Grant of options

Frontier IP Group plc

03 November 2023

 

AIM: FIPP

3 November 2023

Frontier IP Group plc

("Frontier IP" or the "Group")

Grant of options

Frontier IP, a specialist in commercialising intellectual property, announces that, on 2 November 2023, the Board granted options over a total of 836,019 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 through a combination of:

(i)    grants under the Frontier IP Group plc Unapproved Share Option Plan 2021, which includes the terms of the Long-Term Incentive Plan (the "LTIP") details of which were approved by shareholders at the annual general meeting of the Group held on 9 December 2022; and

(ii)   grants under the Company's approved Company Share Option Plan (the "CSOP").

A total of 666,838 grants have been made under the terms of the Company's Unapproved Share Option Plan (the "LTIP Grants"), structured as grants of nominal cost options and at a price of 10 pence per share. The exercise period of the LTIP Grants commences on 2 November 2026 and expires on 1 November 2033. Further details on the LTIP and the vesting criteria are set out below.

A total of 169,181 Options have been granted under the CSOP (the "CSOP Grants") with an exercise price of 44.5 pence per share, being the closing mid-market price of an existing ordinary share on 1 November 2023, the business day prior to the grant date. The exercise period of the CSOP Grants commences on 2 November 2026 and expires on 1 November 2033.

The Options granted represent a total of 1.5% of the current issued share capital of the Company.

The Options have been granted as follows:

Name	Position	Number of grants under Unapproved Share Option Plan	Number of grants under CSOP	Total options over Ordinary Shares held following grant
Neil Crabb	Chief Executive Officer	149,656	-	1,250,123
Jackie McKay	Chief Operating Officer	108,551	-	896,269
Jim Fish	Chief Financial Officer	119,725	-	1,169,127
Matthew White	Chief Commercialisation Officer	119,725	-	674,127
Other Company personnel		169,181	169,181
Total Options granted		666,838	169,181

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.

Following the grants detailed above, the Company now has a total of 5,675,318 options outstanding over Ordinary Shares, representing 10.15% of the Company's current issued share capital.

Background and details on LTIP

At the Company's 2022 annual general meeting, the Board received the approval of shareholders for the terms of the LTIP. The LTIP is based on annual awards of performance shares, structured as nominal cost options, with vesting linked 70% to net asset value per share and 30% to total shareholder return measured over 3 financial years.

In order to enable such grants, the terms of the previous unapproved option plan rules were amended to reflect the terms of the LTIP.

The LTIP rules include:

1.    a limit of 15% of issued share capital at time of grant on the number of shares that have been issued, or transferred out of treasury, on the exercise of options granted, and in satisfaction of any other awards made under the share schemes operated by the Company during the period of ten years ending on the grant date with no limit to the number of nil or nominal cost awards within the 15% limit; and

2.    LTIP participants include the executive directors and other Group employees; allocations are made annually from an aggregate award pool, which is limited in size to ensure sufficient shares are available to grant in future years without exceeding the Group's dilution limit of 15% of issued share capital over the prior ten years. The LTIP includes an individual grant limit of 200% of salary in any financial year.

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) 10p 149,656
d)	Aggregated information - Aggregated volume - Price	N/A
e)	Date of the transactions	2 November 2023
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) 10p 108,551
d)	Aggregated information - Aggregated volume - Price	N/A
e)	Date of the transactions	2 November 2023
f)	Place of the transaction	Outside a trading venue

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	James 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) 10p 119,725
d)	Aggregated information - Aggregated volume - Price	N/A
e)	Date of the transactions	2 November 2023
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) 10p 119,725
d)	Aggregated information - Aggregated volume - Price	N/A
e)	Date of the transactions	2 November 2023
f)	Place of the transaction	Outside a trading venue

ENQUIRIES

Frontier IP Group Plc Neil Crabb, Chief Executive Andrew Johnson, Communications and Investor Relations [e-mail] Company website: www.frontierip.co.uk	T: 020 3968 7815 [e-mail] M: 07464 546 025
Allenby Capital Limited (Nominated Adviser) Nick Athanas / George Payne	T: 0203 328 5656
Singer Capital Markets (Broker) Harry Gooden / James Fischer	T: 0207 496 3000

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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