LTIP & DBSP awards; Director/PDMR shareholding

RNS Number : 8095Q
IP Group PLC
23 June 2020
 

FOR RELEASE ON

23 June 2020

 

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")

 

Following approval of the Group's LTIP and Directors' Remuneration Report at its 2020 AGM, IP Group made conditional awards of 7,923,182 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 18 June 2020.

 

The performance measures attaching to the 2020 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 2019 Directors' Remuneration Report ("2019 DRR") contained within the 2019 Annual Report and Accounts. The starting point for the TSR performance measure is 59.89p, 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 2019 of £1,141.5m. The number of Shares conditionally awarded was calculated using the closing price on 18 June 2020 of 61.4p.

 

Conditional awards made to the executive directors and other PDMRs are set out in the table below, and awards over a further 2,865,225 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 at least £1,735m by 31 December 2022.

 

Executive Director/PDMR

Maximum number of Shares
conditionally awarded in respect
of 2020 LTIP

Maximum number of conditionally awarded Shares currently outstanding

Alan Aubrey

1,934,853

4,111,288

David Baynes

861,726

1,822,935

Mike Townend

861,726

1,822,935

Greg Smith

894,869

1,856,078

Sam Williams

342,959

964,511

Mark Reilly

161,824

326,378

Total

5,057,957

10,904,125

 

Assuming satisfaction of the conditions in full, the awards will ordinarily vest on or after 31 March 2023. 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 2019 DRR, all of the 2017 LTIP awards lapsed without vesting and so, as at the date of this announcement, a total of 19,063,660 conditionally awarded Shares remain outstanding under the IP Group LTIP, subject to performance conditions.

 

Deferred Bonus Share Plan ("DBSP")

 

IP Group granted nil-cost options over Shares to the executive directors and PDMRs under the Group's DBSP on 18 June 2020. 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 2019. 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

75,860

87,142

David Baynes

Nil-Cost Option

43,370

48,719

Mike Townend

Nil-Cost Option

43,370

48,719

Greg Smith

Nil-Cost Option

43,370

48,719

Sam Williams

Nil-Cost Option

26,540

33,925

Mark Reilly

Nil-Cost Option

46,340

52,997

Total

 

278,850

320,221

* following the exercises described below

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 2021 and fifty per cent. on 31 March 2022, each generally subject to continued employment. The options shall be exercisable for a maximum of three years from the date of grant.

Exercise under DBSP

 

The Group's four executive directors and two PDMRs exercised DBSP options over a total of 405,883 Shares, resulting from the partial deferral of annual bonuses from 2015, 2017 and 2018, on 19 June 2020. IP Group's employee benefit trusts satisfied the partial exercise of these options through the use of 137,188 unallocated shares in the trusts and through the purchase of 268,695 existing Shares at an average price of 63.17p.

 

Alan Aubrey, Mike Townend and Mark Reilly settled their resulting tax liabilities in cash while David Baynes and Greg Smith sold sufficient shares to meet their tax liabilities. Sam Williams sold all of the Shares resulting from the exercise of his option.

 

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

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

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

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

1,934,853

Mike Townend

Nil

861,726

Greg Smith

Nil

894,869

David Baynes

Nil

861,726

Sam Williams

Nil

342,959

Mark Reilly

Nil

161,824

 

e)

Aggregated information

-Aggregated volume

- Price

- Aggregated total

 

Aggregated Number of Shares conditionally awarded under the LTIP to Directors and PDMRs on 18 June 2020: 5,057,957

Price: £ nil

f)

Date of the transaction

18 June 2020

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

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

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

75,860

Mike Townend

Nil cost option

43,370

Greg Smith

Nil cost option

43,370

David Baynes

Nil cost option

43,370

Sam Williams

Nil cost option

26,540

Mark Reilly

Nil cost option

46,340

 

e)

Aggregated information

-Aggregated volume

- Price

- Aggregated total

 

Aggregated number of options granted under the DBSP to Directors and PDMRs on 18 June 2020: 278,850

Price: £ nil

f)

Date of the transaction

 18 June 2020

g)

Place of the transaction

Outside a trading venue

 

 

DBSP exercise

1

Details of the person discharging managerial responsibilities/person closely associated
 

a)

Name

Alan Aubrey
 

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

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

Exercise of options in connection with the 2016 DBSP, 2018 DBSP and 2019 DBSP Awards

c)

Currency

GBP

d)

Price(s) and volume(s)

 

Name(s)

Price(s)

Volume(s)

Alan Aubrey

 Nil cost option

  133,633

 

e)

