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23 Jun 2020 11:37
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 Sharesconditionally awarded in respectof 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 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 | Conditional award of Shares under the IP Group plc LTIP | |||||||||||||||||||||
c) | Currency | GBP | |||||||||||||||||||||
d) | Price(s) and volume(s) |
| |||||||||||||||||||||
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 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 nil-cost options under the IP Group plc DBSP | |||||||||||||||||||||
c) | Currency | GBP | |||||||||||||||||||||
d) | Price(s) and volume(s) |
| |||||||||||||||||||||
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)
|
| ||||||
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)
|
| ||||||
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)
|
| ||||||
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)
|
| ||||||
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)
|
| ||||||
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)
|
| ||||||
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)
|
| ||||||
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)
|
| ||||||
e) | Aggregated information -Aggregated volume - Price - Aggregated total |
23,02563.17p £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)
|
| ||||||
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 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 |
|
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.
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