RSP & DBSP awards; Director/PDMR shareholding

RNS Number : 6401W

IP Group PLC

18 April 2023

 

FOR RELEASE ON

18 A PRIL 2023

IP Group plc - RSP & DBSP awards; Director/PDMR shareholding

IP Group plc (LSE: IPO) ("IP Group" or "the Group" or "the Company"), which invests in breakthrough science and innovation companies with the potential to create a better future for all, announces the following in connection with its employee share schemes.

Exercise of Deferred Bonus Share Plan ("DBSP") O ptions

On 14 April 2023, the Group's executive directors and 9 of its other persons discharging managerial responsibilities ("PDMRs") exercised DBSP options over a total of 601,558 ordinary shares of two pence each ("Shares"), resulting from the partial deferral of annual bonuses from 2021 and 2022. In addition, on the same date, other Group employees exercised DBSP options over a total of 950,262 Shares resulting from the partial deferral of bonuses from the same period. The number of shares assigned to each individual on the exercise of these options was adjusted to account for dividends paid by the Company during 2022. The exercise of these options was satisfied through the transfer of 1,551,820 Shares which the Group held in treasury. 

The Group's two executive directors sold sufficient Shares to meet their tax liabilities. The balance of the Shares retained by the executive directors will continue to be held by IP Group's employee benefit trust on behalf of, and as nominee for, the executive directors in order to assist the Group in its application of its Post Cessation Shareholding Policy.

Certain PDMRs sold sufficient Shares to meet their tax liabilities and certain PDMRs sold all of the Shares resulting from their option exercises. 

DBSP Awards

IP Group has granted nil-cost options over Shares to the executive directors and PDMRs under the Group's DBSP on 13 April 2023. The grants reflect the deferral of fifty per cent of each person's award above £25,000 under the Group's Annual Incentive Scheme ("AIS") in respect of the Group's performance for the financial year ended 31 December 2022. The following table sets out details of the awards made to the Executive Directors and PDMRs: 

Name of Director/PDMR	Structure of award	Number of options granted	Total number of options currently held
Greg Smith	Nil-Cost Option	78,654	166,754
David Baynes	Nil-Cost Option	47,408	122,859
Sam Williams	Nil-Cost Option	40,094	81,276
Mark Reilly	Nil-Cost Option	75,376	122,744
Angela Leach	Nil-Cost Option	37,516	66,628
Christopher Glasson	Nil-Cost Option	40,430	60,974
Liz Vaughan-Adams	Nil-Cost Option	21,544	40,680
Douglas Moray Wright	Nil-Cost Option	36,616	79,054
Dan Xie	Nil-Cost Option	21,192	36,087
Anthony York	Nil-Cost Option	38,206	54,955
Total		437,036	832,011

In addition to the above, awards over a total of 654,418 Shares were made to certain other of the Group's employees. As at the date of this announcement, a total of 2,139,619 n il-cost options over Shares remain outstanding under the IP Group DBSP. 

No consideration was paid for the grant of the awards and no consideration is due on the maturity of the option period. Fifty per cent of the options will normally be automatically exercised on 31 March 2024 and fifty per cent on 31 March 2025, with each such automatic exercise generally subject to continued employment.

Restricted Share Plan Awards

IP Group has made awards under its RSP ("RSP Awards") of 6,796,721 Shares to its executive directors, other PDMRs and certain other employees on 13 April 2023.

Vesting of these Awards will take place over a three-year period commencing on 1 April 2023 (the "Vesting Period").  The vesting of the Awards will be subject to review by the Group's Remuneration Committee at the end of the Vesting Period of performance as against both a financial underpin based on adjusted NAV growth over the period of three financial years ending on 31 December 2025 and other qualitative performance measures (together the "Underpin Criteria").

RSP Awards made to the executive directors and other PDMRs are set out in the table below, and Awards over a further 2,480,941 Shares have been made to other of the Group's employees. The number of Shares stated is the maximum number that could vest at the end of the Vesting Period for each executive director or PDMR.  If the Committee considers that any of the Underpin Criteria is not met as part of its review at the end of the Vesting Period, it will then consider whether it was appropriate to scale back the number of shares that vest (including to nil).

The number of Awards made was calculated using the closing price on 13 April 2023 of 60.2p.

