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RNS Number : 0769U

Finsbury Food Group PLC

20 November 2019

 
 Date:       20 November 2019 
 On behalf   Finsbury Food Group Plc ('Finsbury', 'the 
  of:         Company' or 'the Group') 
 For immediate release 
 

Finsbury Food Group Plc

Result of AGM

Finsbury Food Group plc (AIM: FIF), a leading UK speciality bakery manufacturer of cake, bread and morning goods for both the retail and foodservice channels, is pleased to confirm that all resolutions put to shareholders were duly passed at its Annual General Meeting held today, Wednesday 20 November 2019.

Details of the proxy voting results, which should be read alongside the Notice of AGM, are below:

 
 Resolution (see the Notice of AGM        In favour   In favour   Against    Against   Withheld* 
  for the full text of the resolutions)    (votes)     (%)         (votes)    (%)       (votes) 
 
 
  1. To receive the reports of the Directors and the Financial Statements for the 52 
   weeks ended 
   29 June 2019                                                                         74,638,537   99.32   500,000   0.67   0 
 
 
 2. To declare a final dividend for 
  the year ended 29 June 2019 of 2.34 
  pence per share                             75,138,021   99.98   516       0.01   0 
 3. To reelect Marnie Millard as a 
  director                                    75,012,100   99.83   123,592   0.16   2,845 
                                             -----------  ------  --------  -----  ---------- 
 4. To reelect Bob Beveridge as a 
  director                                    75,032,011   99.85   103,681   0.14   2,845 
                                             -----------  ------  --------  -----  ---------- 
 5. To appoint PricewaterhouseCoopers 
  LLP as auditor of the Company until 
  the conclusion of the next AGM              75,127,764   99.98   7,999     0.01   2,774 
                                             -----------  ------  --------  -----  ---------- 
 6. To authorise the directors to 
  determine the fees payable to the 
  auditor                                     75,138,021   99.98   516       0.01   0 
                                             -----------  ------  --------  -----  ---------- 
 7. To authorise the Directors to 
  allot shares in the Company up to 
  the limits specified in the resolution      70,451,348   99.36   447,556   0.63   4,239,633 
                                             -----------  ------  --------  -----  ---------- 
 8. To authorise the Directors to 
  disapply pre-emption rights up to 
  the limits specified in the resolution**    70,447,536   99.36   450,108   0.63   4,240,893 
                                             -----------  ------  --------  -----  ---------- 
 9. To authorise the Company to make 
  market purchases of its own shares 
  within the limits specified in the 
  resolution**                                69,955,111   98.66   946,274   1.33   4,237,152 
                                             -----------  ------  --------  -----  ---------- 
 

* A vote withheld is not a vote in law and is not counted in the votes for or against the resolution

** Passed as a special resolution

For further information:

 
 Finsbury Food Group 
  John Duffy (Chief 
  Executive) 
  Steve Boyd (Finance 
  Director)                 www.finsburyfoods.co.uk    029 20 357 500 
 Cenkos Securities 
  Max Hartley/Harry 
  Hargreaves 
  (Corporate Finance) 
 Alma PR 
  Rebecca Sanders-Hewett 
  Sam Modlin 
  Hilary Buchanan           finsbury@almapr.co.uk      020 3405 0205 
 

Notes to editors:

-- Finsbury Food Group Plc (AIM: FIF) is a leading UK manufacturer of cake and bread bakery goods, supplying a broad range of blue chip customers within both the grocery retail and 'out of home eating' foodservice sectors including major multiples and leading foodservice providers.

-- The Company is one of the largest speciality bakery groups in the UK and, with its Overseas division, has sales in the financial year ending 29 June 2019 exceeding GBP315m.

   --      The Company's bakery product range is comprehensive and includes: 

o Large premium and celebration cakes.

o Small snacking cake formats such as cake slices and bites.

o Artisan, healthy lifestyle and organic breads through to rolls, muffins (sweet and savoury) and morning pastries, all of which are available both fresh and frozen dependent on customer channel requirements.

o Gluten Free bread, morning goods and cake ranges.

-- The Company is one of the largest ambient cake manufacturers in the UK, a market valued at over GBP969 million (source: IRI, 52 w/e 20(th) July 2019). The retail bread and morning goods market has a value of GBP4.5 billion (source: Kantar Worldpanel 52 w/e 14(th) July 2019). The retail Free From Cake market is valued at GBP49.5 million (source: Kantar Worldpanel 52 w/e 24(th) March 2019). The retail Free From bread & morning goods market is valued at GBP125.3 million (source: Kantar Worldpanel 52 w/e 21(st) April 2019). The UK Out of Home sector Foodservice Bakery sector is worth approximately GBP747 million per annum (source: derived from MCA data for 52 weeks to 31(st) March 2019). The UK foodservice cake and sweet morning goods bakery sector is worth approximately GBP918 million per annum (UK foodservice data derived from MCA data for 52 weeks to 31(st) March 2019).

   --     The Company comprises a core UK Bakery division and an Overseas division: 

o The UK Bakery division has manufacturing sites in Cardiff, East Kilbride, Hamilton, Salisbury, Sheffield, Manchester, and Pontypool.

o The Overseas division comprises the Company's 50% owned company, Lightbody Stretz Ltd, which supplies and distributes the Group's UK-manufactured products and third party products, primarily to Europe, and the Company's manufacturing facility in ywiec in Poland.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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November 20, 2019 06:17 ET (11:17 GMT)

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