IP Group plc - RSP & DBSP awards; Director/PDMR shareholding

IP Group plc (LSE: IPO) ("IP Group" or "the Group" or "the Company"), which invests in breakthrough science and innovation companies with the potential to create a better future for all, announces the following in connection with its employee share schemes.

Exercise of Deferred Bonus Share Plan ("DBSP") Options

On 14 April 2023, the Group's executive directors and 9 of its other persons discharging managerial responsibilities ("PDMRs") exercised DBSP options over a total of 601,558 ordinary shares of two pence each ("Shares"), resulting from the partial deferral of annual bonuses from 2021 and 2022. In addition, on the same date, other Group employees exercised DBSP options over a total of 950,262 Shares resulting from the partial deferral of bonuses from the same period. The number of shares assigned to each individual on the exercise of these options was adjusted to account for dividends paid by the Company during 2022. The exercise of these options was satisfied through the transfer of 1,551,820 Shares which the Group held in treasury. 

The Group's two executive directors sold sufficient Shares to meet their tax liabilities. The balance of the Shares retained by the executive directors will continue to be held by IP Group's employee benefit trust on behalf of, and as nominee for, the executive directors in order to assist the Group in its application of its Post Cessation Shareholding Policy.

Certain PDMRs sold sufficient Shares to meet their tax liabilities and certain PDMRs sold all of the Shares resulting from their option exercises. 

DBSP Awards

IP Group has granted nil-cost options over Shares to the executive directors and PDMRs under the Group's DBSP on 13 April 2023. 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 2022. The following table sets out details of the awards made to the Executive Directors and PDMRs: 

In addition to the above, awards over a total of 654,418 Shares were made to certain other of the Group's employees. As at the date of this announcement, a total of 2,139,619 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 automatically exercised on 31 March 2024 and fifty per cent on 31 March 2025, with each such automatic exercise generally subject to continued employment.

Restricted Share Plan Awards

IP Group has made awards under its RSP ("RSP Awards") of 6,796,721 Shares to its executive directors, other PDMRs and certain other employees on 13 April 2023.

Vesting of these Awards will take place over a three-year period commencing on 1 April 2023 (the "Vesting Period").  The vesting of the Awards will be subject to review by the Group's Remuneration Committee at the end of the Vesting Period of performance as against both a financial underpin based on adjusted NAV growth over the period of three financial years ending on 31 December 2025 and other qualitative performance measures (together the "Underpin Criteria").

RSP Awards made to the executive directors and other PDMRs are set out in the table below, and Awards over a further 2,480,941 Shares have been made to other of the Group's employees. The number of Shares stated is the maximum number that could vest at the end of the Vesting Period for each executive director or PDMR.  If the Committee considers that any of the Underpin Criteria is not met as part of its review at the end of the Vesting Period, it will then consider whether it was appropriate to scale back the number of shares that vest (including to nil).

The number of Awards made was calculated using the closing price on 13 April 2023 of 60.2p.

Subject to the Remuneration Committee's review of performance against the Underpin Criteria, the Awards will ordinarily vest on or around 31 March 2026. Any Awards which vest will ordinarily be subject to a post-vesting holding period of two years. Shares will be issued in connection with any vested Awards at the end of this holding period.

Shares in issue

At the date of this announcement, the Company continues to have 1,063,188,005 Shares in issue of which 26,417,355 Shares are held in treasury.

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.

DBSP Exercise

DBSP Awards

RSP Awards

For more information, please contact:

Notes for editors

About IP Group

IP Group accelerates the impact of science for a better future. As the most active UK based, early stage science investor, we develop and support some of the world's most exciting businesses in deeptech, life sciences and cleantech (led by Kiko Ventures). Through Parkwalk, the UK's largest growth EIS fund manager, we also back world-changing innovation emerging in leading universities and research institutions. Our specialist investment team combines sector expertise with an international approach. Together we have a strong track record of success, having backed high-profile companies including Oxford Nanopore Technologies plc, First Light Fusion, Hysata, and Oxbotica. 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