REG - Frontier IP Group - Grant of options

Frontier IPAnnouncement

03/11/2023 07:15

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RNS Number : 2648S  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  Options over ordinary shares of 10p each in Frontier IP Group Plc

      Identification code

                                                                   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                                       N/A

      - Aggregated volume

      - Price
 e)   Date of the transactions                                     2 November 2023
 f)   Place of the transaction                                     Outside a trading venue

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  Options over ordinary shares of 10p each in Frontier IP Group Plc

      Identification code

                                                                   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                                       N/A

      - Aggregated volume

      - Price
 e)   Date of the transactions                                     2 November 2023
 f)   Place of the transaction                                     Outside a trading venue

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  Options over ordinary shares of 10p each in Frontier IP Group Plc

      Identification code

                                                                   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                                       N/A

      - Aggregated volume

      - Price
 e)   Date of the transactions                                     2 November 2023
 f)   Place of the transaction                                     Outside a trading venue

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  Options over ordinary shares of 10p each in Frontier IP Group Plc

      Identification code

                                                                   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                                       N/A

      - Aggregated volume

      - Price
 e)   Date of the transactions                                     2 November 2023
 f)   Place of the transaction                                     Outside a trading venue

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                                   T: 020 3968 7815 neil@frontierip.co.uk

 Neil Crabb, Chief Executive                             M: 07464 546 025

 Andrew Johnson, Communications and Investor Relations

 andrew.johnson@frontierip.co.uk

 Company website: www.frontierip.co.uk (about:blank)

 Allenby Capital Limited (Nominated Adviser)             T: 0203 328 5656

 Nick Athanas / George Payne

 Singer Capital Markets (Broker)                         T: 0207 496 3000

 Harry Gooden / James Fischer

 

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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