REG - IP Group PLC - Half Yearly Report <Origin Href="QuoteRef">IPO.L</Origin> - Part 2
29/10/2014 15:50
- Part 2: For the preceding part double click ID:nRSb1880Qa
9.6 327.6 12.8 179.0 529.0 (0.4) 528.6
NOTES TO THE HALF-YEARLY CONDENSED SET OF FINANCIAL STATEMENTS
1. OPERATING SEGMENTS
The Group is currently organised into three operating segments: (i) the
commercialisation of intellectual property via the formation of long-term
partnerships with universities; (ii) management of venture funds focusing on
early-stage UK technology companies; and (iii) the in-licensing of drugable
intellectual property from research-intensive institutions currently
represented by Modern Biosciences plc.
University partnership Venture capital fund In-licensing
business management activity Consolidated
Six months ended 30 June 2014 (unaudited) £m £m £m £m
STATEMENT OF COMPREHENSIVE INCOMEPortfolio return and revenue
Change in fair value of equity and debt investments 17.8 - - 17.8
Profit on disposal of equity investments 1.3 - - 1.3
Change in fair value of limited and limited liability partnership investments 0.2 - - 0.2
Other portfolio income - - - -
Revenue from advisory services and other income 0.4 0.1 - 0.5
Revenue from fund management services - 0.7 - 0.7
Change in fair value of Oxford Equity Rights asset (0.9) - - (0.9)
Amortisation of intangible assets (1.5) - - (1.5)
Administrative expenses (4.8) (0.5) (0.4) (5.7)
Operating profit/(loss) 12.5 0.3 (0.4) 12.4
Finance income - interest receivable 0.2 - - 0.2
Profit/(loss) before taxation 12.7 0.3 (0.4) 12.6
Taxation - - - -
Profit/(loss) and total comprehensive income for the year 12.7 0.3 (0.4) 12.6
University Venture
partnership capital fund In-licensing
business management activity Consolidated
Six months ended 30 June 2013 (unaudited) £m £m £m £m
STATEMENT OF COMPREHENSIVE INCOMEPortfolio return and revenue
Change in fair value of equity and debt investments 2.2 - - 2.2
Loss on disposal of equity investments (0.1) - - (0.1)
Change in fair value of limited and limited liability partnership interests 0.3 - - 0.3
Revenue from advisory services and other income 0.3 0.3 - 0.6
Revenue from fund management services - 0.6 - 0.6
Change in fair value of Oxford Equity Rights asset (2.5) - - (2.5)
Administrative expenses (2.8) (0.4) (0.3) (3.5)
Operating (loss)/profit (2.6) 0.5 (0.3) (2.4)
Finance income - interest receivable 0.4 - - 0.4
(Loss)/profit before taxation (2.2) 0.5 (0.3) (2.0)
Taxation - - - -
(Loss)/profit and total comprehensive income for the year (2.2) 0.5 (0.3) (2.0)
University partnership Venture capital fund In-licensing
business management activity Consolidated
Year ended 31 December 2013 £m £m £m £m
STATEMENT OF COMPREHENSIVE INCOMEPortfolio return and revenue
Change in fair value of equity and debt investments 82.4 - - 82.4
Loss on disposal of equity investments (0.2) - - (0.2)
Change in fair value of limited and limited liability partnership interests 0.8 - - 0.8
Revenue from advisory services and other income 0.8 0.3 - 1.1
Revenue from fund management services - 1.3 - 1.3
Change in fair value of Oxford Equity Rights asset (5.0) - - (5.0)
Administrative expenses (6.9) (0.8) (0.5) (8.2)
Operating profit/(loss) 71.9 0.8 (0.5) 72.2
Finance income - interest receivable 0.4 - - 0.4
Profit/(loss) before taxation 72.3 0.8 (0.5) 72.6
Taxation - - - -
Profit/(loss) and total comprehensive income for the year 72.3 0.8 (0.5) 72.6
2. EARNINGS PER SHARE
The basic earnings per share has been calculated by dividing the profit for
the period attributable to equity holders of the parent of £12.6m (HY13: £1.9m
loss; FY13: £73.0m profit) by the weighted average number of shares of
445,126,771 in issue during the six-month period ended 30 June 2014 (HY13:
369,706,904; FY13: 379,029,290).
