REG - IP Group PLC - Final Results <Origin Href="QuoteRef">IPO.L</Origin> - Part 7

IPAnnouncement

01/03/2016 07:12

- Part 7: For the preceding part double click  ID:nRSA5517Qf 

cover the entire university. The Group has committed to invest £5.0m in
University of York spin-outs over and beyond the £0.8m commitment as part of the Group's agreement with CNAP. The agreement
with the University of York was amended during 2013 so as to alter the process by which the Group evaluates
commercialisation opportunities and the level of initial partner equity the Group is entitled to as a result. Further, the
Group's automatic entitlement to share in any of the University of York's proceeds from out-licensing has been removed from
the agreement. 
 
iv.   The Group extended its partnership with the University of Leeds in July 2005 by securing the right with associated
contractual commitment to invest up to £5.0m in University of Leeds spin-out companies. This agreement was varied in March
2011 to, amongst other things, remove the Group's entitlement to a share of out-licensing income generated by the
University of Leeds except in certain specific circumstances where the Group is involved in the relevant out-licensing
opportunity. Under the terms of the variation agreement, subject to quality and quantity of the investment opportunities,
the Group, Techtran Group Limited and the University of Leeds have agreed to target annual investments of at least £0.7m in
aggregate and, subject to earlier termination or the parties otherwise agreeing alternative target, to review this target
on 30 April 2017. 
 
v.   In December 2005, the Group entered into an agreement with the University of Bristol. The Group has committed to
invest up to a total of £5.0m in University of Bristol spin-out companies. 
 
vi.   Under the terms of an agreement entered into in 2006 between the Group and the University of Surrey, the Group has
committed to invest up to a total of £5.0m in spin-out companies based on the University of Surrey's intellectual
property. 
 
vii.  In July 2006, the Group entered into an agreement with Queen Mary University of London ("QM") to invest in QM
spin-out companies. The Group has committed to invest up to a total of £5.0m in QM spin-out companies. The agreement was
amended in January 2014, primarily to remove the Group's entitlement to licence fees save where it is involved in the
development or licensing of the relevant IP and, in most cases, to replace the Group's automatic entitlement to a share of
the initial equity in any spin-out company with an equivalent warrant exercisable at the seed stage of the relevant
company. 
 
viii. In September 2006, the Group entered into an agreement with the University of Bath to invest in University of Bath
spin-out companies. The Group has committed to invest up to a total of £5.0m in University of Bath spin-out companies. The
agreement with the University of Bath was amended during 2009 so as to remove the Group's automatic entitlement to a share
of the initial equity or licence fees (as applicable) received by the University of Bath from the commercialisation of its
intellectual property in the event that the Group and its employees have not been actively involved in developing the
relevant opportunity. 
 
ix.   In October 2006, the Group entered into an agreement with the University of Glasgow to invest in University of
Glasgow spin-out companies. The Group has committed to invest up to a total of £5.0m in University of Glasgow spin-out
companies. 
 
x.   In February 2013, the Group entered into a commercialisation agreement with the University of Manchester. Initially
the Group had agreed to make available an initial facility of up to £5.0m to provide capital to new proof of principle
projects (excluding graphene projects) intended for commercialisation through spin-out companies. During January 2014, the
Group extended its agreement to include funding for graphene projects; increased the capital commitment by a further £2.5m,
bringing the total to £7.5m; and extended the agreement to 2019. 
 
Commitments to Limited Partnerships 
 
Pursuant to the terms of their Limited Partnership agreements, the Group has committed to invest the following amounts into
Limited Partnerships as at 31 December 2015: 
 
 Partnership            Year of commencement of partnership  Original commitment £m  Invested to date £m  Remaining commitment £m  
 IP Venture Fund        2006                                 3.1                     3.0                  0.1                      
 IP Venture Fund II LP  2013                                 10.0                    2.8                  7.2                      
                                                             13.1                    5.8                  7.3                      
 
 
26. Post Balance Sheet Events 
 
Between 31 December 2015 and the 26 February 2016, the fair value of the Group's holdings in companies whose shares are
listed on the AIM market experienced a net fair value decrease of £19.2m. 
 
Notification to Shareholders in accordance with FRS 101 
 
The financial statements for the year ended 31 December 2014 of IP Group plc ("The Company"), the parent company of the
Group, as set out in the 2014 Annual Report, were prepared in accordance with UK Generally Accepted Accounting Practice (UK
GAAP). 
 
A new UK GAAP accounting framework introduced by the Financial Reporting Council (FRC) becomes mandatorily effective for
the financial statements of UK companies in 2015. Under this new framework, the Company is required to prepare its parent
company financial statements for its financial year commencing 1 January 2015 on one of the new bases permitted by the
FRC. 
 
As the consolidated financial statements include the equivalent disclosures, the Company also proposes to apply the
exemptions under FRS 101 available in respect of the following disclosures: in respect of the following disclosures: a Cash
Flow Statement and related notes; disclosures in respect of transactions with wholly owned subsidiaries; disclosures in
respect of capital management; the effects of new but not yet effective IFRSs; and disclosures of transactions with a
management entity that provides key management personnel services to the company. 
 
The Company's decision to adopt FRS 101 does not require shareholder approval. However, due to the election to take the
possible disclosure exemptions permitted under FRS 101, the Company is required to notify all shareholders of this election
and any shareholder or shareholders holding in aggregate 5 per cent. or more of the total allotted shares in the Company
may object. Objections must be served in writing and delivered to the Company Secretary at the Company's registered office;
24 Cornhill, London, EC3V 3ND. 
 
This information is provided by RNS
The company news service from the London Stock Exchange