The chief executive and finance director of Finsbury Food Group have been issued shares to the value of more than £146,000.
Chief executive John Duffy has been issued an estimated £89,778-worth of shares (based on 140,499 ordinary shares issued) and finance director Steve Boyd £56,903 (based on 89,501 shares) as part of the payment under the Long-Term Incentive Scheme referred to in the company’s 2014 annual report.
This estimated share worth is based on the company’s current Stock Exchange rate of 63.9p, up from 62.4p last night.
The total number of shares in issue is currently 66,894,284 with the latest stated market cap on the Stock Exchange stating that it is worth £79.53m.
An application has been made for the new ordinary shares to be admitted to trading on AIM (admission). It is expected that admission will occur on 3 December 2014. Following admission, the company’s issued share capital will consist of 126,455,868 ordinary shares.
Following admission, Duffy and Boyd will have beneficial interests in 1,995,662 and 644,188 ordinary shares respectively, representing approximately 1.58% and 0.51% of the company’s enlarged issued share capital.
In the first four months of the financial year, revenues for the group had grown 3.9% on the previous year to £57.3m and the UK bakery division group grew by 5%.
Chairman Peter Baker anticipated a “challenging” operating environment, but said he expected increased growth and sales, thanks to the buy-out of Fletchers’ cake business, which completed on 30 October this year.
“Overall, the directors are pleased to report positive trading performance for the company as a whole and in line with the board’s expectations.”
Following the acquisition of the Fletchers Group of Bakeries, the company is one of the largest speciality bakery groups in the UK, with initial annualised sales of over £270m.