| FOR RELEASE ON | 06 May 2021 |
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")
IP Group has made conditional awards of 4,748,892 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 05 May 2021.
The performance measures attaching to the 2021 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 2020 Directors' Remuneration Report ("2020 DRR") contained within the 2020 Annual Report and Accounts. The starting point for the TSR performance measure is 127.9p, 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 2020 of £1,331.5m. The number of Shares conditionally awarded was calculated using the closing price on 05 May 2021 of 125.4p.
Conditional awards made to the executive directors and other PDMRs are set out in the table below, and awards over a further 1,538,094 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 approximately £2bn by 31 December 2023, subject to adjustment for dividends.
| Executive Director/PDMR | Maximum number of Shares | Maximum number of conditionally awarded Shares currently outstanding |
| Alan Aubrey | 1,055,023 | 4,271,914 |
| Greg Smith | 483,253 | 1,944,216 |
| David Baynes | 465,709 | 1,893,529 |
| Mike Townend | 465,709 | 1,893,529 |
| Mark Reilly | 215,311 | 477,034 |
| Sam Williams | 186,283 | 755,679 |
| Angela Leach | 129,511 | 456,371 |
| Anthony York | 114,832 | 114,832 |
| Liz Vaughan-Adams | 95,167 | 240,717 |
| Total | 3,210,798 | 12,047,821 |
Assuming satisfaction of the conditions in full, the awards will ordinarily vest on or after 31 March 2024. 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 2020 DRR, all of the 2018 LTIP awards lapsed without vesting and so, as at the date of this announcement, a total of 18,875,264 conditionally awarded Shares remain outstanding under the IP Group LTIP, subject to performance conditions.
Deferred Bonus Share Plan ("DBSP")
IP Group has granted nil-cost options over Shares to the executive directors and PDMRs under the Group's DBSP on 05 May 2021. 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 2020. 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 | 150,740 | 237,882 |
| Greg Smith | Nil-Cost Option | 100,518 | 149,237 |
| David Baynes | Nil-Cost Option | 96,426 | 145,145 |
| Mike Townend | Nil-Cost Option | 96,426 | 145,145 |
| Sam Williams | Nil-Cost Option | 57,452 | 91,377 |
| Mark Reilly | Nil-Cost Option | 42,304 | 95,301 |
| Angela Leach | Nil-Cost Option | 35,168 | 62,838 |
| Liz Vaughan-Adams | Nil-Cost Option | 14,392 | 14,392 |
| Total |
| 593,426 | 941,317 |
In addition to the above, awards over a total of 381,828 shares were made to certain other of the Group's employees. As at the date of this announcement, a total of 1,718,743 nil-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 exercisable on 31 March 2022 and fifty per cent. on 31 March 2023, each generally subject to continued employment. The options shall be exercisable for a maximum of three years from the date of grant.
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 Anthony York | |||||||||||||||||||||||||||
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| 2 | Reason for the notification | ||||||||||||||||||||||||||||
| a) | Position/status | Director Chief Executive Officer PDMR Group People Director | |||||||||||||||||||||||||||
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| 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 | |||||||||||||||||||||||||||
| b) | Nature of the transaction | Conditional award of Shares 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 conditionally awarded under the LTIP to Directors and PDMRs on 05 May 2021: 3,210,798 Price: £ nil | |||||||||||||||||||||||||||
| f) | Date of the transaction | 05 May 2021 | |||||||||||||||||||||||||||
| g) | Place of the transaction | Outside a trading venue
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DBSP awards
| 1 | Details of the person discharging managerial responsibilities/person closely associated | ||||||||||||||||||||||||||||
| a) | Name | Alan Aubrey | |||||||||||||||||||||||||||
| 2 | Reason for the notification | ||||||||||||||||||||||||||||
| a) | Position/status | Director 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
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| 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) |
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| e) | Aggregated information -Aggregated volume - Price - Aggregated total |
Aggregated number of options granted under the DBSP to Directors and PDMRs on 05 May 2021: 593,426 Price: £ nil | |||||||||||||||||||||||||||
| f) | Date of the transaction | 05 May 2021 | |||||||||||||||||||||||||||
| g) | Place of the transaction | Outside a trading venue
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For more information, please contact:
| IP Group plc | |
| Alan Aubrey, Chief Executive Officer | +44 (0) 20 7444 0050 |
| Charlotte Street Partners |
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| 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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