Grant of Options

RNS Number : 1228W

Frontier IP Group plc

09 December 2019

 

9 December 2019

Frontier IP Group plc

("Frontier IP" or the "Company")

Grant of Options

Frontier IP Group plc (AIM: FIPP), a specialist in commercialising university intellectual property, announces that, on 6 December 2019, the Board granted options over ordinary shares of 10 pence each in the Company ("Ordinary Shares") to certain Executive Directors and personnel of the Company (the "Options").

The Options have been granted pursuant to the Company's share option scheme, the Frontier IP Group plc Employee Share Option Scheme 2011 as adopted by the Board of Directors of the Company on 30 November 2012 and amended by the Board of Directors of the Company on 26 March 2018. Certain of the Options have an exercise price of 66 pence, being the closing offer price of an existing ordinary share on 6 December 2019, and certain Options have been granted at an exercise price of 10 pence, being the nominal value of an Ordinary Share. 

The Options have been granted as follows:

Name	No. of Options granted with exercise price of 66p	No. of Options granted with exercise price of 10p	Total options over Ordinary Shares held following grant
Neil Crabb	38,185	184,565	1,426,750
Jackie McKay	35,862	173,333	840,195
Jim Fish	35,862	173,333	840,195
Matthew White	35,862	173,333	345,195
Other Company personnel	767,200	45,841	1,443,041
Total Options	912,971	750,405	4,895,376

At the Company's 2017 AGM, the Board received the approval of shareholders for certain amendments to the Company's Employee Share Option Scheme 2011, including allowing the grant of options at nominal cost. The Options have been granted in line with the aim of the Company's remuneration policy which is to incentivise and reward appropriately in order to attract and retain the best people in support of the Group's strategy.

The exercise period commences on the third anniversary of the date of grant and expires on the day preceding the tenth anniversary thereof. Following today's grant, the Company now has a total of 4,895,376 options outstanding over Ordinary Shares, representing 9.7% of the Company's current issued share capital. Following the revisions to the Employee Share Option Scheme 2011 and the passing of the resolutions at the Company's 2017 AGM, the maximum number of Ordinary Shares that may be subject to options in any ten-year period is 15% of the issued ordinary share capital.

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them.

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Neil Crabb
2	Reason for the notification
a)	Position/status	Chief Executive Officer
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Frontier IP Group plc
b)	LEI	213800BRYUKQPJWKJ312
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Options over ordinary shares of 10p each in Frontier IP Group Plc Identification code (ISIN) for Frontier IP Group Plc ordinary shares: GB00B63PS212
b)	Nature of the transaction	Grant of options
c)	Price(s) and volume(s)	Price(s) Volume(s) 66 pence 38,185 10 pence 184,565
d)	Aggregated information - Aggregated volume - Price	N/A
e)	Date of the transactions	6 December 2019
f)	Place of the transaction	Outside a trading venue

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Jackie McKay
2	Reason for the notification
a)	Position/status	Chief Operating Officer
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Frontier IP Group plc
b)	LEI	213800BRYUKQPJWKJ312
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Options over ordinary shares of 10p each in Frontier IP Group Plc Identification code (ISIN) for Frontier IP Group Plc ordinary shares: GB00B63PS212
b)	Nature of the transaction	Grant of options
c)	Price(s) and volume(s)	Price(s) Volume(s) 66 pence 35,862 10 pence 173,333
d)	Aggregated information - Aggregated volume - Price	N/A
e)	Date of the transactions	6 December 2019
f)	Place of the transaction	Outside a trading venue

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Jim Fish
2	Reason for the notification
a)	Position/status	Chief Financial Officer
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Frontier IP Group plc
b)	LEI	213800BRYUKQPJWKJ312
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Options over ordinary shares of 10p each in Frontier IP Group Plc Identification code (ISIN) for Frontier IP Group Plc ordinary shares: GB00B63PS212
b)	Nature of the transaction	Grant of options
c)	Price(s) and volume(s)	Price(s) Volume(s) 66 pence 35,862 10 pence 173,333
d)	Aggregated information - Aggregated volume - Price	N/A
e)	Date of the transactions	6 December 2019
f)	Place of the transaction	Outside a trading venue

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Matthew White
2	Reason for the notification
a)	Position/status	Chief Commercialisation Officer
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Frontier IP Group plc
b)	LEI	213800BRYUKQPJWKJ312
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Options over ordinary shares of 10p each in Frontier IP Group Plc Identification code (ISIN) for Frontier IP Group Plc ordinary shares: GB00B63PS212
b)	Nature of the transaction	Grant of options
c)	Price(s) and volume(s)	Price(s) Volume(s) 66 pence 35,862 10 pence 173,333
d)	Aggregated information - Aggregated volume - Price	N/A
e)	Date of the transactions	6 December 2019
f)	Place of the transaction	Outside a trading venue

The information set out in this announcement is provided in accordance with the requirements of Article 19(3) of the EU Market Abuse Regulation No 596/2014.

Enquiries

Frontier IP Group plc	0207 332 2338
Neil Crabb, Chief Executive
Andrew Johnson, Communications & Investor Relations	07464 546 025
www.frontierip.co.uk
Allenby Capital Limited (Nominated Adviser)	0203 328 5656
Nick Athanas / Nicholas Chambers
N+1 Singer (Broker)	0207 496 3000
Harry Gooden / George Tzimas

About Frontier IP

Frontier IP unites science and commerce by identifying strong intellectual property and accelerating its development through a range of commercialisation services. A critical part of the Group's work is involving relevant industry partners at an early stage of development to ensure technology meets real world demands and needs.

The Group looks to build and grow a portfolio of equity stakes and licence income by taking an active involvement in spin-out companies, including support for fund raising and collaboration with relevant industry partners at an early stage of development.

 

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