49 Finsbury Food Group Annual Report & Accounts 2016


7. Remuneration of Directors


2016 £000





 Bonuses


257 607 544


1,408


2015 £000


315 569


1,016 1,900


The aggregate of emoluments and amounts receivable under long-term incentive schemes of the highest paid Director was £687,000 (2015: £914,000),  of £245,000 (2015: £407,000) and shares issued with a total cost of £88,000 (2015: £161,000). There were no share options exercised in the period by the highest paid Director, 2,500,000 options were cancelled in return for 1,102,957 shares. A cash amount of £1,196,503 was paid to meet the  Director as a result of settling the options in this way.


 and NI liability arising on the settlement of the options. The associated costs of £2.8 million are shown in administrative expenses in the Consolidated  20.5 pence per share, the market value at exercise date was 59.4 pence per share.


 The emoluments paid to Directors were as follows:


 £000


P Baker E J Beale





75 45 -


-


Salary £000


- -


241 342


 £000


- -


12 12


Annual Bonus £000


- -


155


 --- 56 


 --- 88 R P E Duignan  


50 17 70


257


- - -


583


- - -


24 245


- - -


544


Year ended 2 July 2016 £000


75 45


408 56


599 88 50 17 70


1,408


 27 June 2015 £000


100 45


542 129 753 161 100 -


70 1,900


 long-term incentive plan (LTIP) were granted to Directors in the form of nil cost options (2015: 1,859,115). The vesting of the awards are conditional upon performance conditions over a three year period commencing 28 June 2015 and are subject to a further two year holding period.


Directors’ rights to subscribe for shares in the Company are listed below:


Number of options at 2 July 2016


S A Boyd S A Boyd S A Boyd   


-


721,217 505,051 -


1,137,898 695,095


3,059,261


Number of options at 27 June 2015


2,753,659 721,217 -


2,500,000 1,137,898 -


7,112,774


The mid-market price of the ordinary shares on 2 July 2016 was 111.0p (2015: 83.5p) and the range during the 53 week period to 2 July 2016 was 80p to 124p (2015: 53p to 92p).


Exercise price


20.5p Nil Nil


20.5p Nil Nil


exercise date Earliest


08/07/2014 01/07/2019 01/07/2020 08/07/2014 01/07/2019 01/07/2020


expiry date


30/10/2016 26/06/2025 04/12/2025 30/10/2016 26/06/2025 04/12/2025


Exercise


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