Business Context and Reporting Period
This Form 6-K filing by Coca-Cola European Partners Plc (now Coca-Cola Europacific Partners Plc) was submitted on May 2, 2019. The document serves as a notification of transactions involving Persons Discharging Managerial Responsibilities (PDMRs) and persons closely associated with them. It details the vesting of Performance Stock Units (PSUs) and subsequent non-discretionary sales to cover tax liabilities for six executives during late April and early May 2019.
Key Financial Metrics
The filing does not contain corporate financial statements, revenue, profit, cash flow, or debt metrics. It exclusively reports on equity transactions. Key transaction metrics include:
- Instrument: Ordinary Shares of €0.01 each (ISIN: GB00BDCPN049).
- Acquisition Price: $0.00 per share (vested PSUs).
- Sale Price Range: Approximately $53.46 to $53.69 per share.
- Total Shares Acquired (Vested): 90,550 shares across all executives.
- Total Shares Sold (Tax Funding): 47,320 shares across all executives.
Material Changes and Transaction Details
The filing reports a series of coordinated transactions for six executives. In each case, shares were acquired at no cost due to PSU vesting on April 30, 2019, followed by immediate sales on May 1, 2019, to fund tax obligations.
| Executive | Position | Shares Acquired (Vested) | Shares Sold (Tax) | Avg. Sale Price (USD) |
|---|---|---|---|---|
| Damian Gammell | Chief Executive Officer | 60,300 | 28,230 | $53.607 |
| Manik Jhangiani | Chief Financial Officer | 15,100 | 7,081 | $53.643 |
| Ronald Lewis | Chief Supply Chain Officer | 15,100 | 6,852 | $53.633 |
| Lauren Sayeski | Chief Public Affairs & Communications Officer | 725 | 330 | $53.665 |
| Stephen Moorhouse | General Manager, Northern Europe | 2,900 | 1,365 | $53.661 |
| Leendert den Hollander | General Manager, Great Britain | 3,383 | 1,591 | $53.666 |
| Ben Lambrecht | General Manager, France | 3,141 | 1,871 | $53.665 |
Guidance, Outlook, and Risks
The filing text does not provide management commentary, financial guidance, outlook, or risk factors. The transactions are described as "non-discretionary" sales executed to fund tax liabilities arising from the vesting of awards under the Coca-Cola Enterprises, Inc. 2010 Incentive Award Plan. All transactions were conducted on the New York Stock Exchange (XNYS).
Investor Verification Checklist
- Verify the net share retention for each executive (Acquired minus Sold) to assess ongoing equity alignment.
- Confirm the tax withholding rate implied by the ratio of shares sold to shares vested for each individual.
- Check the company's 20-F or 40-F annual report for the full terms of the 2010 Incentive Award Plan referenced in the filing.
- Review subsequent filings to ensure no other discretionary sales occurred outside of these tax-related transactions.