Subject to the Remuneration Committee's review of performance against the Underpin Criteria, the Awards will ordinarily vest on or around 31 March 2026. Any Awards which vest will ordinarily be subject to a post-vesting holding period of two years. Shares will be issued in connection with any vested Awards at the end of this holding period.

Executive Director/PDMR	Maximum number of Shares conditionally awarded in respect of 2023 RSP
Greg Smith	1,813,953
David Baynes	829,215
Mark Reilly	250,498
Anthony York	237,221
Sam Williams	214,202
Christopher Glasson	182,724
Angela Leach	172,757
Elizabeth Vaughan-Adams	129,568
Douglas Moray Wright	233,222
Dan Xie	219,530
Lisa Patel	32,890
Total	4,315,780

Shares in issue

At the date of this announcement, the Company continues to have 1,063,188,005 Shares in issue of which 26,417,355 Shares are held in treasury.

The following information is being disclosed pursuant to the requirements of MAR.

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

DBSP Exercise

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Greg Smith David Baynes Sam Williams Mark Reilly Angela Leach Christopher Glasson Lisa Patel Liz Vaughan-Adams Douglas Moray Wright Dan Xie Anthony York
2	Reason for the notification
a)	Position/status	Director Chief Executive Officer Director Chief Operating and Financial Officer PDMR Managing Partner, Life Sciences PDMR Managing Partner, Technology PDMR  Group General Counsel PDMR  Finance Director PDMR  Partner, Employee Executive PDMR  Director of Communications PDMR  CEO Parkwalk PDMR  Managing Director, Global Capital PDMR  Group People Director
b)	Initial notification /Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	IP Group plc
b)	Legal Entity Identifier	213800HG22UM138WFG43
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	Ordinary Shares of 2p each in IP Group plc   ISIN: GB00B128J450
b)	Nature of the transaction	Exercise of options in connection with the 2021 DBSP and 2022 DBSP Awards
c)	Currency	GBP
d)	Price(s) and volume(s)	Name(s) Price(s) Volume(s) Greg Smith Nil cost option 140,999 David Baynes Nil cost option 126,064 Sam Williams Nil cost option 71,282 Mark Reilly Nil cost option 69,781 Angela Leach Nil cost option 47,594 Christopher Glasson Nil cost option 31,348 Lisa Patel Nil cost option 3,041 Liz Vaughan-Adams Nil cost option 26,804 Douglas Moray Wright Nil cost option 44,795 Dan Xie Nil cost option 22,857 Anthony York Nil cost option 16,993
e)	Aggregated information -Aggregated volume - Price - Aggregated total	601,558 59.3389p £356,957.90
f)	Date of the transaction	14 April 2023
g)	Place of the transaction	London Stock Exchange, Main Market

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Greg Smith David Baynes Sam Williams Mark Reilly Angela Leach Christopher Glasson Lisa Patel Liz Vaughan-Adams Douglas Moray Wright Dan Xie Anthony York
2	Reason for the notification
a)	Position/status	Director Chief Executive Officer Director Chief Operating and Financial Officer PDMR Managing Partner, Life Sciences PDMR Managing Partner, Technology PDMR  Group General Counsel PDMR  Finance Director PDMR  Partner, Employee Executive PDMR  Director of Communications PDMR  CEO Parkwalk PDMR  Managing Director, Global Capital PDMR  Group People Director
b)	Initial notification /Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	IP Group plc
b)	Legal Entity Identifier	213800HG22UM138WFG43
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	Ordinary Shares of 2p each in IP Group plc   ISIN: GB00B128J450
b)	Nature of the transaction	Sale
c)	Currency	GBP
d)	Price(s) and volume(s)	Name(s) Price(s) Volume(s) Greg Smith 59.3389p 66,270 David Baynes 59.3389p 59,250 Sam Williams 59.3389p 71,282 Mark Reilly 59.3389p 58,269 Angela Leach 59.3389p 47,594 Christopher Glasson 59.3389p 14,734 Lisa Patel 59.3389p 3,041 Liz Vaughan-Adams 59.3389p 12,598 Douglas Moray Wright 59.3389p 44,795 Dan Xie 59.3389p 22,857 Anthony York 59.3389p 7,987
e)	Aggregated information -Aggregated volume - Price - Aggregated total	408,677 59.3389p £242,504.44
f)	Date of the transaction	14 April 2023
g)	Place of the transaction	London Stock Exchange, Main Market

