FOR RELEASE ON
10 May 2018
Re-issuing to correct the maximum number of conditionally awarded Shares outstanding for David Baynes.
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.
Maximum number of Shares
Maximum number of conditionally awarded Shares outstanding at the date of this announcement
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.
Details of the person discharging managerial responsibilities/person closely associated
Reason for the notification
Director Chief Executive Officer
Initial notification /Amendment
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
IP Group plc
Legal Entity Identifier
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
Description of the financial instrument, type of instrument
Ordinary Shares of 2p each in IP Group plc
Nature of the transaction
Grant of Options under the IP Group plc LTIP
Price(s) and volume(s)
- Aggregated total
Aggregated Number of Shares Granted Under the LTIP to Directors and PDMRs on 9 May 2018: 2,539,512
Price: £ nil
Date of the transaction
9 May 2018.
Place of the transaction
London Stock Exchange, Main Market
For more information, please contact:
IP Group plc
Alan Aubrey, Chief Executive Officer
+44 (0) 20 7444 0050
Charlotte Street Partners
+44 (0) 7810 636995
+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.