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

IPAnnouncement

06/05/2021 18:00

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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