DBSP Awards

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Greg Smith David Baynes Sam Williams Mark Reilly Angela Leach Christopher Glasson Liz Vaughan-Adams Douglas Moray Wright Dan Xie Anthony York
2	Reason for the notification
a)	Position/status	Director Chief Executive Officer Director Chief Operating and Financial Officer PDMR Managing Partner, Life Sciences PDMR Managing Partner, Technology PDMR  Group General Counsel PDMR  Finance Director PDMR  Director of Communications PDMR  CEO Parkwalk PDMR  Managing Director, Global Capital PDMR  Group People Director
b)	Initial notification /Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	IP Group plc
b)	Legal Entity Identifier	213800HG22UM138WFG43
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	Ordinary Shares of 2p each in IP Group plc   ISIN: GB00B128J450
b)	Nature of the transaction	Grant of nil-cost options under the IP Group plc DBSP
c)	Currency	GBP
d)	Price(s) and volume(s)	Name(s) Price(s) Volume(s) Greg Smith Nil cost option 78,654 David Baynes Nil cost option 47,408 Sam Williams Nil cost option 40,094 Mark Reilly Nil cost option 75,376 Angela Leach Nil cost option 37,516 Christopher Glasson Nil cost option 40,430 Liz Vaughan-Adams Nil cost option 21,544 Douglas Moray Wright Nil cost option 36,616 Dan Xie Nil cost option 21,192 Anthony York Nil cost option 38,206
e)	Aggregated information -Aggregated volume - Price - Aggregated total	Aggregated number of options granted under the DBSP to Directors and PDMRs on 13 April 2023: 437,036 Price: £ nil
f)	Date of the transaction	13 April 2023
g)	Place of the transaction	Outside a trading venue

RSP Awards

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Greg Smith David Baynes Mark Reilly Anthony York Sam Williams Christopher Glasson Angela Leach Elizabeth Vaughan-Adams Douglas Moray Wright Dan Xie Lisa Patel
2	Reason for the notification
a)	Position/status	Executive Director - CEO Executive Director - CFOO PDMR - Managing Partner PDMR - Group People Director PDMR - Managing Partner PDMR - Finance Director PDMR - Group General Counsel PDMR - Head of Communications PDMR - CEO Parkwalk PDMR - Managing Director - Greater China PDMR - Partner, Life Sciences
	Initial notification /Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	IP Group plc
b)	Legal Entity Identifier	213800HG22UM138WFG43
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	Ordinary Shares of 2p each in IP Group plc   ISIN: GB00B128J450
b)	Nature of the transaction	Conditional award of Shares under the IP Group plc RSP
c)	Currency	GBP
d)	Price(s) and volume(s)	Name(s) Price(s) Volume(s) Greg Smith Nil 1,813,953 David Baynes Nil 829,215 Mark Reilly Nil 250,498 Anthony York Nil 237,221 Sam Williams Nil 214,202 Christopher Glasson Nil 182,724 Angela Leach Nil 172,757 Elizabeth Vaughan-Adams Nil 129,568 Douglas Moray Wright Nil 233,222 Dan Xie Nil 219,530 Lisa Patel Nil 32,890
e)	Aggregated information -Aggregated volume - Price - Aggregated total	Aggregated Number of Shares conditionally awarded under the RSP to Directors and PDMRs on 13 April 2023: 4,315,780 Price: £ nil 4,315,780
f)	Date of the transaction	13 April 2023
g)	Place of the transaction	Outside a trading venue

For more information, please contact:

IP Group plc	www.ipgroupplc.com
Liz Vaughan-Adams, Communications  Portland Vic Wallin Alex Donaldson	[phone]/[phone] [phone] [phone]

Notes for editors

About IP Group

IP Group  accelerates the impact of science for a better future. As the most active UK based, early stage science investor, we develop and support some of the world's most exciting businesses in deeptech, life sciences and cleantech (led by Kiko Ventures). Through Parkwalk, the UK's largest growth EIS fund manager, we also back world-changing innovation emerging in leading universities and research institutions. Our specialist investment team combines sector expertise with an international approach. Together we have a strong track record of success, having backed high-profile companies including Oxford Nanopore Technologies plc, First Light Fusion, Hysata, and Oxbotica. IP Group is listed on the Main Market of the London Stock Exchange under the code IPO.

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

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