TIDMFIPP
RNS Number : 2648S
Frontier IP Group plc
03 November 2023
AIM: FIPP
3 November 2023
Frontier IP Group plc
("Frontier IP" or the "Group")
Grant of options
Frontier IP, a specialist in commercialising intellectual
property, announces that, on 2 November 2023, the Board granted
options over a total of 836,019 ordinary shares of 10 pence each in
the Company ("Ordinary Shares") to certain Executive Directors and
personnel of the Company (the "Options").
The Options have been granted through a combination of:
(i) grants under the Frontier IP Group plc Unapproved Share
Option Plan 2021, which includes the terms of the Long-Term
Incentive Plan (the "LTIP") details of which were approved by
shareholders at the annual general meeting of the Group held on 9
December 2022; and
(ii) grants under the Company's approved Company Share Option Plan (the "CSOP").
A total of 666,838 grants have been made under the terms of the
Company's Unapproved Share Option Plan (the "LTIP Grants"),
structured as grants of nominal cost options and at a price of 10
pence per share. The exercise period of the LTIP Grants commences
on 2 November 2026 and expires on 1 November 2033. Further details
on the LTIP and the vesting criteria are set out below.
A total of 169,181 Options have been granted under the CSOP (the
"CSOP Grants") with an exercise price of 44.5 pence per share,
being the closing mid-market price of an existing ordinary share on
1 November 2023, the business day prior to the grant date. The
exercise period of the CSOP Grants commences on 2 November 2026 and
expires on 1 November 2033.
The Options granted represent a total of 1.5% of the current
issued share capital of the Company.
The Options have been granted as follows:
Name Position Number of Number of grants Total options
grants under under CSOP over Ordinary
Unapproved Shares held
Share Option following grant
Plan
Chief Executive
Neil Crabb Officer 149,656 - 1,250,123
Chief Operating
Jackie McKay Officer 108,551 - 896,269
Chief Financial
Jim Fish Officer 119,725 - 1,169,127
Chief Commercialisation
Matthew White Officer 119,725 - 674,127
Other Company
personnel 169,181 169,181
Total Options
granted 666,838 169,181
The Options have been granted in line with the aim of the
Company's remuneration policy which is to incentivise and reward
appropriately in order to attract and retain the best people in
support of the Group's strategy.
Following the grants detailed above, the Company now has a total
of 5,675,318 options outstanding over Ordinary Shares, representing
10.15% of the Company's current issued share capital.
Background and details on LTIP
At the Company's 2022 annual general meeting, the Board received
the approval of shareholders for the terms of the LTIP. The LTIP is
based on annual awards of performance shares, structured as nominal
cost options, with vesting linked 70% to net asset value per share
and 30% to total shareholder return measured over 3 financial
years.
In order to enable such grants, the terms of the previous
unapproved option plan rules were amended to reflect the terms of
the LTIP.
The LTIP rules include:
1. a limit of 15% of issued share capital at time of grant on
the number of shares that have been issued, or transferred out of
treasury, on the exercise of options granted, and in satisfaction
of any other awards made under the share schemes operated by the
Company during the period of ten years ending on the grant date
with no limit to the number of nil or nominal cost awards within
the 15% limit; and
2. LTIP participants include the executive directors and other
Group employees; allocations are made annually from an aggregate
award pool, which is limited in size to ensure sufficient shares
are available to grant in future years without exceeding the
Group's dilution limit of 15% of issued share capital over the
prior ten years. The LTIP includes an individual grant limit of
200% of salary in any financial year.
Notification and public disclosure of transactions by persons
discharging managerial responsibilities and persons closely
associated with them.
