3 August 2023
Premier Foods plc (the "Company")
Notification of transactions by persons discharging managerial responsibilities (PDMRs) and persons closely associated.
2023/24 Long Term Incentive Plan Award
As part of the Company's 2023 Directors' Remuneration Policy, shareholder approval was sought to increase the LTIP opportunity for the CEO from 150% of base salary to 200% and for the CFO from 100% of base salary to 150% of base salary.
Initial 2023/24 LTIP awards were granted to the two executive directors on 8 June 2023 up to the limit allowed for under the 2020 Directors' Remuneration Policy.
Following shareholder approval for the 2023 Directors' Remuneration Policy at the AGM held on 20 July 2023, on 2 August 2023 (the "Grant Date"), the following additional 2023/24 LTIP awards were granted to the two executive directors, (each a person discharging managerial responsibilities), over ordinary shares of 10p each in the Company, under the Premier Foods Long Term Incentive Plan (the "LTIP").
| Name | Title | Number of shares subject to option
|
| Alex Whitehouse | Chief Executive Officer | 208,657 |
| Duncan Leggett | Chief Financial Officer | 143,197 |
To ensure consistency with the initial 2023/24 LTIP award, the same performance conditions and performance period has been applied as outlined in the Annual Remuneration Report.
Each award is structured as a nil cost option to acquire shares for nil consideration. No consideration was paid for the grant of the awards and no consideration shall be payable when an award is exercised.
Details of the 2023/24 LTIP award and the 2023 Directors' Remuneration Policy are set out in the Company's annual report, which can be viewed on the Group's website (www.premierfoods.co.uk).
The notifications set out below are provided in accordance with the requirements of the Market Abuse Regulation.
ENQUIRIES:
For further information please contact:
Simon Rose
General Counsel & Company Secretary
+44 (0) 1727 815 850
| 1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
| a) | Name | Alex Whitehouse | ||||
| 2 | Reason for the notification | |||||
| a) | Position/status | Chief Executive Officer | ||||
| b) | Initial notification /Amendment | Initial notification | ||||
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
| a) | Name | Premier Foods plc | ||||
| b) | LEI | 213800ZD5I8XHNMCJA67 | ||||
| 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 10p each ("Shares") in the capital of Premier Foods plc
| ||||
| b) | Nature of the transaction | Grant of award under the Premier 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 | 2 August 2023 | ||||
| f) | Place of the transaction | Outside a trading venue | ||||
| 1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
| a) | Name | Duncan Leggett | ||||
| 2 | Reason for the notification | |||||
| a) | Position/status | Chief Financial Officer | ||||
| b) | Initial notification /Amendment | Initial notification | ||||
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
| a) | Name | Premier Foods plc | ||||
| b) | LEI | 213800ZD5I8XHNMCJA67 | ||||
| 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 10p each ("Shares") in the capital of Premier Foods plc
| ||||
| b) | Nature of the transaction | Grant of award under the Premier 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 | 2 August 2023 | ||||
| f) | Place of the transaction | Outside a trading venue | ||||
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