responsibilities:
PDMR No. of shares under Type of Award
Award
Michael Edwards 545,872 Performance Share Award
-------------------- ------------------------
Ben Waldron 419,818 Performance Share Award
-------------------- ------------------------
Donna-Maria Lee 123,666 Performance Share Award
-------------------- ------------------------
Donna-Maria Lee 61,833 Restricted Share Award
-------------------- ------------------------
Pete Laport 149,981 Performance Share Award
-------------------- ------------------------
Pete Laport 74,990 Restricted Share Award
-------------------- ------------------------
The awards will ordinarily become exercisable (or vest as
relevant) on the third anniversary of grant subject to the
grantee's continued service and, in the case of the Performance
Share Awards, only to the extent to which adjusted earnings per
share ("EPS") and total shareholder return ("TSR") performance
conditions set for the award are satisfied that each apply with
equal weighting.
The EPS targets set for the Performance Share Awards require EPS
for the 2023 financial year to be at least 12.7 pence, for which
one-quarter of the EPS element may vest, rising on a straight-line
basis to full vesting of the EPS element for EPS for the 2023
financial year of 14.7 pence or more.
The TSR targets set for the Performance Share Awards measure the
Company's TSR performance over three financial years (ending with
the 2023 financial year) relative to that of a bespoke group of
comparator companies. One quarter of the TSR element may vest for
median relative TSR performance, rising on a straight-line basis to
full vesting of the TSR element for upper quartile or better
relative TSR performance.
Each of the awards is subject to a value cap under which an
automatic reduction in the size of the award shall apply to the
extent that the prevailing share price at the time of the
settlement of the award exceeds GBP3.60. For example, were the
share price to be GBP4.00 at the time of the settlement of an award
in shares the number of its vested shares would be scaled back by x
GBP3.60/GBP4.00.
The awards granted to Mr Edwards and Mr Waldron include a
two-year post-vesting holding period requirement in respect of
which vested shares (net of tax) acquired under the awards must be
retained until at least the second anniversary of the vesting of
the awards.
Details of the full notifications received by the Company are
set out below.
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Michael Edwards
------------------------------- --------------------------------------------
2 Reason for Notification
-----------------------------------------------------------------------------
a) Position/status UK Chief Operating Officer
------------------------------- --------------------------------------------
b) Initial notification/Amendment Initial Announcement
------------------------------- --------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------------
a) Name Bakkavor Group plc
------------------------------- --------------------------------------------
b) LEI 213800COL7AD54YU9949
------------------------------- --------------------------------------------
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 Ordinary Shares of 2 pence each in
instrument, type of Bakkavor Group plc
instrument
Identification code GB00BF8J3Z99
------------------------------- --------------------------------------------
b) Nature of the transaction Grant of a nil cost option award under
the Bakkavor Group plc Long Term Incentive
Plan. A Performance Share Award which
will ordinarily become exercisable
three years from the date of grant,
subject to continued service and once
exercisable may ordinarily be exercised
at any point up until the expiry of
one month following the fifth anniversary
of the date of grant. The Performance
Share Award will only vest to the extent
to which adjusted earnings per share
and total shareholder return performance
conditions are met. A two-year (net
of tax) post vesting holding requirement
applies to the award.
------------------------------- --------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Nil 545,872 Performance
Share Award
--------------------
------------------------------- --------------------------------------------
d) Aggregated information
* Aggregated volume 545,872
Nil
- Price
------------------------------- --------------------------------------------
e) Date of the transaction 26 April 2021
------------------------------- --------------------------------------------
f) Place of the transaction Outside a trading venue
------------------------------- --------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Ben Waldron
------------------------------- --------------------------------------------
2 Reason for Notification
-----------------------------------------------------------------------------
a) Position/status Chief Financial Officer
------------------------------- --------------------------------------------
b) Initial notification/Amendment Initial Announcement
------------------------------- --------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------------
a) Name Bakkavor Group plc
------------------------------- --------------------------------------------
b) LEI 213800COL7AD54YU9949
------------------------------- --------------------------------------------
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 Ordinary Shares of 2 pence each in
instrument, type of Bakkavor Group plc
instrument
Identification code GB00BF8J3Z99
------------------------------- --------------------------------------------
b) Nature of the transaction Grant of a nil cost option award under
the Bakkavor Group plc Long Term Incentive
Plan. A Performance Share Award which
will ordinarily become exercisable
three years from the date of grant,
subject to continued service and once
exercisable may ordinarily be exercised
at any point up until the expiry of
one month following the fifth anniversary
of the date of grant. The Performance
Share Award will only vest to the extent
to which adjusted earnings per share
and total shareholder return conditions
are met. A two-year (net of tax) post
vesting holding requirement applies
to the award.
