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