RSP & DBSP awards; Director/PDMR shareholding

RNS Number : 6401W
IP Group PLC
18 April 2023
 

 

FOR RELEASE ON

18 A PRIL 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") O ptions

 

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

David Baynes

Nil-Cost Option

Sam Williams

Nil-Cost Option

Mark Reilly

Nil-Cost Option

Angela Leach

Nil-Cost Option

Christopher Glasson

Nil-Cost Option

Liz Vaughan-Adams

Nil-Cost Option

Douglas Moray Wright

Nil-Cost Option

Dan Xie

Nil-Cost Option

Anthony York

Nil-Cost Option

Total


 

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 n il-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

David Baynes

Mark Reilly

Anthony York

Sam Williams

Christopher Glasson

Angela Leach

Elizabeth Vaughan-Adams

Douglas Moray Wright

Dan Xie

Lisa Patel

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

 

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 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

- 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

 

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

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

- 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

 

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)

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

- 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

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 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

- 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


Liz Vaughan-Adams, Communications 

 

Portland

 

Vic Wallin

Alex Donaldson


+44 (0) 20 7444 0062/+44 (0) 7979 853802

 

 

 

+44 (0) 7973 823119

+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 institutionsOur 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 .

 

ENDS

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