Premier Foods PLC

Remuneration Information • Jun 26, 2020

National Storage Mechanism | Additional information

RNS Number : 2688R

Premier Foods plc

26 June 2020

26 June 2020                                                 

Premier Foods plc (the "Company")

Notification of transactions by persons discharging managerial responsibilities (PDMRs) and persons closely associated

2020 Deferred Bonus Plan Award

Pursuant to the Company's shareholder-approved Remuneration Policy, one-third of any annual bonus awarded to executive directors is delivered in the form of shares deferred for a three year period. On 25 June 2020 (the "Grant Date") executive directors of the Company were granted deferred bonus awards, over shares of 10p each in the Company, under the Premier Foods Deferred Bonus Plan (the "DBP") as part of his annual bonus award for the financial year ended 28 March 2020.

Name	Title	Number of shares subject to option
Alex Whitehouse	Chief Executive Officer	138,254
Duncan Leggett	Chief Financial Officer	34,289

Each deferred bonus award is structured as a nil cost option to acquire shares for nil consideration. They will normally vest and become exercisable under the DBP on the third anniversary of the Grant Date and remain exercisable until the tenth anniversary of the Grant Date. No consideration was paid for the grant of the deferred bonus awards and no consideration shall be payable when a deferred bonus award is exercised. 

2020 Long Term Incentive Plan Award

On 25 June 2020 (the "Grant Date") the executive directors and members of the Executive Leadership Team of the Company (each a person discharging managerial responsibilities) were granted Performance Share Awards, over ordinary shares of 10p each in the Company, under the Premier Foods Long Term Incentive Plan (the "LTIP"), as set out below.

Name	Title	Number of shares subject to option
Alex Whitehouse	Chief Executive Officer	1,040,145
Duncan Leggett	Chief Financial Officer	401,459
Yilmaz Erceyes	Chief Marketing Officer	291,970
Mark Hughes	Procurement & Central Operations Director	360,557
Richard Martin	Chief Customer Officer	321,167
Simon Rose	General Counsel & Company Secretary	321,167
Paul Thompson	Operations Director	313,868
David Wilkinson	HR and Communications Director	328,150

Each Performance Share Award is structured as a nil cost option to acquire shares for nil consideration. They will normally vest and become exercisable under the LTIP on the third anniversary of the Grant Date and remain exercisable until the day before the seventh anniversary of the Grant Date, subject to the participant continuing to hold an office or employment within the group and the achievement of two independent performance conditions. The first condition comprises of a relative total shareholder return based condition that will apply to two-thirds of the total number of shares held under an award and the second is an adjusted earnings per share based target that will apply to one-third of the total number of shares held under an award. No consideration was paid for the grant of the Performance Share Awards and no consideration shall be payable when a Performance Share Award is exercised. 

2020 Long Term Incentive Plan Award - additional award in respect of 2019/20

On 25 June 2020 (the "Grant Date") the following members of the Executive Leadership Team of the Company (each a person discharging managerial responsibilities) were granted Performance Share Awards, over ordinary shares of 10p each in the Company, under the Premier Foods Long Term Incentive Plan (the "LTIP"), as set out below.

Name	Title	Number of shares subject to option
Yilmaz Erceyes	Chief Marketing Officer	272,779
Richard Martin	Chief Customer Officer	300,056
Paul Thompson	Operations Director	293,237

On appointment to the Executive Leadership Team in 2019, the three members were each entitled to receive an award under the LTIP for the 2019/20 financial period. However, as the Company was in a prohibited period, these awards have been delayed. The additional awards reflect their entitlement to shares as if the award had been made as originally intended. To ensure consistency with the original 2019/20 LTIP award, the same performance conditions and performance period will apply. Each Performance Share Award is structured as a nil cost option to acquire shares for nil consideration. They will normally vest and become exercisable under the LTIP on the third anniversary of the Grant Date and remain exercisable until the day before the seventh anniversary of the Grant Date, subject to the participant continuing to hold an office or employment within the group and the achievement of two independent performance conditions. The first condition comprises of a relative total shareholder return based condition that will apply to two-thirds of the total number of shares held under an award and the second is an adjusted earnings per share based target that will apply to one-third of the total number of shares held under an award. No consideration was paid for the grant of the Performance Share Awards and no consideration shall be payable when a Performance Share Award is exercised. 

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

CEO

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

ISIN: GB00B7N0K053

b)

Nature of the transaction

Grant of award under the Premier Foods plc Deferred Bonus Plan

c)

Price(s) and volume(s)

Price(s)	Volume(s)
Nil	138,254

d)

Aggregated information

- Aggregated volume

- Price

N/A

e)

Date of the transaction

25 June 2020

f)

Place of the transaction

Outside a trading venue

5

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

ISIN: GB00B7N0K053

b)

Nature of the transaction

Grant of a Performance Share Award under the Premier Foods plc Long Term Incentive Plan

c)

Price(s) and volume(s)

Price(s)	Volume(s)
Nil	1,040,145

d)

Aggregated information

- Aggregated volume

- Price

N/A

e)

Date of the transaction

25 June 2020

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

CFO

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

ISIN: GB00B7N0K053

b)

