TIDMBAKK
RNS Number : 1279W
Bakkavor Group PLC
13 April 2023
Bakkavor Group plc
Transaction by PDMRS
13 April 2023
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.
LTIP Awards
On 12 April 2023 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 1,034,482 Performance Share Award
--------------------
Ben Waldron 665,024 Performance Share Award
--------------------
Donna-Maria Lee 85,233 Restricted Share Award
--------------------
Donna-Maria Lee 170,466 Performance Share Award
--------------------
David Selleck 68,965 Restricted Share Award
--------------------
David Selleck 137,931 Performance Share Award
--------------------
Shona Taylor 66,502 Restricted Share Award
--------------------
Shona Taylor 133,004 Performance Share Award
--------------------
The awards noted above are structured as nil cost options.
The awards will ordinarily become exercisable 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 2025 financial year to be at least 10.0 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 2025
financial year of 11.5 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 2025 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.
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.
Deferred Bonus Awards
On 12 April 2023 the following awards over ordinary shares of 2
pence in Bakkavor Group plc were granted under the Bakkavor Group
plc Deferred Annual Bonus Plan ("DABP") to the following persons
discharging managerial responsibilities:
PDMR No. of shares (or Type of Award
notional shares) under
Award
Michael Edwards 54,249 Nil cost Option
------------------------ ----------------
Ben Waldron 42,042 Nil cost Option
------------------------ ----------------
The awards noted above are structured as nil cost options and
will ordinarily become exercisable on the third anniversary of
grant subject to the grantee's continued service.
Notifications
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 Chief Executive 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 1. 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 tenth 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.
2. Grant of a nil cost option award
under the Bakkavor Group plc Deferred
Annual Bonus Plan. The award 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 tenth anniversary of the date of
grant.
------------------------------- ----------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Nil 1,034,482
-------------------
Nil 54,249 Nil cost
option under DABP
-------------------
------------------------------- ----------------------------------------------
d) Aggregated information
* Aggregated volume
1,088,731
* Price
Nil
------------------------------- ----------------------------------------------
e) Date of the transaction 12 April 2023
------------------------------- ----------------------------------------------
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 1. 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 tenth 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.
2.Grant of a nil cost option award
under the Bakkavor Group plc Deferred
Annual Bonus Plan. The award 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 tenth anniversary of the date of
grant.
------------------------------- ----------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Nil 665,024 Performance
Share Award under
LTIP
--------------------
Nil 42,042 Nil cost
option under DABP
--------------------
------------------------------- ----------------------------------------------
d) Aggregated information
* Aggregated volume 707,066
* Price Nil
------------------------------- ----------------------------------------------
e) Date of the transaction 12 April 2023
------------------------------- ----------------------------------------------
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 tenth 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 170,466 Performance
Share Award under
LTIP
Nil
85,233 Restricted
Share Award under
LTIP
--------------------
------------------------------- ---------------------------------------------
d) Aggregated information
* Aggregated volume 255,699
Nil
* Price
------------------------------- ---------------------------------------------
e) Date of the transaction 12 April 2023
------------------------------- ---------------------------------------------
f) Place of the transaction Outside a trading venue
------------------------------- ---------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name David Selleck
------------------------------- ---------------------------------------------
2 Reason for Notification
------------------------------------------------------------------------------
a) Position/status Managing Director - Meals
------------------------------- ---------------------------------------------
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 tenth 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 137,931 Performance
Share Award under
LTIP
Nil
68,965 Restricted
Share Award under
LTIP
--------------------
------------------------------- ---------------------------------------------
d) Aggregated information
* Aggregated volume 206,896
Nil
* Price
------------------------------- ---------------------------------------------
e) Date of the transaction 12 April 2023
------------------------------- ---------------------------------------------
f) Place of the transaction Outside a trading venue
------------------------------- ---------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Shona Taylor
------------------------------- ---------------------------------------------
2 Reason for Notification
------------------------------------------------------------------------------
a) Position/status Managing Director - Bakery
------------------------------- ---------------------------------------------
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 tenth 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 133,004 Performance
Share Award under
LTIP
Nil
66,502 Restricted
Share Award under
LTIP
--------------------
------------------------------- ---------------------------------------------
d) Aggregated information
* Aggregated volume 199,506
Nil
* Price
------------------------------- ---------------------------------------------
e) Date of the transaction 12 April 2023
------------------------------- ---------------------------------------------
f) Place of the transaction Outside a trading venue
------------------------------- ---------------------------------------------
-Ends-
Enquiries
Company Secretarial:
Annabel Tagoe-Bannerman, Group General Counsel and Company
Secretary +44 (0) 20 7908 6130
Institutional investors and analysts:
Emily Daw, Group Financial Controller & Head of Investor
Relations +44 (0) 20 7908 6114
About Bakkavor
We are the leading provider of fresh prepared food in the UK,
and our presence in the US and China positions the Group well in
these, high-growth markets. We leverage our consumer insight and
scale to provide innovative food that offers quality, choice,
convenience, and freshness. Around 18,500 colleagues operate from
44 sites across our three markets supplying a portfolio of over
2,900 products across meals, pizza & bread, salads and desserts
to leading grocery retailers in the UK and US, and international
food brands in China.
LEI number: 213800COL7AD54YU9949
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END
DSHFIFETSFIVLIV
(END) Dow Jones Newswires
April 13, 2023 04:54 ET (08:54 GMT)
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