10 April 2025
Bakkavor Group plc
(the 'Company' or 'Bakkavor')
GRANT OF ORDINARY COURSE AWARDS TO PDMRS
Notification and public disclosure of transaction of Director/Person Discharging Managerial Responsibility ('PDMR')
LTIP Awards
On 10 April 2025 the following awards over ordinary shares of 2 pence each in Bakkavor Group 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 | 644,192 | Performance Share Award |
| Lee Miley | 343,642 | Performance Share Award |
The awards will ordinarily become exercisable (or vest as relevant) 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 2024 Annual Report.
The awards granted include a two-year post-vesting holding period requirement in respect of which vested shares (net of tax) acquired under the awards must ordinarily be retained until at least the second anniversary of the vesting of the awards.
Deferred Bonus Awards
On 10 April 2025 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 | 173,730 | Nil cost Option |
| Lee Miley | 15,909 | 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.
Awards granted in the ordinary course of business
The LTIP Awards and Deferred Bonus Awards were granted in the ordinary course of the Company's business including in respect of award levels, pricing basis and in the case of the Performance Share Awards the performance conditions and related targets as noted above.
The information set out below is provided in accordance with the requirements of Article 19 of the UK Market Abuse Regulation.
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 | Mike Edwards
| ||||||
| 2 | Reason for Notification | |||||||
| a) | Position/status | Chief Executive Officer (Director/PDMR)
| ||||||
| b) | Initial notification/Amendment | Initial notification | ||||||
| 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 |
817,922 Nil | ||||||
| e) | Date of the transaction | 10 April 2025 | ||||||
| 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 | Chief Financial Officer (Director/PDMR)
| ||||||
| b) | Initial notification/Amendment | Initial notification | ||||||
| 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 |
359,551 Nil
| ||||||
| e) | Date of the transaction | 10 April 2025 | ||||||
| f) | Place of the transaction | Outside a trading venue | ||||||
-Ends-
Enquiries
Company Secretarial:
Annabel Tagoe-Bannerman, Group General Counsel and Company Secretary +44 (0) 20 7908 6130
Institutional investors and analysts:
Emily Daw, Head of Investor Relations +44 (0) 20 7908 6114
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 43 sites across our three markets supplying a portfolio of c.3,500 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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