Bakkavor Group plc
Transaction by PDMRS
12 April 2024
Bakkavor Group plc
(the 'Company' or 'Bakkavor')
Notification and public disclosure of transaction by PDMR
Bakkavor Group plc (LON: BAKK) announces that on 11 April 2024 ordinary shares of 2 pence each in the Company ('Shares') were acquired by the following persons discharging managerial responsibilities ('PDMR') in connection with the exercise of vested awards ('Awards') held under the Company's long term incentive plans.
The Awards were settled partly in Shares and partly in cash. The cash element solely to meet the income tax and employees' national insurance liability associated with the exercise ('Tax Liability'). Save where otherwise stated below, the Awards were nil cost options.
Summary details as follows:
| PDMR | Award | Number of Shares under the Award(s) | Number of Shares withheld and cash settled at £1.135 per Share to meet Tax Liability
| Number of Shares acquired on exercise of Award(s) |
| Mike Edwards | 2017, 2018, 2019 and 2020 LTIP Awards | 2,048,524 | 962,807 | 1,085,717 |
| Ben Waldron | 2020 LTIP Award | 376,471 | 176,942 | 199,529 |
| Ben Waldron | 2017 LTIP Award with an exercise price of 76.4p per Share
| 134,162 before gain settlement
| 20,610 | 23,243 |
| Donna-Maria Lee | 2018, 2019 and 2020 LTIP Awards
| 260,045 | 122,222 | 137,823 |
| Shona Taylor | 2020 LTIP Award
| 208,361 | 97,930 | 110,431 |
| Shona Taylor | 2017 LTIP Award with an exercise price of 76.4p per Shares
| 88,350 before gain settlement | 13,572 | 15,306 |
| Lee Miley | 2020 LTIP Award
| 183,974 | 86,468 | 97,506 |
The information set out below is provided in accordance with the requirements of Article 19(3) of the UK Market Abuse Regulation.
| 1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
| a) | Name | Mike Edwards
| ||||
| 2 | Reason for Notification | |||||
| a) | Position/status | CEO | ||||
| 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. Shares acquired for nil consideration on the exercise of vested nil cost options held under the Company's LTIP and relating to the Share settled portions of such exercises. 2. Number of reference Shares cash settled (at £1.135 per Share) on the exercise of nil cost options held under the Company's LTIPs and relating to the cash settled portions of such exercises (to cover Tax Liability).
| ||||
| c) | Price(s) and volume(s)
|
*£1.135 per Share cash settled.
| ||||
| d) | Aggregated information - Aggregated volume - Price |
Not applicable - single transaction | ||||
| e) | Date of the transaction | 11 April 2024 | ||||
| f) | Place of the transaction | Outside of 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 | CFO & Asia CEO | ||||
| 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. Shares acquired for nil consideration on the exercise of a vested nil cost option held under the Company's LTIP and relating to the Share settled portion of such exercise. 2. Number of reference Shares cash settled (at £1.135 per Share) on the exercise of a nil cost option held under the Company's LTIP and relating to the cash settled portion of such exercise (to cover Tax Liability). 3. Shares acquired on the exercise of a vested option held under the Company's pre-IPO LTIP and relating to the Share settled portion of such exercise. The option was gain settled by reference to a released option price of 76.4p per share. 4. Number of reference Shares cash settled (at £1.135 per Share) on the exercise of a vested option held under the Company's pre-IPO LTIP and relating to the cash settled portion of such exercise (to cover Tax Liability). The option was gain settled by reference to a released option price of 76.4p per share.
| ||||
| c) | Price(s) and volume(s)
|
*£1.135 per Share cash settled.
| ||||
| d) | Aggregated information - Aggregated volume - Price |
Not applicable - single transaction | ||||
| e) | Date of the transaction | 11 April 2024 | ||||
| f) | Place of the transaction | Outside of 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 | CPO | ||||
| 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. Shares acquired for nil consideration on the exercise of vested nil cost options held under the Company's LTIP and relating to the Share settled portions of such exercises. 2. Number of reference Shares cash settled (at £1.135 per Share) on the exercise of nil cost options held under the Company's LTIPs and relating to the cash settled portions of such exercises (to cover Tax Liability).
| ||||
| c) | Price(s) and volume(s)
|
*£1.135 per Share cash settled.
| ||||
| d) | Aggregated information - Aggregated volume - Price |
Not applicable - single transaction | ||||
| e) | Date of the transaction | 11 April 2024 | ||||
| f) | Place of the transaction | Outside of 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 | ||||
| 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. Shares acquired for nil consideration on the exercise of a vested nil cost option held under the Company's LTIP and relating to the Share settled portions of such exercise. 2. Number of reference Shares cash settled (at £1.135 per Share) on the exercise of a nil cost option held under the Company's LTIP and relating to the cash settled portion of such exercise (to cover Tax Liability). 3. Shares acquired on the exercise of a vested option held under the Company's pre-IPO LTIP and relating to the Share settled portion of such exercise. The option was gain settled by reference to a released option price of 76.4p per share. 4. Number of reference Shares cash settled (at £1.135 per Share) on the exercise of a vested option held under the Company's pre-IPO LTIP and relating to the cash settled portion of such exercise (to cover Tax Liability). The option was gain settled by reference to a released option price of 76.4p per share.
| ||||
| c) | Price(s) and volume(s)
|
*£1.135 per Share cash settled.
| ||||
| d) | Aggregated information - Aggregated volume - Price |
Not applicable - single transaction | ||||
| e) | Date of the transaction | 11 April 2024 | ||||
| f) | Place of the transaction | Outside of 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 | 1. Shares acquired for nil consideration on the exercise of a vested nil cost option held under the Company's LTIP and relating to the Share settled portion of such exercise. 2. Number of reference Shares cash settled (at £1.135 per Share) on the exercise of a nil cost option held under the Company's LTIPs and relating to the cash settled portion of such exercise (to cover Tax Liability).
| ||||
| c) | Price(s) and volume(s)
|
*£1.135 per Share cash settled. | ||||
| d) | Aggregated information - Aggregated volume - Price |
Not applicable - single transaction | ||||
| e) | Date of the transaction | 11 April 2024 | ||||
| f) | Place of the transaction | Outside of a trading venue | ||||
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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