REG - IP Group PLC - RSP & DBSP awards; Director/PDMR shareholding
18/04/2023 15:30
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RNS Number : 6401W IP Group PLC 18 April 2023
FOR RELEASE ON 18 APRIL 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") Options
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 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 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 Ordinary Shares of 2p each in IP Group plc
Identification code
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 601,558
- Price 59.3389p
- Aggregated total £356,957.90
f) Date of the transaction 14 April 2023
g) Place of the transaction London Stock Exchange, Main Market
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 Ordinary Shares of 2p each in IP Group plc
Identification code
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 408,677
- Price 59.3389p
- Aggregated total £242,504.44
f) Date of the transaction 14 April 2023
g) Place of the transaction London Stock Exchange, Main Market
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 Ordinary Shares of 2p each in IP Group plc
Identification code
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 Aggregated number of options granted under the DBSP to Directors and PDMRs on
13 April 2023: 437,036
- Price
Price: £ nil
- Aggregated total
f) Date of the transaction 13 April 2023
g) Place of the transaction Outside a trading venue
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 Ordinary Shares of 2p each in IP Group plc
Identification code
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 Aggregated Number of Shares conditionally awarded under the RSP to Directors
and PDMRs on 13 April 2023: 4,315,780
- Price
Price: £ nil
- Aggregated total
4,315,780
f) Date of the transaction 13 April 2023
g) Place of the transaction Outside a trading venue
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 (http://www.ipgroupplc.com)
Liz Vaughan-Adams, Communications +44 (0) 20 7444 0062/+44 (0) 7979 853802
Portland
Vic Wallin +44 (0) 7973 823119
Alex Donaldson +44 (0) 7516 729702
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
(http://www.ipgroupplc.com/) .
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