Business
LTIP & DBSP awards; DBSP option exercise
LTIP & DBSP awards; DBSP option exercise.
About this update from Ip Group Plc
[{"type":"text","content":"\n \nRNS Number : 3145X IP Group PLC 26 April 2019 \n\n\n\n\nFOR RELEASE ON\n\n\n26 April 2019\n\n\n\n \nIP Group plc - LTIP & DBSP awards; exercise of DBSP options\n \nIP 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.\n \nLong Term Incentive Plan (the \"LTIP\")\n \nIP Group made conditional awards of 5,627,936 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 25 April 2019.\n \nThe performance measures attaching to the 2019 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 94.9p, 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 2018 of £1,217.5m. The number of Shares conditionally awarded was calculated using the closing price on 25 April 2019 of 99.1p.\n \nAssuming satisfaction of the conditions in full, the awards will ordinarily vest on or after 31 March 2022 and will be subject to a minimum two-year post-vesting holding period, after which the Shares will be delivered to the participants.\n \nConditional awards over 3,306,656 Shares have been made to the executive directors and other PDMRs, as set out in the table below, with awards over a further 2,321,280 to other of the Group's employees.\n \n\n\n\nExecutive Director/PDMR\n\n\nMaximum number of Shares conditionally awarded in respect of 2019 LTIP\n\n\nMaximum number of conditionally awarded Shares outstanding at the date of this announcement\n\n\n\n\nAlan Aubrey\n\n\n1,282,038\n\n\n3,033,577\n\n\n\n\nDavid Baynes\n\n\n566,094\n\n\n1,339,780\n\n\n\n\nMike Townend\n\n\n566,094\n\n\n1,339,780\n\n\n\n\nGreg Smith\n\n\n566,094\n\n\n1,339,780\n\n\n\n\nSam Williams\n\n\n226,437\n\n\n812,968\n\n\n\n\nMark Reilly\n\n\n99,899\n\n\n223,198\n\n\n\nThe number of Shares stated is the ...