Aggregated information

-Aggregated volume

- Price

- Aggregated total

 

133,633

63.17p

£84,415.97

f)

Date of the transaction

19 June 2020

g)

Place of the transaction

London Stock Exchange, Main Market

 

1

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

David Baynes
 

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

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

Exercise of options in connection with the 2016 DBSP, 2018 DBSP and 2019 DBSP Awards

c)

Currency

GBP

d)

Price(s) and volume(s)

 

Name(s)

Price(s)

Volume(s)

David Baynes

 Nil cost option

  80,802

 

e)

Aggregated information

-Aggregated volume

- Price

- Aggregated total

 

80,802

63.17p

£51,042.62

f)

Date of the transaction

19 June 2020

g)

Place of the transaction

London Stock Exchange, Main Market

 

1

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

David Baynes
 

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

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

Sale

c)

Currency

GBP

d)

Price(s) and volume(s)

 

Name(s)

Price(s)

Volume(s)

David Baynes 

63.17p

37,978

 

e)

Aggregated information

-Aggregated volume

- Price

- Aggregated total

 

37,978 shares

63.17p

£23,990.70

f)

Date of the transaction

19 June 2020

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
 

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

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

Exercise of options in connection with the 2016 DBSP, 2018 DBSP and 2019 DBSP Awards

c)

Currency

GBP

d)

Price(s) and volume(s)

 

Name(s)

Price(s)

Volume(s)

Greg Smith

 Nil cost option

  77,458

 

e)

Aggregated information

-Aggregated volume

- Price

- Aggregated total

 

77,458

63.17p

£48,930.22

f)

Date of the transaction

19 June 2020

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
 

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

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

Sale

c)

Currency

GBP

d)

Price(s) and volume(s)

 

Name(s)

Price(s)

Volume(s)

Greg Smith 

63.17p

36,406

 

e)

Aggregated information

-Aggregated volume

- Price

- Aggregated total

 

36,406 shares

63.17p

£22,997.67

f)

Date of the transaction

19 June 2020

g)

Place of the transaction

London Stock Exchange, Main Market

 

 

1

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

Mike Townend
 

2

Reason for the notification

a)

Position/status

Chief Investment Officer

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

Exercise of options in connection with the 2016 DBSP, 2018 DBSP and 2019 DBSP Awards

c)

Currency

GBP

d)

Price(s) and volume(s)

 

Name(s)

Price(s)

Volume(s)

Mike Townend

 Nil cost option

  80,802

 

e)

Aggregated information

-Aggregated volume

- Price

- Aggregated total

 

80,802

63.17p

£51,042.62

f)

Date of the transaction

19 June 2020

g)

Place of the transaction

London Stock Exchange, Main Market

 

 

1

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

Mark Reilly
 

2

Reason for the notification

a)

Position/status

PDMR Managing Partner, Technology

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

Exercise of options in connection with the 2018 DBSP and 2019 DBSP Awards

c)

Currency

GBP

d)

Price(s) and volume(s)

 

Name(s)

Price(s)

Volume(s)

Mark Reilly

 Nil cost option

  10,163

 

e)

Aggregated information

-Aggregated volume

- Price

- Aggregated total

 

10,163

63.17p

£4,055.49

f)

Date of the transaction

19 June 2020

g)

Place of the transaction

London Stock Exchange, Main Market

  1

Details of the person discharging managerial responsibilities/person closely associated
 

a)

Name

Sam Williams
 

2

Reason for the notification

a)

Position/status

PDMR Managing Partner, Life Sciences

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

Exercise of options in connection with the 2018 DBSP and 2019 DBSP Awards

c)

Currency

GBP

d)

Price(s) and volume(s)

 

Name(s)

Price(s)

Volume(s)

Sam Williams

 Nil cost option

 23,025

 

e)

Aggregated information

-Aggregated volume

- Price

- Aggregated total

 

23,025

63.17p

£14,544.89

f)

Date of the transaction

19 June 2020

g)

Place of the transaction

London Stock Exchange, Main Market

 

1

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

Sam Williams
 

2

Reason for the notification

a)

Position/status

PDMR Managing Partner, Life Sciences

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

Sale

c)

Currency

GBP

d)

Price(s) and volume(s)

 

Name(s)

Price(s)

Volume(s)

Sam Williams 

63.17p

23,025

 

e)

Aggregated information

-Aggregated volume

- Price

- Aggregated total

 

23,025 shares

63.17p

£14,544.89

f)

Date of the transaction

19 June 2020

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 

+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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