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Neil Crabb
------------------------------ -----------------------------------
2 Reason for the notification
-------------------------------------------------------------------
a) Position/status Chief Executive Officer
------------------------------ -----------------------------------
b) Initial notification Initial notification
/Amendment
------------------------------ -----------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-------------------------------------------------------------------
a) Name Frontier IP Group plc
------------------------------ -----------------------------------
b) LEI 213800BRYUKQPJWKJ312
------------------------------ -----------------------------------
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 Options over ordinary shares of
instrument, type of 10p each in Frontier IP Group Plc
instrument
Identification code Identification code (ISIN) for
Frontier IP Group Plc ordinary
shares: GB00B63PS212
------------------------------ -----------------------------------
b) Nature of the transaction Grant of options
------------------------------ -----------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
10p 149,656
----------
------------------------------ -----------------------------------
d) Aggregated information N/A
- Aggregated volume
- Price
------------------------------ -----------------------------------
e) Date of the transactions 2 November 2023
------------------------------ -----------------------------------
f) Place of the transaction Outside a trading venue
------------------------------ -----------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Jackie McKay
------------------------------ -----------------------------------
2 Reason for the notification
-------------------------------------------------------------------
a) Position/status Chief Operating Officer
------------------------------ -----------------------------------
b) Initial notification Initial notification
/Amendment
------------------------------ -----------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-------------------------------------------------------------------
a) Name Frontier IP Group plc
------------------------------ -----------------------------------
b) LEI 213800BRYUKQPJWKJ312
------------------------------ -----------------------------------
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 Options over ordinary shares of
instrument, type of 10p each in Frontier IP Group Plc
instrument
Identification code Identification code (ISIN) for
Frontier IP Group Plc ordinary
shares: GB00B63PS212
------------------------------ -----------------------------------
b) Nature of the transaction Grant of options
------------------------------ -----------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
10p 108,551
----------
------------------------------ -----------------------------------
d) Aggregated information N/A
- Aggregated volume
- Price
------------------------------ -----------------------------------
e) Date of the transactions 2 November 2023
------------------------------ -----------------------------------
f) Place of the transaction Outside a trading venue
------------------------------ -----------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name James Fish
------------------------------ -----------------------------------
2 Reason for the notification
-------------------------------------------------------------------
a) Position/status Chief Financial Officer
------------------------------ -----------------------------------
b) Initial notification Initial notification
/Amendment
------------------------------ -----------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-------------------------------------------------------------------
a) Name Frontier IP Group plc
------------------------------ -----------------------------------
b) LEI 213800BRYUKQPJWKJ312
------------------------------ -----------------------------------
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 Options over ordinary shares of
instrument, type of 10p each in Frontier IP Group Plc
instrument
Identification code Identification code (ISIN) for
Frontier IP Group Plc ordinary
shares: GB00B63PS212
------------------------------ -----------------------------------
b) Nature of the transaction Grant of options
------------------------------ -----------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
10p 119,725
----------
------------------------------ -----------------------------------
d) Aggregated information N/A
- Aggregated volume
- Price
------------------------------ -----------------------------------
e) Date of the transactions 2 November 2023
------------------------------ -----------------------------------
f) Place of the transaction Outside a trading venue
------------------------------ -----------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Matthew White
------------------------------ -----------------------------------
2 Reason for the notification
-------------------------------------------------------------------
a) Position/status Chief Commercialisation Officer
------------------------------ -----------------------------------
b) Initial notification Initial notification
/Amendment
------------------------------ -----------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-------------------------------------------------------------------
a) Name Frontier IP Group plc
------------------------------ -----------------------------------
b) LEI 213800BRYUKQPJWKJ312
------------------------------ -----------------------------------
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 Options over ordinary shares of
instrument, type of 10p each in Frontier IP Group Plc
instrument
Identification code Identification code (ISIN) for
Frontier IP Group Plc ordinary
shares: GB00B63PS212
------------------------------ -----------------------------------
b) Nature of the transaction Grant of options
------------------------------ -----------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
10p 119,725
----------
------------------------------ -----------------------------------
d) Aggregated information N/A
- Aggregated volume
- Price
------------------------------ -----------------------------------
e) Date of the transactions 2 November 2023
------------------------------ -----------------------------------
f) Place of the transaction Outside a trading venue
------------------------------ -----------------------------------
ENQUIRIES
Frontier IP Group Plc T: 020 3968 7815
Neil Crabb, Chief Executive neil@frontierip.co.uk
Andrew Johnson, Communications and Investor M: 07464 546 025
Relations
andrew.johnson@frontierip.co.uk
Company website: www.frontierip.co.uk
Allenby Capital Limited (Nominated Adviser) T: 0203 328 5656
Nick Athanas / George Payne
Singer Capital Markets (Broker) T: 0207 496 3000
Harry Gooden / James Fischer
ABOUT FRONTIER IP
Frontier IP unites science and commerce by identifying strong
intellectual property and accelerating its development through a
range of commercialisation services. A critical part of the Group's
work is involving relevant industry partners at an early stage of
development to ensure technology meets real world demands and
needs.
The Group looks to build and grow a portfolio of equity stakes
and licence income by taking an active involvement in spin-out
companies, including support for fund raising and collaboration
with relevant industry partners at an early stage of
development.
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END
DSHFSFEFEEDSEDF
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November 03, 2023 03:05 ET (07:05 GMT)
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