Director/PDMR Shareholding

RNS Number : 3646P

IP Group PLC

30 August 2017

 

FOR RELEASE ON

30 August 2017

IP Group plc - LTIP Awards

IP Group plc (LSE: IPO) ("IP Group" or "the Group"), the developer of intellectual property-based businesses, announces that it has made conditional awards of 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 (the "LTIP").

Conditional awards over 2,568,618 Shares have been made to the executive directors and PDMRs, as set out in the table below, with awards over a further 2,114,094 to other of the Group's employees. These awards are ordinarily made in the second quarter of each year, however, due to the presence of inside information at that time, the awards have been made following the release of the Group's half-yearly results.

The performance measures attaching to the 2017 awards are based on the achievement of targets linked to growth in the Company's "hard" net assets ("Hard NAV") and total shareholder return ("TSR") as described in the Directors' Remuneration Report of the Annual Report and Accounts. The starting point for the TSR target will be 140p, being the price of the Group's recent capital raise, and this price has been used to calculate the number of Shares conditionally awarded to the executive directors. The starting point for the Hard NAV performance measure is the Group's audited Hard NAV at 31 December 2016, as adjusted for the proceeds of the Group's recent capital raise.

Assuming satisfaction of the conditions in full, the awards will ordinarily vest on or after 31 March 2020 and the Shares will be issued as soon as practicable after these dates. Any such Shares would be subject to a minimum two-year post-vesting holding period.

Conditional awards to executive directors and PDMRs have been made as follows:

Executive Director/ PDMR	Maximum number of Shares conditionally awarded in respect of 2017 LTIP	Maximum number of conditionally awarded Shares outstanding at the date of this announcement
Alan Aubrey	857,142	1,646,206
Mike Townend	378,571	805,714
Greg Smith	378,571	774,783
David Baynes1	378,571	1,251,714
Sam Williams	191,416	421,784
Peter Grant1	191,416	864,621
Angela Leach	96,665	290,554
Alison Fielding	96,266	240,200

¹ includes 446,000 shares each, as awarded under the Former Fusion IP LTIP

The number of Ordinary 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.

As at the date of this announcement, a total of 10,359,956 Shares conditionally awarded to executive directors, PDMRs and employees of IP Group remain outstanding and subject to performance conditions, including 1,338,000 under the Former Fusion IP LTIP.

The Company currently has 699,069,463 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.

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Alan Aubrey Mike Townend Greg Smith David Baynes Sam Williams Peter Grant Angela Leach Alison Fielding
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           Head, Biotech PDMR            Managing Director, New Business & Partnerships PDMR          General Counsel & Company Secretary PDMR          Director, IP Impact
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 Options under the IP Group plc Long-Term Incentive Plan ("LTIP")
c)	Currency	GBP
d)	Price(s) and volume(s)	Name(s) Price(s) Volume(s) Alan Aubrey Nil cost option 857,142 Mike Townend Nil cost option 378,571 Greg Smith Nil cost option 378,571 David Baynes Nil cost option 378,571 Sam Williams Nil cost option 191,416 Peter Grant Nil cost option 191,416 Angela Leach Nil cost option 96,665 Alison Fielding Nil cost option 96,266
e)	Aggregated information -Aggregated volume - Price - Aggregated total	Aggregated Number Of Shares Granted Under The LTIP to Directors and PDMRs on 29 August 2017: 2,568,618 Price: £ nil
f)	Date of the transaction	29 August 2017
g)	Place of the transaction	London Stock Exchange, Main Market

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	[phone] [phone]/[phone]
Charlotte Street Partners
Andrew Wilson	[phone]
Martha Walsh	[phone]

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 approximately 100 early-stage to mature businesses across four main sectors -- Biotech, Cleantech, Healthcare and Technology. The Company 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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