REG - IP Group PLC - AGM post-meeting shareholder engagement update

IPAnnouncement

12/12/2024 07:00

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RNS Number : 7563P  IP Group PLC  12 December 2024

 FOR RELEASE ON  12 December 2024

 

 

IP Group plc: AGM 2024 post-meeting shareholder engagement update

 

In accordance with Provision 4 of the UK Corporate Governance Code, IP
Group plc (LSE: IPO) ("IP Group" or "the Company") is providing an update
to the statement made on 12 June 2024 in relation to the votes cast
against Resolution 7 at the Annual General Meeting ("AGM") of the
Company held on 12 June 2024.

 

The Board was pleased that Resolution 7, the re-election of Heejae Chae as a
Director, was passed by a significant majority of the shareholders who voted.
However, in our statement of 12 June 2024 we noted that 21.71% of votes were
cast against this resolution and committed to engage with our shareholders to
try to understand the reasons behind the opposition.

 

We have since undertaken such an engagement exercise, inviting feedback from
our shareholders in order to better understand why those who had opposed the
resolution were unable to support it. The Board is grateful to those
shareholders who took the time to respond to this process.

 

At the time of the 2024 AGM, Mr Chae held two public company board positions
in addition to his role at IP Group plc, with the board position at AIM-listed
SysGroup plc being Executive Chair.  Mr Chae continues to hold these roles.
Each of the Chair, the Senior Independent Director and the wider Nomination
Committee actively monitor the other appointments of all of its Non-executive
Directors and confirm that they have no concerns regarding Mr Chae's time
commitment to the Company.  Furthermore, the Board notes that Mr Chae
continues to fully deliver against all of his responsibilities, both as a
Non-executive Director of the Company and as Chair of the Remuneration
Committee.

 

The Board is of the opinion that the contribution of Mr Chae continues to add
significant value to the Company, and as such it was and remains in the
interests of all shareholders and other stakeholders that Mr Chae was
reappointed as a Director of the Company following the approval of Resolution
7 at the 2024 AGM. The Company will continue to engage with shareholders on
this matter as appropriate.

 

 

For more information, please contact:

 

 IP Group plc                       www.ipgroupplc.com
 Liz Vaughan-Adams, Communications  +44 (0) 20 7444 0062/+44 (0) 7967 312125
 Portland
 Alex Donaldson                     +44 (0) 7516 729702

 

Notes for editors

 

About IP Group

 

IP Group accelerates the impact of science for a better future. As the most
active UK based, early-stage science investor, we develop and support some of
the world's most exciting businesses in deeptech, life sciences and cleantech
(under our Kiko Ventures brand). Including through funds managed by Parkwalk,
the UK's largest growth EIS fund manager, we back world-changing innovation
emerging from leading universities and research institutions. Our specialist
investment team combines sector expertise with an international approach.
Together we have a strong track record of success, having backed high-profile
companies including Oxford Nanopore Technologies plc, Featurespace, Hinge
Health, First Light Fusion, Hysata, and Oxa. IP Group is listed on the Main
Market of the London Stock Exchange under the code IPO. For more information,
please visit our website at www.ipgroupplc.com (http://www.ipgroupplc.com) .

 

ENDS

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