52 Finsbury Food Group Annual Report & Accounts 2017


6. Remuneration of Directors


2017 £000


Fees Executive salaries Bonuses and benefits


300 626 583


1,509


2016 £000


257 607 544


1,408


The aggregate of emoluments and amounts receivable under long-term incentive schemes of the highest paid Director was £693,000 (2016: £687,000), there were no Company pension contributions made to a defined contribution scheme during the current or prior year. Bonuses include cash bonus of £241,000 (2016: £245,000) and shares issued with a total cost of £91,000 (2016: £88,000). There were no share options exercised in the period by the highest paid Director.


There were no retirement benefits accruing to Directors during the current or previous year. The emoluments paid to Directors were as follows:


Fees £000


P Baker E J Beale


S A Boyd – paid S A Boyd – shares J G Duffy – paid J G Duffy – shares R P E Duignan M J Millard P J Monk Z Morgan


75 23 - - - -


60 53 36 53


300


Salary £000


- -


253 -


349 - - - - -


602


Benefits £000


- -


12 -


12 - - - - -


24


Annual bonus £000


- -


177 64


251 91 - - - -


583


Year ended 1 July 2017 £000


75 23


442 64


612 91 60 53 36 53


1,509


Year ended 2 July 2016 £000


75 45


408 56


599 88 50 17 70 -


1,408


Shares comprise 71,639 shares issued to J G Duffy and 50,421 shares issued to S A Boyd. During the year awards over 889,996 shares under the long-term incentive plan (LTIP) were granted to Directors in the form of nil cost options (2016: 1,200,146). The vesting of the awards is conditional upon performance conditions over a three year period commencing 3 July 2016 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 1 July 2017


S A Boyd S A Boyd S A Boyd J G Duffy J G Duffy J G Duffy


721,217 505,051 374,532


1,137,898 695,095 515,464


3,949,257


Number of options at 2 July 2016


721,217 505,051 -


1,137,898 695,095 -


3,059,261


The mid-market price of the ordinary shares on 1 July 2017 was 116p (2016: 111.0p) and the range during the 52 week period to 1 July 2017 was 103p to 137p (2016: 80p to 124p).


Exercise price


Nil Nil Nil Nil Nil Nil


exercise date Earliest


01/07/2019 01/07/2020 30/06/2021 01/07/2019 01/07/2020 30/06/2021


expiry date Exercise


26/06/2025 04/12/2025 29/09/2026 26/06/2025 04/12/2025 29/09/2026


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