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) |
| ||||||
| 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) |
| ||||||
| 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) |
| ||||
| 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) |
| ||||
| 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) |
| ||||
| 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) |
| ||||
| 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) |
| ||||
| 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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