TIDMIPO
RNS Number : 0418O
IP Group PLC
22 May 2015
FOR IMMEDIATE RELEASE 22 MAY 2015
IP Group plc - Director / PDMR Shareholding and Issue of
Equity
IP Group plc (LSE: IPO) ("IP Group" or "the Company" or "the
Group"), the developer of intellectual property-based businesses,
announces that it has issued 153,940 new ordinary shares of 2p each
(the "New Shares") following the exercise of nil-cost options
awarded under the Company's Deferred Bonus Share Plan ("DBSP
Options") by certain of the Company's executive directors and other
employees on 21 May 2015.
The DBSP Options were awarded on 15 April 2014 to reflect the
deferral of fifty per cent of each person's bonus under the Group's
Annual Incentive Scheme. Fifty per cent of the awards became
exercisable on the first anniversary of the date of grant and fifty
per cent shall become exercisable on the second anniversary of the
date of grant, generally subject to continued employment. The
remaining awards are exercisable for a maximum of three years from
the date of grant. Further details are set out in the Group's 2014
Directors' Remuneration Report.
As a result, the Company received notification from the
following Directors/Persons Discharging Managerial Responsibilities
in relation to the acquisition of New Shares and subsequent sale
on
21 May 2015, at an aggregate price of 213.8 pence per share, as
set out in the table below.
Resultant
beneficial
interest
------------------
Director/ DBSP Options Outstanding New Shares
PDMR Position exercised DBSP Options sold Shares %
-------------- ------------------ ------------- ------------- ----------- ---------- ------
Chief Executive
Alan Aubrey Officer 33,037 33,037 15,886 2,453,999 0.43%
Chief Investment
Mike Townend Officer 22,024 22,024 10,590 1,074,504 0.19%
Chief Financial
Greg Smith Officer 15,593 15,593 7,498 330,233 0.06%
Angela Company
Leach Secretary 15,593 15,593 7,498 223,918 0.04%
The New Shares sold by the above-named persons discharging
managerial responsibilities ("PDMRs") were done so to meet the
income tax and national insurance liabilities arising on the
exercise of the DBSP Options with the balance of New Shares being
retained by each PDMR.
An application has been made to the Financial Conduct Authority
for admission of the New Shares to the premium listing segment of
the Official List maintained by the UK Listing Authority and to the
London Stock Exchange. It is expected that admission will take
place on 28 May 2015.
Following the issue of New Shares, the Company has 564,619,369
ordinary shares in issue.
Long Term Incentive Plan Awards
In addition, the Group has made conditional awards of 1,320,122
ordinary shares of two pence each ("Shares") to its executive
directors, other persons discharging managerial responsibilities
and certain other employees under its Long Term Incentive Plan (the
"LTIP").
Conditional awards have been made to the executive directors and
PDMRs totalling 491,362 as follows:
Executive Director/PDMR Maximum number Maximum number
of Shares conditionally of conditionally
awarded awarded Shares
outstanding at
the date of this
announcement
Alan Aubrey 124,751 415,032
David Baynes 99,801 663,435*
Mike Townend 99,801 332,027
Greg Smith 89,409 264,846
Angela Leach 77,600 261,587
* includes 446,000 Shares conditionally awarded under the former
Fusion IP plc LTIP scheme
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.
In addition to the above, awards over a total of 828,760 Shares
were made to certain other of the Group's employees under the
LTIP.
The performance measures attaching to the 2015 LTIP awards are
based on the achievement of targets linked to growth in the
Company's "hard" net assets and total shareholder return as
described in the Directors' Remuneration Report of the 2014 Annual
Report and Accounts.
Assuming satisfaction of the conditions in full, the awards will
ordinarily vest on or after 31 March 2018 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.
As at the date of this announcement, a total of 3,418,471 Shares
conditionally awarded to executive directors, PDMRs and employees
of IP Group remain outstanding and subject to performance
conditions.
For more information, please contact:
IP Group plc www.ipgroupplc.com
Alan Aubrey, Chief Executive +44 (0) 20 7444
Officer 0050
Greg Smith, Chief Financial +44 (0) 20 7444
Officer 0050
+44 (0) 20 7444
Vicki Bradley, Communications 0062
FTI Consulting
James Melville-Ross/Simon
Conway/
Victoria Foster Mitchell +44 (0)20 3727 1000
Notes for editors
About IP Group
IP Group is a leading UK intellectual property commercialisation
company, developing technology innovations primarily from its
research intensive partner universities. The Group offers more than
traditional venture capital, providing its companies with access to
business building expertise, networks, recruitment and business
support.
IP Group's portfolio comprises holdings in around 90 early-stage
to mature businesses across the Healthcare, Biotech, Cleantech and
Technology sectors. These businesses include Oxford Nanopore
Technologies, the DNA sequencing development company, Revolymer,
best known for its removable chewing gum, and Xeros, which has
received many accolades for its revolutionary clothes washing
techniques with a much reduced requirement for water.
For more information, please visit our website at
www.ipgroupplc.com.
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
END
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