Director/PDMR Shareholding

RNS Number : 0418O

IP Group PLC

22 May 2015

 

FOR IMMEDIATE RELEASE

22 MAY 2015

 

IP Group plc - Director / PDMR Shareholding and Issue of Equity

IP Group plc (LSE: IPO) ("IP Group" or "the Company" or "the Group"), the developer of intellectual property-based businesses, announces that it has issued 153,940 new ordinary shares of 2p each (the "New Shares") following the exercise of nil-cost options awarded under the Company's Deferred Bonus Share Plan ("DBSP Options") by certain of the Company's executive directors and other employees on 21 May 2015.

The DBSP Options were awarded on 15 April 2014 to reflect the deferral of fifty per cent of each person's bonus under the Group's Annual Incentive Scheme. Fifty per cent of the awards became exercisable on the first anniversary of the date of grant and fifty per cent shall become exercisable on the second anniversary of the date of grant, generally subject to continued employment. The remaining awards are exercisable for a maximum of three years from the date of grant. Further details are set out in the Group's 2014 Directors' Remuneration Report.

As a result, the Company received notification from the following Directors/Persons Discharging Managerial Responsibilities in relation to the acquisition of New Shares and subsequent sale on
21 May 2015, at an aggregate price of 213.8 pence per share, as set out in the table below.

					Resultant beneficial interest
Director/ PDMR	Position	DBSP Options exercised	Outstanding DBSP Options	New Shares sold	Shares	%
Alan Aubrey	Chief Executive Officer	33,037	33,037	15,886	2,453,999	0.43%
Mike Townend	Chief Investment Officer	22,024	22,024	10,590	1,074,504	0.19%
Greg Smith	Chief Financial Officer	15,593	15,593	7,498	330,233	0.06%
Angela Leach	Company Secretary	15,593	15,593	7,498	223,918	0.04%

The New Shares sold by the above-named persons discharging managerial responsibilities ("PDMRs") were done so to meet the income tax and national insurance liabilities arising on the exercise of the DBSP Options with the balance of New Shares being retained by each PDMR.

An application has been made to the Financial Conduct Authority for admission of the New Shares to the premium listing segment of the Official List maintained by the UK Listing Authority and to the London Stock Exchange. It is expected that admission will take place on 28 May 2015.

Following the issue of New Shares, the Company has 564,619,369 ordinary shares in issue.

Long Term Incentive Plan Awards

In addition, the Group has made conditional awards of 1,320,122 ordinary shares of two pence each ("Shares") to its executive directors, other persons discharging managerial responsibilities and certain other employees under its Long Term Incentive Plan (the "LTIP").

Conditional awards have been made to the executive directors and PDMRs totalling 491,362 as follows:

Executive Director/PDMR	Maximum number of Shares conditionally awarded	Maximum number of conditionally awarded Shares outstanding at the date of this announcement
Alan Aubrey	124,751	415,032
David Baynes	99,801	663,435*
Mike Townend	99,801	332,027
Greg Smith	89,409	264,846
Angela Leach	77,600	261,587

* includes 446,000 Shares conditionally awarded under the former Fusion IP plc LTIP scheme

The number of Shares stated is the maximum number that could be issued to each executive director or PDMR upon full satisfaction of the performance conditions attaching to the awards.

In addition to the above, awards over a total of 828,760 Shares were made to certain other of the Group's employees under the LTIP.

The performance measures attaching to the 2015 LTIP awards are based on the achievement of targets linked to growth in the Company's "hard" net assets and total shareholder return as described in the Directors' Remuneration Report of the 2014 Annual Report and Accounts.

Assuming satisfaction of the conditions in full, the awards will ordinarily vest on or after 31 March 2018 and the Shares will be issued as soon as practicable after these dates. Any such Shares would be subject to a minimum two-year post-vesting holding period.

As at the date of this announcement, a total of 3,418,471 Shares conditionally awarded to executive directors, PDMRs and employees of IP Group remain outstanding and subject to performance conditions.

For more information, please contact:

IP Group plc	www.ipgroupplc.com
Alan Aubrey, Chief Executive Officer Greg Smith, Chief Financial Officer	[phone] [phone]
Vicki Bradley, Communications	[phone]
FTI Consulting
James Melville-Ross/Simon Conway/ Victoria Foster Mitchell	[phone]

Notes for editors

About IP Group

IP Group is a leading UK intellectual property commercialisation company, developing technology innovations primarily from its research intensive partner universities. The Group offers more than traditional venture capital, providing its companies with access to business building expertise, networks, recruitment and business support.

IP Group's portfolio comprises holdings in around 90 early-stage to mature businesses across the Healthcare, Biotech, Cleantech and Technology sectors. These businesses include Oxford Nanopore Technologies, the DNA sequencing development company, Revolymer, best known for its removable chewing gum, and Xeros, which has received many accolades for its revolutionary clothes washing techniques with a much reduced requirement for water.

For more information, please visit our website at www.ipgroupplc.com.

ENDS

 

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