Directors’ Report
Background The Group operates in the cake and bread markets which are focused on premium, celebration and well-being products. These products are supplied both under the retailers’ own brands and through a number of licensed brands to which the Group has access.
A review of the activities and any likely future developments in the business of the Group is given in the Chairman’s Statement, Chief Executive’s Report and the Strategic Report on pages 8 to 21.
Dividend On 20 March 2015, the Board approved an interim dividend for the six months to 27 December 2014 of 0.83p per share which was paid on 24 April 2015. The Directors have recommended a final dividend of 1.67p per share. Subject to shareholder approval at the Company’s AGM on 25 November 2015, the final dividend will be paid on 10 December 2015 to all shareholders on the register at 13 November 2015.
Directors and their Interests in the Company The Directors and brief biographies are detailed on page 6. Martin Lightbody and David Marshall resigned from the Board on 30 June 2014 and Peter Baker was appointed a Director and Non-Executive Chairman on 1 July 2014.
In accordance with the Articles of Association Mr J G Duffy and Mr P J Monk retire by rotation and being eligible offer themselves for re-election at the Company’s forthcoming AGM.
The beneficial interests of the Directors in the Ordinary Shares of the Company on 27 June 2015 and 28 June 2014 are set out below: Ordinary Shares
27 June 2015
P Baker E J Beale S A Boyd J G Duffy P J Monk
Details of Directors’ share options are set out in Note 7 to the Financial Statements. Details of the emoluments of the Directors are given in Note 7 to the Financial Statements. There have been no changes in the interests of Directors as set out above since 27 June 2015.
Share Capital Details of the changes in the share capital of the Company during the year are set out in Note 27 to the Financial Statements.
Substantial Interests The following substantial interests (3 percent or more) in the Company’s issued share capital have been notified to the Company as at 29 August 2015: Number
of shares Ruffer LLP Hargreave Hale
London Finance & Investment Group P.L.C. Henderson Global Investors M W Lightbody
Investec Asset Management Miton Asset Management Ltd Premier Asset Managers Downing LLP
23,130,164 12,964,927 10,000,000 7,025,000 5,700,000 5,451,526 5,227,917 5,212,126 3,995,224
46,000 40,000
906,629
2,111,762 291,547
28 June 2014 - 40,000 555,137
1,855,163 291,547
% of issued share capital
18.07% 10.13% 7.81% 5.49% 4.45% 4.26% 4.08% 4.07% 3.12%
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