Nature of the transaction

Grant of award under the Premier Foods plc Deferred Bonus Plan

c)

Price(s) and volume(s)

Price(s)	Volume(s)
Nil	34,289

d)

Aggregated information

- Aggregated volume

- Price

N/A

e)

Date of the transaction

25 June 2020

f)

Place of the transaction

Outside a trading venue

5

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

ISIN: GB00B7N0K053

b)

Nature of the transaction

Grant of a Performance Share Award under the Premier Foods plc Long Term Incentive Plan

c)

Price(s) and volume(s)

Price(s)	Volume(s)
Nil	401,459

d)

Aggregated information

- Aggregated volume

- Price

N/A

e)

Date of the transaction

25 June 2020

f)

Place of the transaction

Outside a trading venue

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Yilmaz Erceyes

2

Reason for the notification

a)

Position/status

Chief Marketing 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

ISIN: GB00B7N0K053

b)

Nature of the transaction

Grant of a Performance Share Award under the Premier Foods plc Long Term Incentive Plan

c)

Price(s) and volume(s)

Price(s)	Volume(s)
Nil	291,970

d)

Aggregated information

- Aggregated volume

- Price

N/A

e)

Date of the transaction

25 June 2020

f)

Place of the transaction

Outside a trading venue

5

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

ISIN: GB00B7N0K053

b)

Nature of the transaction

Grant of a Performance Share Award (in respect of 2019/20) under the Premier Foods plc Long Term Incentive Plan

c)

Price(s) and volume(s)

Price(s)	Volume(s)
Nil	272,779

d)

Aggregated information

- Aggregated volume

- Price

N/A

e)

Date of the transaction

25 June 2020

f)

Place of the transaction

Outside a trading venue

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Mark Hughes

2

Reason for the notification

a)

Position/status

Procurement & Central Operations Director

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

ISIN: GB00B7N0K053

b)

Nature of the transaction

Grant of a Performance Share Award under the Premier Foods plc Long Term Incentive Plan

c)

Price(s) and volume(s)

Price(s)	Volume(s)
Nil	360,557

d)

Aggregated information

- Aggregated volume

- Price

N/A

e)

Date of the transaction

25 June 2020

f)

Place of the transaction

Outside a trading venue

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Richard Martin

2

Reason for the notification

a)

Position/status

Chief Customer 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

ISIN: GB00B7N0K053

b)

Nature of the transaction

Grant of a Performance Share Award under the Premier Foods plc Long Term Incentive Plan

c)

Price(s) and volume(s)

Price(s)	Volume(s)
Nil	321,167

d)

Aggregated information

- Aggregated volume

- Price

N/A

e)

Date of the transaction

25 June 2020

f)

Place of the transaction

Outside a trading venue

5

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

ISIN: GB00B7N0K053

b)

Nature of the transaction

Grant of a Performance Share Award (in respect of 2019/20) under the Premier Foods plc Long Term Incentive Plan

c)

Price(s) and volume(s)

Price(s)	Volume(s)
Nil	300,056

d)

Aggregated information

- Aggregated volume

- Price

N/A

e)

Date of the transaction

25 June 2020

f)

Place of the transaction

Outside a trading venue

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Simon Rose

2

Reason for the notification

a)

Position/status

General Counsel & Company Secretary

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

ISIN: GB00B7N0K053

b)

Nature of the transaction

Grant of a Performance Share Award under the Premier Foods plc Long Term Incentive Plan

c)

Price(s) and volume(s)

Price(s)	Volume(s)
Nil	321,167

d)

Aggregated information

- Aggregated volume

- Price

N/A

e)

Date of the transaction

25 June 2020

f)

Place of the transaction

Outside a trading venue

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Paul Thompson

2

Reason for the notification

a)

Position/status

Operations Director

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

ISIN: GB00B7N0K053

b)

Nature of the transaction

Grant of a Performance Share Award under the Premier Foods plc Long Term Incentive Plan

c)

Price(s) and volume(s)

Price(s)	Volume(s)
Nil	313,868

d)

Aggregated information

- Aggregated volume

- Price

N/A

e)

Date of the transaction

25 June 2020

f)

Place of the transaction

Outside a trading venue

5

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

ISIN: GB00B7N0K053

b)

Nature of the transaction

Grant of a Performance Share Award (in respect of 2019/20) under the Premier Foods plc Long Term Incentive Plan

c)

Price(s) and volume(s)

Price(s)	Volume(s)
Nil	293,237

d)

Aggregated information

- Aggregated volume

- Price

N/A

e)

Date of the transaction

25 June 2020

f)

Place of the transaction

Outside a trading venue

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

David Wilkinson

2

Reason for the notification

a)

Position/status

HR and Communications Director

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

ISIN: GB00B7N0K053

b)

Nature of the transaction

Grant of a Performance Share Award under the Premier Foods plc Long Term Incentive Plan

c)

Price(s) and volume(s)

Price(s)	Volume(s)
Nil	328,150

d)

Aggregated information

- Aggregated volume

- Price

N/A

e)

Date of the transaction

25 June 2020

f)

Place of the transaction

Outside a trading venue

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