Associated British Foods plc
Director/PDMR Shareholdings
23 November 2023
Vesting and sale of shares
Ordinary shares of 515/22 pence in Associated British Foods plc (the 'Company'), awarded on 20 November 2020 under the terms of the Associated British Foods plc 2016 Long-Term Incentive Plan (the 'LTIP Plan') and the Associated British Foods plc 2016 Short-Term Incentive Plan (the 'STIP Plan'), vested and were released on 20 November 2023 to the Company's Chief Executive, George Weston, as follows:
| Director | No. of shares acquired on vesting under the LTIP Plan | No. of shares acquired on vesting under the STIP Plan |
| George Weston | 63,063 | 13,484 |
On 21 November 2023, George Weston sold 36,086 shares at an average price of 2349.5488 p per share for the purpose of meeting his tax liabilities on the shares acquired in respect of the above.
Conditional allocation of shares
A conditional allocation of ordinary shares of 515/22 pence in the Company was made to each of the following directors of the Company on 23 November 2023 under the terms of the Restricted Share Plan 2022 (RSP) and the STIP Plan (together the 'Plans'):
| Director | No. of shares conditionally allocated under the RSP | No. of shares conditionally allocated under the STIP Plan |
| George Weston | 61,293 | 24,517 |
| Eoin Tonge | 38,374 | 15,350 |
The allocation was made on the basis of an allocation price of 2361.6 p (being the average of the daily closing mid-market prices for the shares over the five consecutive business days 16 to 22 November 2023 inclusive) in accordance with the terms of the Plans.
The notifications for the directors below, which are made in accordance with the requirements of Article 19 of the Market Abuse Regulation, provide further detail.
ASSOCIATED BRITISH FOODS PLC
DIRECTOR/PDMR SHAREHOLDING
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
| a) | Name
| George Weston | ||||
| 2 | Reason for the notification | |||||
| a) | Position/status | Chief Executive
| ||||
| b) | Initial notification/ Amendment | Initial notification | ||||
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
| a) | Name | Associated British Foods plc
| ||||
| b) | LEI | GBQKSY6W7G0OHCQ8OQ72
| ||||
| 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 515/22p
GB0006731235 | ||||
| b) | Nature of the transaction
| Acquisition of shares on the vesting and release of an award under the terms of the Associated British Foods plc Long‐Term Incentive Plan. | ||||
| c) | Price(s) and volume(s)
|
| ||||
| d) | Aggregated information - Aggregated volume - Price | N/A | ||||
| e) | Date of the transaction [YYYY-MM-DD] | 2023-11-20
| ||||
| f) | Place of the transaction | Outside a trading venue | ||||
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
| a) | Name
| George Weston | ||||
| 2 | Reason for the notification | |||||
| a) | Position/status | Chief Executive
| ||||
| b) | Initial notification/ Amendment | Initial notification | ||||
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
| a) | Name | Associated British Foods plc
| ||||
| b) | LEI | GBQKSY6W7G0OHCQ8OQ72
| ||||
| 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 515/22p
GB0006731235 | ||||
| b) | Nature of the transaction
| Acquisition of shares on the vesting and release of an award under the terms of the Associated British Foods plc Short‐Term Incentive Plan. | ||||
| c) | Price(s) and volume(s)
|
| ||||
| d) | Aggregated information - Aggregated volume - Price | N/A | ||||
| e) | Date of the transaction [YYYY-MM-DD] | 2023-11-20
| ||||
| f) | Place of the transaction | Outside a trading venue | ||||
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
| a) | Name
| George Weston | ||||
| 2 | Reason for the notification | |||||
| a) | Position/status | Chief Executive
| ||||
| b) | Initial notification/ Amendment | Initial notification | ||||
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
| a) | Name | Associated British Foods plc
| ||||
| b) | LEI | GBQKSY6W7G0OHCQ8OQ72
| ||||
| 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 515/22p
GB0006731235 | ||||
