IP Group PLC — Remuneration Information 2021

May 6, 2021

National Storage Mechanism | Additional information

RNS Number : 8442X

IP Group PLC

06 May 2021

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 conditionally awarded in respect of 2021 LTIP	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

Mike Townend

Greg Smith

David Baynes

Sam Williams

Mark Reilly

Angela Leach

Anthony York

Liz Vaughan-Adams

2

Reason for the notification

a)

Position/status

Director        Chief Executive Officer

Director        Chief Investment Officer

Director        Chief Financial Officer

Director        Chief Operating Officer

PDMR          Managing Partner, Life Sciences

PDMR          Managing Partner, Technology

PDMR          General Counsel & Company Secretary

PDMR          Group People Director

PDMR          Director of Communications

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)

Name(s)	Price(s)	Volume(s)
Alan Aubrey	Nil	1,055,023
Mike Townend	Nil	465,709
Greg Smith	Nil	465,709
David Baynes	Nil	483,253
Sam Williams	Nil	186,283
Mark Reilly	Nil	215,311
Angela Leach Anthony York	Nil Nil	129,511 114,832
Liz Vaughan-Adams	Nil	95,167

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

DBSP awards

1

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

Alan Aubrey

Mike Townend

Greg Smith

David Baynes

Sam Williams

Mark Reilly

Angela Leach

Liz Vaughan-Adams

2

Reason for the notification

a)

Position/status

Director        Chief Executive Officer

Director        Chief Investment Officer

Director        Chief Financial Officer

Director        Chief Operating Officer

PDMR          Managing Partner, Life Sciences

PDMR          Managing Partner, Technology

PDMR          General Counsel & Company Secretary

PDMR          Director of Communications

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)

Name(s)	Price(s)	Volume(s)
Alan Aubrey	Nil cost option	150,740
Mike Townend	Nil cost option	96,426
Greg Smith	Nil cost option	96,426
David Baynes	Nil cost option	100,518
Sam Williams	Nil cost option	57,452
Mark Reilly	Nil cost option	42,304
Angela Leach	Nil cost option	35,168
Liz Vaughan-Adams	Nil cost option	14,392

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

For more information, please contact:

IP Group plc	www.ipgroupplc.com
Alan Aubrey, Chief Executive Officer Greg Smith, Chief Financial Officer Liz 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.

ENDS

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