Last checked at 15 Nov 2018 12:37
15 November 2018
Frontier IP Group plc
("Frontier IP" or the "Company")
Grant of Options
Frontier IP, which specialises in commercialising university intellectual property, announces that the Board has today granted options over ordinary shares of 10 pence each in the Company ("Ordinary Shares") to certain Executive Directors and personnel of the Company (the "Options").
The Options have been granted pursuant to the Company's share option scheme, the Frontier IP Group plc Employee Share Option Scheme 2011 as adopted by the Board of Directors of the Company on 30 November 2012 and amended by the Board of Directors of the Company on 26 March 2018. Certain of the Options have an exercise price of 65 pence, being the price at which the Company today completed a placing to raise £2.49 million, and certain Options have been granted at an exercise price of 10 pence, being the nominal value of an Ordinary Share.
The Options have been granted as follows:
Name
| No. of Options granted with exercise price of 65p | No. of Options granted with exercise price of 10p | Total options over Ordinary Shares held following grant |
Neil Crabb | 50,000 | 95,000 | 1,204,000 |
Jackie McKay | 47,000 | 89,000 | 631,000 |
Jim Fish | 47,000 | 89,000 | 631,000 |
David Cairns | 14,000 | 26,000 | 405,000 |
Matthew White | 47,000 | 89,000 | 136,000 |
Other Company Personnel | 87,000 | 151,000 | 630,000 |
Total Options granted | 292,000 | 539,000 | 3,637,000 |
At the Company's 2017 AGM, the Board received the approval of shareholders for certain amendments to the Company's Employee Share Option Scheme 2011, including allowing the grant of options at nominal cost. The Options have been granted in line with the aim of the Company's remuneration policy which is to incentivise and reward appropriately in order to attract and retain the best people in support of the Group's strategy.
The exercise period commences on the third anniversary of the date of grant and expires on the day preceding the tenth anniversary thereof. Following today's grant, the Company now has a total of 3,637,000 options outstanding over Ordinary Shares, representing 9.5% of the Company's current issued share capital. Following the revisions to the Employee Share Option Scheme 2011 and the passing of the resolutions at the Company's 2017 AGM, the maximum number of Ordinary Shares that may be subject to options in any ten-year period is 15% of the issued ordinary share capital.
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 | Neil Crabb | ||||||
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 | Frontier IP Group plc | ||||||
b) | LEI | 213800BRYUKQPJWKJ312 | ||||||
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 | Options over ordinary shares of 10p each in Frontier IP Group Plc
Identification code (ISIN) for Frontier IP Group Plc ordinary shares: GB00B63PS212 | ||||||
b) | Nature of the transaction | Grant of options | ||||||
c) | Price(s) and volume(s) |
| ||||||
d) | Aggregated information - Aggregated volume - Price | N/A | ||||||
e) | Date of the transactions | 15 November 2018 | ||||||
f) | Place of the transaction | Outside a trading venue | ||||||
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||||
a) | Name | Jackie McKay | ||||||
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 | Frontier IP Group plc | ||||||
b) | LEI | 213800BRYUKQPJWKJ312 | ||||||
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 | Options over ordinary shares of 10p each in Frontier IP Group Plc
Identification code (ISIN) for Frontier IP Group Plc ordinary shares: GB00B63PS212 | ||||||
b) | Nature of the transaction | Grant of options | ||||||
c) | Price(s) and volume(s) |
| ||||||
d) | Aggregated information - Aggregated volume - Price | N/A | ||||||
e) | Date of the transactions | 15 November 2018 | ||||||
f) | Place of the transaction | Outside a trading venue | ||||||
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||||
a) | Name | Jim Fish | ||||||
2 | Reason for the notification | |||||||
a) | Position/status | Finance Director | ||||||
b)
| Initial notification /Amendment | Initial notification | ||||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||
a) | Name | Frontier IP Group plc | ||||||
b) | LEI | 213800BRYUKQPJWKJ312 | ||||||
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 | Options over ordinary shares of 10p each in Frontier IP Group Plc
Identification code (ISIN) for Frontier IP Group Plc ordinary shares: GB00B63PS212 | ||||||
b) | Nature of the transaction | Grant of options | ||||||
c) | Price(s) and volume(s) |
| ||||||
d) | Aggregated information - Aggregated volume - Price | N/A | ||||||
e) | Date of the transactions | 15 November 2018 | ||||||
f) | Place of the transaction | Outside a trading venue | ||||||
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||||
a) | Name | David Cairns | ||||||
2 | Reason for the notification | |||||||
a) | Position/status | Portfolio Director | ||||||
b)
| Initial notification /Amendment | Initial notification | ||||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||
a) | Name | Frontier IP Group plc | ||||||
b) | LEI | 213800BRYUKQPJWKJ312 | ||||||
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 | Options over ordinary shares of 10p each in Frontier IP Group Plc
Identification code (ISIN) for Frontier IP Group Plc ordinary shares: GB00B63PS212 | ||||||
b) | Nature of the transaction | Grant of options | ||||||
c) | Price(s) and volume(s) |
| ||||||
d) | Aggregated information - Aggregated volume - Price | N/A | ||||||
e) | Date of the transactions | 15 November 2018 | ||||||
f) | Place of the transaction | Outside a trading venue | ||||||
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||||
a) | Name | Matthew White | ||||||
2 | Reason for the notification | |||||||
a) | Position/status | Director of Commercialisation (not a member of the board of directors) | ||||||
b)
| Initial notification /Amendment | Initial notification | ||||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||
a) | Name | Frontier IP Group plc | ||||||
b) | LEI | 213800BRYUKQPJWKJ312 | ||||||
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 | Options over ordinary shares of 10p each in Frontier IP Group Plc
Identification code (ISIN) for Frontier IP Group Plc ordinary shares: GB00B63PS212 | ||||||
b) | Nature of the transaction | Grant of options | ||||||
c) | Price(s) and volume(s) |
| ||||||
d) | Aggregated information - Aggregated volume - Price | N/A | ||||||
e) | Date of the transactions | 15 November 2018 | ||||||
f) | Place of the transaction | Outside a trading venue | ||||||
The information set out in this announcement is provided in accordance with the requirements of Article 19(3) of the EU Market Abuse Regulation No 596/2014.
Enquiries:
Frontier IP Group plc | T: 0131 240 1251 |
Neil Crabb, Chief Executive | |
Andrew Johnson, Communications & Investor Relations | M: 07464 546 025 |
www.frontierip.co.uk | |
Allenby Capital Limited (Nominated Adviser and Broker) | T: 0203 328 5656 |
Nick Athanas / Nicholas Chambers (Corporate Finance) | |
Amrit Nahal (Equity Sales) |
Notes to Editors:
Frontier IP unites science and commerce by identifying strong intellectual property and accelerating its development through a range of commercialisation services. The group looks to build and grow a portfolio of equity stakes and licence income by taking an active involvement in spin-out companies, including support for fund raising and collaboration with relevant industry partners at an early stage of development.