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23 Finsbury Food Group Annual Report & Accounts 2017


Directors’ Report


Background


The Group is a speciality bakery group which is 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 3 to 19.


Dividend An interim dividend for the six months to 31 December 2016 of 1.0p per share was paid on 21 April 2017 to shareholders on the register at the close of business on 31 March 2017. Subject to shareholder approval at the Company’s AGM on 22 November 2017, the final dividend of 2.0p per share will be paid on 22 December 2017 to all shareholders on the register at 24 November 2017.


Directors and their Interests in the Company The Directors and brief biographies are detailed on pages 21 to 22.


In accordance with the Articles of Association, Stephen Boyd and Raymond Duignan retire by rotation and being eligible offer themselves for re-election at the Company’s forthcoming AGM.


In accordance with the Articles of Association, Bob Beveridge is required to be re-appointed as Director, having been appointed as Director since the company’s last AGM.


The beneficial interests of the Directors in the Ordinary Shares of the Company on 1 July 2017 and 2 July 2016 are set out below: Ordinary Shares


1 July 2017


P Baker S A Boyd J G Duffy M Millard Z Morgan


86,000


1,011,455 2,269,238 9,366


70,028


2 July 2016 86,000 961,034


2,197,599 - -


Details of Directors’ share options are set out in Note 6 to the Financial Statements. There has been no change to the Directors’ share interests since 1 July 2017.


Details of the emoluments of the Directors are given in Note 6 to the Financial Statements. Zoe Morgan was appointed as a Non-Executive Director on 4 July 2016. Her shareholding on appointment was 20,981.


Share Capital Details of the changes in the share capital of the Company during the year are set out in Note 23 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 28 August 2017:


Number of shares


Ruffer LLP


Miton Asset Management Ltd Hargreave Hale


Investec Wealth & Investment Limited London Finance & Investment Group P.L.C Shroder Investment Mgt Downing LLP


Research and Development Research and development (R&D) expenditure is written off in the year in which it is incurred.


Directors and Officers’ Liability Insurance The Company maintains a Directors and Officers liability insurance policy.


20,925,616 14,012,959 12,191,357 6,848,217 6,000,000 5,104,702 3,907,735


% of issued share capital


16.00% 10.75% 9.35% 5.25% 4.60% 3.92% 3.00%


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