| b) | Nature of the transaction
| Sale of shares to cover tax liabilities | ||||
| c) | Price(s) and volume(s)
|
| ||||
| d) | Aggregated information - Aggregated volume - Price | N/A | ||||
| e) | Date of the transaction [YYYY-MM-DD] | 2023-11-21
| ||||
| f) | Place of the transaction | London Stock Exchange (XLON) | ||||
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
| a) | Name
| George Weston | ||||
| 2 | Reason for the notification | |||||
| a) | Position/status | Chief Executive
| ||||
| b) | Initial notification/ Amendment | Initial notification | ||||
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
| a) | Name | Associated British Foods plc
| ||||
| b) | LEI | GBQKSY6W7G0OHCQ8OQ72
| ||||
| 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 515/22p
GB0006731235 | ||||
| b) | Nature of the transaction
| Grant of conditional award under the terms of the Associated British Foods plc Restricted Share Plan 2022, vesting in 2026, subject to certain performance underpins. | ||||
| c) | Price(s) and volume(s)
|
| ||||
| d) | Aggregated information - Aggregated volume - Price | N/A | ||||
| e) | Date of the transaction [YYYY-MM-DD] | 2023-11-23
| ||||
| f) | Place of the transaction | Outside a trading venue | ||||
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
| a) | Name
| George Weston | ||||
| 2 | Reason for the notification | |||||
| a) | Position/status | Chief Executive
| ||||
| b) | Initial notification/ Amendment | Initial notification | ||||
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
| a) | Name | Associated British Foods plc
| ||||
| b) | LEI | GBQKSY6W7G0OHCQ8OQ72
| ||||
| 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 515/22p
GB0006731235 | ||||
| b) | Nature of the transaction
| Grant of conditional award under the terms of the Associated British Foods plc 2016 Short-Term Incentive Plan, vesting in 2026, subject to certain performance conditions. | ||||
| c) | Price(s) and volume(s)
|
| ||||
| d) | Aggregated information - Aggregated volume - Price | N/A | ||||
| e) | Date of the transaction [YYYY-MM-DD] | 2023-11-23
| ||||
| f) | Place of the transaction | Outside a trading venue | ||||
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
| a) | Name
| Eoin Tonge | ||||
| 2 | Reason for the notification | |||||
| a) | Position/status | Finance Director
| ||||
| b) | Initial notification/ Amendment | Initial notification | ||||
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
| a) | Name | Associated British Foods plc
| ||||
| b) | LEI | GBQKSY6W7G0OHCQ8OQ72
| ||||
| 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 515/22p
GB0006731235 | ||||
| b) | Nature of the transaction
| Grant of conditional award under the terms of the Associated British Foods plc Restricted Share Plan 2022, vesting in 2026, subject to certain performance underpins. | ||||
| c) | Price(s) and volume(s)
|
| ||||
| d) | Aggregated information - Aggregated volume - Price | N/A | ||||
| e) | Date of the transaction [YYYY-MM-DD] | 2023-11-23
| ||||
| f) | Place of the transaction | Outside a trading venue | ||||
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
| a) | Name
| Eoin Tonge | ||||
| 2 | Reason for the notification | |||||
| a) | Position/status | Finance Director
| ||||
| b) | Initial notification/ Amendment | Initial notification | ||||
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
| a) | Name | Associated British Foods plc
| ||||
| b) | LEI | GBQKSY6W7G0OHCQ8OQ72
| ||||
| 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 515/22p
GB0006731235 | ||||
| b) | Nature of the transaction
| Grant of conditional award under the terms of the Associated British Foods plc 2016 Short-Term Incentive Plan, vesting in 2026, subject to certain performance conditions. | ||||
| c) | Price(s) and volume(s)
|
| ||||
| d) | Aggregated information - Aggregated volume - Price | N/A | ||||
| e) | Date of the transaction [YYYY-MM-DD] | 2023-11-23
| ||||
| f) | Place of the transaction | Outside a trading venue | ||||
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