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IP Group PLC (IPO)

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Thursday 06 May, 2021

IP Group PLC

LTIP & DBSP awards; Director/PDMR shareholding

RNS Number : 8442X
IP Group PLC
06 May 2021
 

FOR RELEASE ON

06 May 2021

 

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

 

IP Group plc (LSE: IPO) ("IP Group" or "the Group" or "the Company"), the developer of intellectual property-based businesses, announces the following in connection with its employee share schemes.

 

Long Term Incentive Plan (the "LTIP")

 

IP Group has made conditional awards of 4,748,892 ordinary shares of two pence each ("Shares") to its executive directors, other persons discharging managerial responsibilities ("PDMRs") and certain other employees under its Long Term Incentive Plan on 05 May 2021.

 

The performance measures attaching to the 2021 awards are based on the achievement of targets linked to growth in the Group's "hard" net assets ("Hard NAV") and total shareholder return ("TSR") as described in the 2020 Directors' Remuneration Report ("2020 DRR") contained within the 2020 Annual Report and Accounts. The starting point for the TSR performance measure is 127.9p, being the one-month average closing price to the date of grant. The starting point for the Hard NAV performance measure is the Group's audited Hard NAV at 31 December 2020 of £ 1,331.5m. The number of Shares conditionally awarded was calculated using the closing price on 05 May 2021 of 125.4p.

 

Conditional awards made to the executive directors and other PDMRs are set out in the table below, and awards over a further 1,538,094 Shares were made to other of the Group's employees. 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, which would require, inter alia, an increase in the Group's Hard NAV to approximately £2bn by 31 December 2023, subject to adjustment for dividends.

 

Executive Director/PDMR

Maximum number of Shares
conditionally awarded in respect
of 2021 LTIP

Maximum number of conditionally awarded Shares currently outstanding

Alan Aubrey

1,055,023

  4,271,914

Greg Smith

483,253

  1,944,216

David Baynes

465,709

  1,893,529

Mike Townend

465,709

  1,893,529

Mark Reilly

215,311

  477,034

Sam Williams

186,283

  755,679

Angela Leach

129,511

  456,371

Anthony York

114,832

  114,832

Liz Vaughan-Adams

95,167

  240,717

Total

3,210,798

  12,047,821

 

 

 

Assuming satisfaction of the conditions in full, the awards will ordinarily vest on or after 31 March 2024. Any awards which vest will ordinarily be subject to a minimum two-year post-vesting holding period. Shares will be issued in connection with any vested awards at the end of this holding period.

 

As described in the 2020 DRR, all of the 2018 LTIP awards lapsed without vesting and so, as at the date of this announcement, a total of 18,875,264 conditionally awarded Shares remain outstanding under the IP Group LTIP, subject to performance conditions.

 

Deferred Bonus Share Plan ("DBSP")

 

IP Group has granted nil-cost options over Shares to the executive directors and PDMRs under the Group's DBSP on 05 May 2021. 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 2020. 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

Alan Aubrey

Nil-Cost Option

150,740

237,882

Greg Smith

Nil-Cost Option

100,518

149,237

David Baynes

Nil-Cost Option

96,426

145,145

Mike Townend

Nil-Cost Option

96,426

145,145

Sam Williams

Nil-Cost Option

57,452

91,377

Mark Reilly

Nil-Cost Option

42,304

95,301

Angela Leach

Nil-Cost Option

35,168

62,838

Liz Vaughan-Adams

Nil-Cost Option

14,392

14,392

Total

 

593,426

941,317

 

In addition to the above, awards over a total of 381,828 shares were made to certain other of the Group's employees. As at the date of this announcement, a total of 1,718,743 nil-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 exercisable on 31 March 2022 and fifty per cent. on 31 March 2023, each generally subject to continued employment. The options shall be exercisable for a maximum of three years from the date of grant.

 

Shares in issue

At the date of this announcement, the Company continues to have 1,062,353,734 ordinary shares in issue.

 

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.

 

LTIP awards

 

1

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

Alan Aubrey
Mike Townend
Greg Smith
David Baynes
Sam Williams
Mark Reilly
Angela Leach

Anthony York
Liz Vaughan-Adams

 

 

 

2

Reason for the notification

a)

Position/status

Director  Chief Executive Officer
Director Chief Investment Officer
Director Chief Financial Officer
Director Chief Operating Officer
PDMR Managing Partner, Life Sciences
PDMR Managing Partner, Technology
PDMR  General Counsel & Company Secretary

PDMR  Group People Director
PDMR  Director of Communications

 

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 LTIP

c)

Currency

GBP

d)

Price(s) and volume(s)

Name(s)

Price(s)

Volume(s)

Alan Aubrey

Nil

 1,055,023

Mike Townend

Nil

 465,709

Greg Smith

Nil

 465,709

David Baynes

Nil

 483,253

Sam Williams

Nil

 186,283

Mark Reilly

Nil

 215,311

Angela Leach

Anthony York

Nil

Nil

 129,511

114,832

Liz Vaughan-Adams

Nil

 95,167

 

e)

Aggregated information

-Aggregated volume

- Price

- Aggregated total

 

Aggregated Number of Shares conditionally awarded under the LTIP to Directors and PDMRs on 05 May 2021: 3,210,798

Price: £ nil

f)

Date of the transaction

05 May 2021

g)

Place of the transaction

Outside a trading venue

 

 

DBSP awards

1

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

Alan Aubrey
Mike Townend
Greg Smith
David Baynes
Sam Williams
Mark Reilly
Angela Leach
Liz Vaughan-Adams

2

Reason for the notification

a)

Position/status

Director  Chief Executive Officer
Director Chief Investment Officer
Director Chief Financial Officer
Director Chief Operating Officer
PDMR Managing Partner, Life Sciences
PDMR Managing Partner, Technology
PDMR  General Counsel & Company Secretary
PDMR  Director of Communications

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)

Alan Aubrey

Nil cost option

  150,740

Mike Townend

Nil cost option

  96,426

Greg Smith

Nil cost option

  96,426

David Baynes

Nil cost option

  100,518

Sam Williams

Nil cost option

  57,452

Mark Reilly

Nil cost option

  42,304

Angela Leach

Nil cost option

  35,168

Liz Vaughan-Adams

Nil cost option

  14,392

 

 

e)

Aggregated information

-Aggregated volume

- Price

- Aggregated total

 

Aggregated number of options granted under the DBSP to Directors and PDMRs on 05 May 2021: 593,426

Price: £ nil

f)

Date of the transaction

 05 May 2021

g)

Place of the transaction

Outside a trading venue

 

 

 

 

For more information, please contact:

 

IP Group plc

www.ipgroupplc.com

Alan Aubrey, Chief Executive Officer
Greg Smith, Chief Financial Officer
Liz Vaughan-Adams, Communications 

+44 (0) 20 7444 0050

+44 (0) 20 7444 0062/+44 (0) 7979 853802

Charlotte Street Partners

 

Andrew Wilson

+44 (0) 7810 636995

David Gaffney

+44 (0) 7854 609998

 

Notes for editors

 

About IP Group

 

IP Group is a leading intellectual property commercialisation company which focuses on evolving great ideas, mainly from its partner universities, into world-changing businesses. The Group has pioneered a unique approach to developing these ideas and the resulting businesses by providing access to business building expertise, capital (through its 100%-owned FCA-authorised subsidiaries IP Capital and Parkwalk Advisors), networks, recruitment and business support. IP Group has a strong track record of success and its portfolio comprises holdings in early-stage to mature businesses across life sciences and technology. 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 .

 

ENDS

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