19 December 2024
Frontier IP Group plc
("Frontier IP", the "Company" or the "Group")
Result of Annual General Meeting
Director/PDMR Shareholding
Frontier IP Group plc (AIM: FIPP), a specialist in commercialising intellectual property, is pleased to announce that at its annual general meeting ("AGM"), held earlier today, all resolutions were duly passed with the table below summarising votes received.
Accordingly, following the passing of the Fundraising Resolutions at the AGM, the Company has conditionally raised gross proceeds of approximately £3.6 million at the Issue Price via the Fundraising, details of which were announced on 22 November 2024.
| RESOLUTIONS | NO OF VOTES FOR | % OF VOTES CAST (EXCLUDING VOTES WITHELD) | NO OF VOTES AGAINST | % OF VOTES CAST (EXCLUDING VOTES WITHELD) | TOTAL VOTES CAST (EXCLUDING VOTES WITHHELD) | NO OF VOTES WITHHELD |
| ORDINARY RESOLUTIONS | ||||||
| Resolution 1 | 22,550,270 | 94.66% | 1,272,795 | 5.34% | 23,823,065 | 5,609 |
| Resolution 2 | 19,431,964 | 81.58% | 4,386,387 | 18.42% | 23,818,351 | 10,323 |
| Resolution 3 | 23,822,725 | 99.99% | 2,799 | 0.01% | 23,825,524 | 3,150 |
| Resolution 4 | 23,822,725 | 99.99% | 2,799 | 0.01% | 23,825,524 | 3,150 |
| Resolution 5 | 22,550,229 | 94.65% | 1,275,295 | 5.35% | 23,825,524 | 3,150 |
| Resolution 6 | 22,550,229 | 94.65% | 1,275,295 | 5.35% | 23,825,524 | 3,150 |
| Resolution 7 | 23,822,725 | 99.99% | 2,799 | 0.01% | 23,825,524 | 3,150 |
| Resolution 8 | 23,822,725 | 99.99% | 2,799 | 0.01% | 23,825,524 | 3,150 |
| Resolution 9 | 23,822,725 | 99.99% | 2,799 | 0.01% | 23,825,524 | 3,150 |
| Resolution 10 | 23,817,109 | 99.98% | 4,201 | 0.02% | 23,821,310 | 7,364 |
| Resolution 11 | 23,818,511 | 99.97% | 7,013 | 0.03% | 23,825,524 | 3,150 |
| Resolution 16 | 23,818,310 | 99.96% | 10,264 | 0.04% | 23,828,574 | 100 |
| SPECIAL RESOLUTIONS | ||||||
| Resolution 12 | 23,815,236 | 99.94% | 13,338 | 0.06% | 23,828,574 | 100 |
| Resolution 13 | 20,628,307 | 86.57% | 3,200,367 | 13.43% | 23,828,674 | 0 |
| Resolution 14 | 23,724,366 | 99.56% | 104,308 | 0.44% | 23,828,674 | 0 |
| Resolution 15 | 18,745,421 | 99.87% | 23,549 | 0.13% | 18,768,970 | 5,059,704 |
| Resolution 17 | 23,795,560 | 99.86% | 33,114 | 0.14% | 23,828,674 | 0 |
Whilst Resolution 2 in respect of the directors' remuneration report was passed with the necessary majority, the Board also notes the votes against in relation to this Resolution. The Board notes that the contents of the directors' remuneration report are in line with proposals previously implemented by the Company's Remuneration Committee following a remuneration review undertaken by the Company in 2022 which was subject to a consultation process with the Company's largest shareholders at the time. Following the voting at the AGM, where it is able to, the Board will continue to seek to engage with those Shareholders who are understood to have voted against certain of the Resolutions to understand their views and/or any specific concerns.
Directors' holdings
Details of the interests of the Directors who participated in the Subscription and their resultant holdings of Ordinary Shares following Second Admission are as follows:
| Director | Existing number of Ordinary Shares held | Number of Subscription Shares | Total number of Ordinary Shares held following Second Admission | % of enlarged share capital following Second Admission |
| Neil Crabb | 3,573,713 | 357,143 | 3,930,856 | 5.71% |
| Nigel Grierson | 0 | 71,429 | 71,429 | 0.10% |
| Professor Dame Julia King | 0 | 357,143 | 357,143 | 0.52% |
| Jacqueline McKay | 262,855 | 53,571 | 316,426 | 0.46% |
| Joanne Stent | 0 | 53,571 | 53,571 | 0.08% |
| Matthew White | 0 | 89,286 | 89,286 | 0.13% |
| David Holbrook | 0 | 7,143 | 7,143 | 0.01% |
Admission and Total Voting Rights
Application has been made to the London Stock Exchange for the 12,374,115 Conditional Fundraising Shares (comprising the 9,647,972 Conditional Placing Shares, the 1,042,857 Subscription Shares and the 1,683,286 Retail Shares) to be admitted to trading on AIM. Second Admission is expected to take place and dealings in the Conditional Fundraising Shares are expected to commence at 8.00 a.m. on 23 December 2024, at which time it is also expected that the Conditional Fundraising Shares will be enabled for settlement in CREST.
Immediately following Second Admission, the issued share capital of the Company will comprise 68,898,207 Ordinary Shares. Each Ordinary Share has one voting right and no Ordinary Shares are held in treasury. Accordingly, immediately following Second Admission, the total number of voting rights in the Company will be 68,898,207. From Second Admission, this figure may be used by Shareholders as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.
Unless otherwise defined, all capitalised terms used but not defined in this announcement shall have the meaning given to them in the Circular dated 26 November 2024, a copy of which is available to view on the Company's website, www.frontierip.co.uk.
ENQUIRIES
| Frontier IP Group Plc Neil Crabb, Chief Executive
Andrew Johnson, Communications & Investor Relations Company website: www.frontierip.co.uk
| T: 020 3968 7815 neil@frontierip.co.uk
M: 07464 546 025 andrew.johnson@frontierip.co.uk
|
| Allenby Capital Limited (Nominated Adviser) Nick Athanas / George Payne
| T: 0203 328 5656 |
| Singer Capital Markets (Broker) Charles Leigh-Pemberton / James Fischer | 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.
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 (PCA) | |||||||||||||||
| a) | Name |
| ||||||||||||||
| 2 | Reason for the notification | |||||||||||||||
| a) | Position/status | See 1a) above | ||||||||||||||
| 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 | Ordinary Shares of 10p each in Frontier IP Group Plc
| ||||||||||||||
| b) | Nature of the transaction | Fundraising for New Ordinary Shares
| ||||||||||||||
| c) | Price(s) and volume(s) | Price: 28 pence
Volumes:
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| d) | Aggregated information - Aggregated volume - Price | N/A
| ||||||||||||||
| e) | Date of the transaction | To be completed on 23 December 2024 | ||||||||||||||
| f) | Place of the transaction | Outside a trading venue | ||||||||||||||
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