------------------------------- --------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Nil 419,818 Performance
Share Award
--------------------
------------------------------- --------------------------------------------
d) Aggregated information
* Aggregated volume 419,818
Nil
- Price
------------------------------- --------------------------------------------
e) Date of the transaction 26 April 2021
------------------------------- --------------------------------------------
f) Place of the transaction Outside a trading venue
------------------------------- --------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Donna-Maria Lee
------------------------------- ---------------------------------------------
2 Reason for Notification
------------------------------------------------------------------------------
a) Position/status Chief People Officer
------------------------------- ---------------------------------------------
b) Initial notification/Amendment Initial Announcement
------------------------------- ---------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
------------------------------------------------------------------------------
a) Name Bakkavor Group plc
------------------------------- ---------------------------------------------
b) LEI 213800COL7AD54YU9949
------------------------------- ---------------------------------------------
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 Ordinary Shares of 2 pence each in
instrument, type of Bakkavor Group plc
instrument
Identification code GB00BF8J3Z99
------------------------------- ---------------------------------------------
b) Nature of the transaction Grant of nil cost option awards under
the Bakkavor Group plc Long Term Incentive
Plan. One award is a Performance Share
Award and the other a Restricted Share
Award both of which will ordinarily
become exercisable three years from
the date of grant, subject to continued
service and once exercisable may ordinarily
be exercised at any point up until
the fifth anniversary of the date of
grant. The Performance Share Award
will only vest to the extent to which
adjusted earnings per share and total
shareholder return performance conditions
are met. No performance conditions
apply to the Restricted Share Award.
------------------------------- ---------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Nil 123,666 Performance
Share Award
Nil 61,833 Restricted
Share Award
--------------------
------------------------------- ---------------------------------------------
d) Aggregated information
* Aggregated volume 185,499
Nil
* Price
------------------------------- ---------------------------------------------
e) Date of the transaction 26 April 2021
------------------------------- ---------------------------------------------
f) Place of the transaction Outside a trading venue
------------------------------- ---------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Pete Laport
------------------------------- -----------------------------------------------
2 Reason for Notification
--------------------------------------------------------------------------------
a) Position/status President and Chief Executive Officer
of Bakkavor USA
------------------------------- -----------------------------------------------
b) Initial notification/Amendment Initial Announcement
------------------------------- -----------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
--------------------------------------------------------------------------------
a) Name Bakkavor Group plc
------------------------------- -----------------------------------------------
b) LEI 213800COL7AD54YU9949
------------------------------- -----------------------------------------------
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 Ordinary Shares of 2 pence each in
instrument, type of Bakkavor Group plc
instrument
Identification code GB00BF8J3Z99
------------------------------- -----------------------------------------------
b) Nature of the transaction Grant of conditional share awards under
the Bakkavor Group plc Long Term Incentive
Plan. One award is a Performance Share
Award and the other a Restricted Share
Award both of which will ordinarily
vest three years from the date of grant,
subject to continued service. The Performance
Share Award will only vest to the extent
to which adjusted earnings per share
and total shareholder return performance
conditions are met. No performance
conditions apply to the Restricted
Share Award.
------------------------------- -----------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Nil 149,981 Performance
Share Award
Nil 74,990 Restricted
Share Award
--------------------
------------------------------- -----------------------------------------------
d) Aggregated information
* Aggregated volume 224,971
Nil
- Price
------------------------------- -----------------------------------------------
e) Date of the transaction 26 April 2021
------------------------------- -----------------------------------------------
f) Place of the transaction Outside a trading venue
------------------------------- -----------------------------------------------
-Ends-
Enquiries
Company Secretarial:
Annabel Tagoe-Bannerman, General Counsel and Company
Secretary
+44 (0) 20 7908 6130
Institutional investors and analysts:
Sally Barret-Jolley, Head of Corporate Affairs
+44 (0) 20 7908 6143
Media enquiries:
Tulchan Communications
+44 (0) 20 7353 4200
Will Palfreyman
ABOUT BAKKAVOR
Bakkavor is the leading provider of fresh prepared food ("FPF")
in the UK, with a growing international presence in the US and
China. The Group is the number one by market share in the UK in the
four FPF product categories of meals, salads, desserts and pizza
& bread, providing high-quality, fresh, healthy and convenient
food. Its customers include some of the UK's leading grocery
retailers, including Tesco, Marks & Spencer, Sainsbury's and
Waitrose. The Group's International segment operates in the US and
China. Bakkavor was founded in 1986 and has its headquarters in
London. The Group has over 19,000 employees and operates 25
factories in the UK, 5 in the US and 9 in China.
LEI number: 213800COL7AD54YU9949
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END
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April 27, 2021 06:04 ET (10:04 GMT)
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