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Bakkavor Group PLC (BAKK)

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Tuesday 09 April, 2019

Bakkavor Group PLC

Director/PDMR Shareholding

RNS Number : 6491V
Bakkavor Group PLC
09 April 2019
 

 

9 April 2019

 

Bakkavor Group plc

 

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 9 April 2019 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 person(s) discharging managerial responsibilities:

 

PDMR

No. of shares under Award

Type of Award

Peter Gates

579,509

Performance Share Award

Michael Edwards

236,188

Performance Share Award

Michael Edwards

118,094

Restricted Share Award

Donna-Maria Lee

119,955

Performance Share Award

Donna-Maria Lee

59,977

Restricted Share Award

Einar Gustafsson

175,227

Performance Share Award

Einar Gustafsson

87,659

Restricted Share Award

Ben Waldron

96,852

Performance Share Award

Ben Waldron

48,426

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 the adjusted earnings per share and total shareholder return performance conditions set for the award are satisfied.

 

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

Peter Gates

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

Grant of a nil cost option award under the Bakkavor Group plc Long Term Incentive Plan. The award will ordinarily become exercisable three years from the date of grant, subject to continued service and to the extent to which the adjusted earnings per share and total shareholder return performance conditions are met, and once exercisable may be ordinarily 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

579,509 Performance Share Award

 

d)

Aggregated information

-     Aggregated volume

-     Price

 

Not applicable - single transaction

e)

Date of the transaction

9 April 2019

f)

Place of the transaction

Outside a trading venue

 

 

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Michael Edwards

2

Reason for Notification

a)

Position/status

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 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 the 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

 

Nil

236,188 Performance Share Award

 

118,094 Restricted Share Award

 

d)

Aggregated information

-     Aggregated volume

-     Price

 

354,282

Nil

e)

Date of the transaction

9 April 2019

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

Group Human Resources 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 the 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

 

 

Nil

119,955 Performance Share Award

 

59,977 Restricted Share Award

 

d)

Aggregated information

 

           -   Aggregated volume

           -   Price

 

 

179,932

Nil

 

e)

Date of the transaction

9 April 2019

f)

Place of the transaction

Outside a trading venue

 

 

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Einar Gustafsson

2

Reason for Notification

a)

Position/status

Managing Director - Bakkavor China

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 subject to the extent to which the 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

 

 

Nil

175,227 Performance Share Award

 

87,659 Restricted Share Award

 

d)

Aggregated information

-     Aggregated volume

-     Price

 

262,886

Nil

e)

Date of the transaction

9 April 2019

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

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 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 Awards 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 the adjusted earnings per share and total shareholder return performance conditions are met. There are no performance conditions applying to Restricted Share Award.

c)

Price(s) and volume(s)

Price(s)

Volume(s)

Nil

 

 

Nil

96,852 Performance Share Award

 

48,426 Restricted Share Award

 

d)

Aggregated information

-     Aggregated volume

-     Price

 

145,278

Nil

e)

Date of the transaction

9 April 2019

f)

Place of the transaction

Outside a trading venue

 

-Ends-

Enquiries

Company Secretarial:

Simon Witham, General Counsel and Company Secretary                                 +44 (0) 20 7908 6142

 

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 Smith, Jessica Reid

 

 

ABOUT BAKKAVOR

Bakkavor is the leading provider of fresh prepared food ("FPF") in the UK, with a growing international presence in the United States 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 all the well-known UK grocery retailers as well as some of the world's best-known international food brands.

The Group's International segment operates in the US and China. As these FPF markets continue to grow, Bakkavor seeks to leverage its UK expertise in order to build its presence in these territories.

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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