Director/PDMR Shareholding

Bakkavor Group PLC
12 April 2024
 

 

Bakkavor Group plc

Transaction by PDMRS

12 April 2024

 

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 11 April 2024 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 Award

Type of Award

Michael Edwards

972,135

Performance Share Award

Ben Waldron

624,944

Performance Share Award

Donna-Maria Lee

80,096

Restricted Share Award

Donna-Maria Lee

160,192

Performance Share Award

David Selleck

64,809

Restricted Share Award

David Selleck

129,618

Performance Share Award

Shona Taylor

62,494

Restricted Share Award

Shona Taylor

124,988

Performance Share Award

Lee Miley

57,865

Restricted Share Award

Lee Miley

115,730

Performance Share Award

Kamran Lodi

65,978

Restricted Share Award

Kamran Lodi

131,956

Performance Share Award


The awards noted above are structured as nil cost options other than in the case of the awards to Mr Lodi which are structured as conditional awards.


The awards structured as nil cost options will ordinarily become exercisable on the third anniversary of grant subject to the grantee's continued service and, in the case of such Performance Share Awards, only to the extent to which adjusted earnings per share ("EPS"), total shareholder return ("TSR") and environmental social governance ("ESG") performance conditions set for the award are satisfied that each apply in the weighting of EPS 40%, TSR 45% and ESG 15%. Further details of such performance conditions and related targets are as set out in the Directors' Remuneration Report section of our 2023 Annual Report.


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.


The awards to Mr Lodi will ordinarily vest on the third anniversary of grant subject to continued service and, in the case of his Performance Share Award, only to the extent to which Bakkavor USA related performance conditions are met.

 

Deferred Bonus Awards


On 11 April 2024 the following awards over ordinary shares of 2 pence in Bakkavor Group plc were granted under the Bakkavor Group plc Deferred Annual Bonus Plan to the following persons discharging managerial responsibilities:


PDMR

No. of shares (or notional shares) under Award

Type of Award

Michael Edwards

259,651

Nil cost Option

Ben Waldron

166,918

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 instrument, type of instrument

 

Identification code

Ordinary Shares of 2 pence each in Bakkavor Group plc

 

 

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, total shareholder return and environmental social governance 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

 

972,135

 

Nil

259,651  Nil cost option under DABP

 


d)

Aggregated information

-       Aggregated volume

-     Price

 

1,231,786

Nil

e)

Date of the transaction

11 April 2024


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 instrument, type of instrument

 

Identification code

Ordinary Shares of 2 pence each in Bakkavor Group plc

 

 

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, total shareholder return and environmental social governance 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

624,944 Performance Share Award under LTIP

 

Nil

166,918 Nil cost option under DABP

 


d)

Aggregated information

 

-       Aggregated volume

-     Price

 

 

791,862

Nil

 

e)

Date of the transaction

11 April 2024


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 instrument, type of instrument

 

Identification code

Ordinary Shares of 2 pence each in Bakkavor Group plc

 

 

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, total shareholder return and environmental social governance performance conditions are met. No performance conditions apply to the Restricted Share Award.


c)

Price(s) and volume(s)

Price(s)

Volume(s)

Nil

 

 

Nil

160,192 Performance Share Award under LTIP

 

80,096 Restricted Share Award under LTIP


d)

Aggregated information

 

-       Aggregated volume

-     Price

 

 

240,288

Nil


e)

Date of the transaction

11 April 2024


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 instrument, type of instrument

 

Identification code

Ordinary Shares of 2 pence each in Bakkavor Group plc

 

 

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, total shareholder return and environmental social governance performance conditions are met. No performance conditions apply to the Restricted Share Award.


c)

Price(s) and volume(s)

Price(s)

Volume(s)

Nil

 

 

Nil

129,618 Performance Share Award under LTIP

 

64,809 Restricted Share Award under LTIP


d)

Aggregated information

 

-       Aggregated volume

-     Price

 

 

194,427

Nil


e)

Date of the transaction

11 April 2024


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 instrument, type of instrument

 

Identification code

Ordinary Shares of 2 pence each in Bakkavor Group plc

 

 

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, total shareholder return and environmental social governance performance conditions are met. No performance conditions apply to the Restricted Share Award.


c)

Price(s) and volume(s)

Price(s)

Volume(s)

Nil

 

 

Nil

124,988 Performance Share Award under LTIP

 

62,494 Restricted Share Award under LTIP


d)

Aggregated information

 

-       Aggregated volume

-     Price

 

 

187,482

Nil


e)

Date of the transaction

11 April 2024


f)

Place of the transaction

Outside a trading venue


 


1

Details of the person discharging managerial responsibilities / person closely associated


a)

Name

Lee Miley


2

Reason for Notification


a)

Position/status

UK Finance Director


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 instrument, type of instrument

 

Identification code

Ordinary Shares of 2 pence each in Bakkavor Group plc

 

 

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, total shareholder return and environmental social governance performance conditions are met. No performance conditions apply to the Restricted Share Award.


c)

Price(s) and volume(s)

Price(s)

Volume(s)

Nil

 

 

Nil

115,730 Performance Share Award under LTIP

 

57,865 Restricted Share Award under LTIP


d)

Aggregated information

 

-       Aggregated volume

-     Price

 

 

173,595

Nil


e)

Date of the transaction

11 April 2024


f)

Place of the transaction

Outside a trading venue


 

 

 

 

 

 

1

Details of the person discharging managerial responsibilities / person closely associated


a)

Name

Kamran Lodi


2

Reason for Notification

a)

Position/status

Chief Operating Officer, 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 instrument, type of instrument

 

Identification code

Ordinary Shares of 2 pence each in Bakkavor Group plc

 

 

GB00BF8J3Z99


b)

Nature of the transaction

Grant of conditional 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 Bakkavor USA related performance conditions are met. No performance conditions apply to the Restricted Share Award.


c)

Price(s) and volume(s)

Price(s)

Volume(s)

Nil

 

 

Nil

131,956 Performance Share Award under LTIP

 

65,978 Restricted Share Award under LTIP


d)

Aggregated information

 

-       Aggregated volume

-     Price

 

 

197,934

Nil

e)

Date of the transaction

11 April 2024


f)

Place of the transaction

Outside a trading venue


 

 

 

 

-Ends-

 

ENQUIRIES

Institutional investors and analysts:

Ben Waldron, Chief Financial Officer

Richard Wooldridge, Interim Head of Investor Relations                                            +44 (0) 20 7908 6114

Annabel Tagoe-Bannerman, Group General Counsel & Company Secretary            +44 (0) 20 7908 6130                                                                                                                                                                                                

 

Financial media:                                                                                                bakkavor@mhpgroup.com

Katie Hunt, MHP                                                                                                         +44 (0) 20 3128 8100

                                                                                                                                   +44 (0) 7884 494 112

Rachel Farrington, MHP                                                                                            +44 (0) 7801 894 577

Oliver Hughes, MHP                                                                                                  +44 (0) 7885 224 532

 

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 18,000 colleagues operate from 44 sites across our three markets, supplying a portfolio of over 3,000 products across meals, pizza & bread, salads and desserts to leading grocery retailers in the UK and US, and international food brands in China. Find out more at www.bakkavor.com.

 

LEI number: 213800COL7AD54YU9949

 

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