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Last checked at 
10 May 2018 18:18
FOR RELEASE ON | 10 May 2018 |
IP Group plc - LTIP
IP Group plc (LSE: IPO) ("IP Group" or "the Group" or "the Company"), the developer of intellectual property-based businesses, announces that it has made conditional awards of 5,025,302 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").
The performance measures attaching to the 2018 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 is 134.5p, being the one-month average closing price up to the date of grant. The starting point for the Hard NAV performance measure is the Group's audited Hard NAV at 31 December 2017 of £1,326.2m. The number of Shares conditionally awarded was calculated using the closing price on 9 May 2018 of 139.2p.
Assuming satisfaction of the conditions in full, the awards will ordinarily vest on or after 31 March 2021 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 over 2,539,512 Shares have been made to the executive directors and other PDMRs, as set out in the table below, with awards over a further 2,485,790 to other of the Group's employees.
Executive Director/PDMR | Maximum number of Sharesconditionally awarded in respectof 2018 LTIP | Maximum number of conditionally awarded Shares outstanding at the date of this announcement |
Alan Aubrey | 894,397 | 2,415,852 |
David Baynes | 395,115 | 1,547,028 |
Mike Townend | 395,115 | 1,101,028 |
Greg Smith | 395,115 | 1,080,489 |
Sam Williams | 395,115 | 725,170 |
Mark Reilly | 64,655 | 163,736 |
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.
As at the date of this announcement, a total of 12,651,184 Shares conditionally awarded to executive directors, other PDMRs and employees of IP Group remain outstanding under the IP Group LTIP and subject to performance conditions.
The Company currently has 1,059,144,595 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 AubreyMike TownendGreg SmithDavid BaynesSam WilliamsMark Reilly | |||||||||||||||||||||
2 | Reason for the notification | ||||||||||||||||||||||
a) | Position/status | Director Chief Executive OfficerDirector Chief Investment OfficerDirector Chief Financial OfficerDirector Chief Operating OfficerPDMR Managing Partner, Life SciencesPDMR 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 Options under the IP Group plc LTIP | |||||||||||||||||||||
c) | Currency | GBP | |||||||||||||||||||||
d) | Price(s) and volume(s) |
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e) | Aggregated information -Aggregated volume - Price - Aggregated total |
Aggregated Number of Shares Granted Under the LTIP to Directors and PDMRs on 9 May 2018: 2,539,512 Price: £ nil | |||||||||||||||||||||
f) | Date of the transaction | 9 May 2018. | |||||||||||||||||||||
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 OfficerGreg Smith, Chief Financial OfficerLiz Vaughan-Adams, Communications | +44 (0) 20 7444 0050+44 (0) 20 7444 0062/+44 (0) 7979 853802 |
Charlotte Street Partners |
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Andrew Wilson | +44 (0) 7810 636995 |
Martha Walsh | +44 (0) 7876 245962 |
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.
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