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On 16 March 2023, Frontier IP Group plc's Board granted options over a total of 760,226 ordinary shares to certain Executive Directors and other Company personnel. These options comprised 643,376 nominal cost options at 10 pence per share under an Unapproved Share Option Plan and 116,850 options at 66.5 pence per share under the Company Share Option Plan. The exercise period for all granted options is from 16 March 2026 to 15 March 2033, bringing the total outstanding options to 5,099,064, or 9.16% of the Company's current issued share capital.
| Date | 17 Mar 2023 |
| Time | 14:46:34 |
| Category | Director/PDMR dealings |
| ID | 4141T |
AIM: FIPP
17 March 2023
Frontier IP Group plc
("Frontier IP" or the "Group")
Grant of options
Frontier IP, a specialist in commercialising intellectual property, announces that, on 16 March 2023, the Board granted options over a total of 760,226 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 ("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 643,376 grants have been made, structured as grants of nominal cost options, at a price of 10 pence per share under the terms of the Company's Unapproved Share Option Plan. The exercise period of the options granted commences on 16 March 2026 and expires on 15 March 2033. Further details on the LTIP and the vesting criteria are set out below.
A total of 116,850 Options have been granted under the CSOP (the "CSOP Grants") with an exercise price of 66.5 pence per share, being the closing mid-market price of an existing ordinary share on 15 March 2023, the business day prior to the grant date. The exercise period of the CSOP Grants commences on 16 March 2026 and expires on 15 March 2033.
The Options have been granted as follows:
|
Name
|
Position |
Number of grants under Unapproved Share Option Plan |
Number of grants under CSOP |
Total options over Ordinary Shares held following grant |
|
Neil Crabb |
Chief Executive Officer |
156,485 |
- |
1,228,642 |
|
Jackie McKay |
Chief Operating Officer |
113,504 |
- |
841,936 |
|
Jim Fish |
Chief Financial Officer |
125,188 |
- |
1,049,402 |
|
Matthew White |
Chief Commercialisation Officer |
125,188 |
- |
554,402 |
|
Other Company personnel |
|
123,011 |
116,850 |
|
|
Total Options granted |
|
643,376 |
116,850 |
|
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 5,099,064 options outstanding over Ordinary Shares, representing 9.16% 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 /Amendment |
Initial notification |
||||
|
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 instrument, type of instrument Identification code |
Options over ordinary shares of 10p each in Frontier IP Group Plc
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) |
|
||||
|
d) |
Aggregated information - Aggregated volume - Price |
N/A |
||||
|
e) |
Date of the transactions |
16 March 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 /Amendment |
Initial notification |
||||
|
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 instrument, type of instrument Identification code |
Options over ordinary shares of 10p each in Frontier IP Group Plc
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) |
|
||||
|
d) |
Aggregated information - Aggregated volume - Price |
N/A |
||||
|
e) |
Date of the transactions |
16 March 2023 |
||||
|
f) |
Place of the transaction |
Outside a trading venue |
||||
|
1 |
Details of the person discharging managerial responsibilities / person closely associated |
|||||
|
a) |
Name |
Jim Fish |
||||
|
2 |
Reason for the notification |
|||||
|
a) |
Position/status |
Chief Financial Officer |
||||
|
b)
|
Initial notification /Amendment |
Initial notification |
||||
|
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 instrument, type of instrument Identification code |
Options over ordinary shares of 10p each in Frontier IP Group Plc
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) |
|
||||
|
d) |
Aggregated information - Aggregated volume - Price |
N/A |
||||
|
e) |
Date of the transactions |
16 March 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 /Amendment |
Initial notification |
||||
|
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 instrument, type of instrument Identification code |
Options over ordinary shares of 10p each in Frontier IP Group Plc
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) |
|
||||
|
d) |
Aggregated information - Aggregated volume - Price |
N/A |
||||
|
e) |
Date of the transactions |
16 March 2023 |
||||
|
f) |
Place of the transaction |
Outside a trading venue |
||||
ENQUIRIES
|
Frontier IP Group Plc Neil Crabb, Chief Executive Andrew Johnson, Communications and Investor Relations andrew.johnson@frontierip.co.uk Company website: www.frontierip.co.uk
|
T: 020 3968 7815 neil@frontierip.co.uk M: 07464 546 025 |
|
Allenby Capital Limited (Nominated Adviser) Nick Athanas / George Payne
|
T: 0203 328 5656 |
|
Singer Capital Markets (Broker) Sandy Fraser / Harry Gooden / George Tzimas |
T: 0207 496 3000
|
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.