RCS - IP Group PLC - IP Group sells 12.25m shares in Ceres Power

IPAnnouncement

21/05/2020 07:00

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RNS Number : 5533N  IP Group PLC  21 May 2020

 FOR RELEASE ON  21 May 2020

 

 

IP Group sells 12.25m shares in Ceres Power, cash realisations for the year
now exceed £110 million

 

IP Group plc (LSE: IPO) ("IP Group" or "the Group"), the developer of
intellectual property-based businesses, announces that it has sold 12.25
million ordinary shares in Ceres Power Holdings plc ("Ceres") at a price of
425 pence per share.

 

Following completion of the sale, which was conducted through an accelerated
bookbuild by Berenberg as sole bookrunner, IP Group will continue to hold
approximately 9.4 million ordinary shares in Ceres, representing
approximately 5.5 per cent of the issued share capital of the Company.

 

The net proceeds from the sale of approximately £51 million bring the Group's
total cash realisations for the year to date to more than £110 million (full
year 2019: £79.5 million).

 

Alan Aubrey, Chief Executive of IP Group plc, said: "We're pleased to announce
another significant cash realisation that brings total proceeds in the year to
date to more than £110 million. IP Group remains financially strong and
continues to take a prudent approach to capital allocation and operating costs
in the current environment. The Group first invested in Ceres in 2012 and it
is a great example of how we've helped to develop and support a world-leading
company based on scientific research carried out in the UK."

 

For more information, please contact:

 

 IP Group plc                                              www.ipgroupplc.com (http://www.ipgroupplc.com)
 Alan Aubrey, Chief Executive Officer                      +44 (0) 20 7444 0050

Greg Smith, Chief Financial Officer

Liz Vaughan-Adams, Communications
+44 (0) 20 7444 0062/+44 (0) 7979 853802
 Charlotte Street Partners
 Andrew Wilson                                             +44 (0) 7810 636995
 David Gaffney                                             +44 (0) 7854 609998

 

Notes for editors

 

About IP Group

 

IP Group is a leading intellectual property commercialisation company which
focuses on evolving great ideas, mainly from its partner universities, into
world-changing businesses. The Group has pioneered a unique approach to
developing these ideas and the resulting businesses by providing access to
business building expertise, capital (through its 100%-owned FCA-authorised
subsidiaries IP Capital and Parkwalk Advisors), networks, recruitment and
business support. IP Group has a strong track record of success and its
portfolio comprises holdings in early stage to mature businesses across life
sciences and technology. IP Group is listed on the Main Market of the London
Stock Exchange under the code IPO.

 

Group holdings in portfolio companies reflect the undiluted beneficial equity
interest excluding debt, unless otherwise explicitly stated.

 

For more information, please visit our website at www.ipgroupplc.com
(http://www.ipgroupplc.com/) .

 

ENDS

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