The Group has only one class of potentially dilutive ordinary shares. These
are contingently issuable shares arising under the Group Long Term Incentive
Plan ("LTIP"). Based upon information available at the end of the reporting
period, an element of the performance criteria for vesting of awards under the
LTIP have been satisfied. Based on this information, there are 2,070,860
potentially dilutive shares outstanding at the period end.
3. EQUITY RIGHTS AND RELATED ACQUISITION COSTS
Equity rights represent consideration paid to the University of Oxford between
December 2000 and June 2001. In return for non-refundable,
non-interest-bearing advances totalling £20.1m, the Group has the right to
receive from the university the following over its 15-year term: 50% of the
university's equity shares in any new spin-out company based on intellectual
property created by academics that are considered to be part of the chemistry
department (i.e. equity instruments in unlisted companies); and 50% of the
university's share of any cash payments received by the university from
parties who have licensed intellectual property created by academics that are
considered to be part of the chemistry department. The contract expires on 23
November 2015.
The Directors make use of a valuation model to seek to determine the fair
value of the asset. However, there is a range of reasonably possible values
for each key variable within the model and this in turn results in a wide
range of reasonably possible alternative fair values for the asset. None of
these estimates of fair value are considered more appropriate or relevant than
any other. In order to calculate a more accurate valuation figure given the
multitude of possible scenarios generated when altering the discounted cash
flows ("DCF") variables, a probability weighting expected return method is
utilised. Having applied probabilities to the various possible scenarios, the
method returned an estimated asset value of £2.2m at 30 June 2014.
Equity Contract
rights costs Total
£m £m £m
At 1 January 2014 2.9 0.2 3.1
Change in fair value (0.9) - (0.9)
At 30 June 2014 2.0 0.2 2.2
4. INVESTMENT PORTFOLIO
The accounting policies in regards to valuations in these half-yearly results
are the same as those applied by the Group in its audited consolidated
financial statements for the year ended 31 December 2013 and which will form
the basis of the 2014 Annual Report and Accounts. Investments are designated
as fair value through profit or loss and are initially recognised at fair
value and any gains or losses arising from subsequent changes in fair value
are presented in profit or loss in the statement of comprehensive income in
the period in which they arise.
The Group classifies financial assets using a fair value hierarchy that
reflects the significance of the inputs used in making the related fair value
measurements. The level in the fair value hierarchy within which a financial
asset is classified is determined on the basis of the lowest level input that
is significant to that asset's fair value measurement. The fair value
hierarchy has the following levels:
Level 1 - Quoted prices in active markets.
Level 2 - Inputs other than quoted prices that are observable, such as
prices from market transactions. These are mainly based on prices determined
from recent investments in the last twelve months.
Level 3 - One or more inputs that are not based on observable market
data.
Level 1 Level 2 Level 3
Equity investments in quoted spin-out companies Equity investments in unquoted spin-out companies Unquoted debt investments in spin-out companies Equity investments in unquoted spin-out companies Total
£m £m £m £m £m
At 1 January 2013 84.6 86.5 3.9 6.8 181.8
Investments during the period 5.4 2.4 2.6 0.4 10.8
Transaction-based reclassifications during the period - 0.9 (1.3) 0.4 -
Other transfers between hierarchy levels during the period - - - - -
Disposals during the period (2.8) 0.2 - (0.3) (2.9)
Change in fair value of equity and debt investments in the period 2.7 1.0 (0.4) (1.1) 2.2
At 30 June 2013 (unaudited) 89.9 91.0 4.8 6.2 191.9
Investments during the period 4.0 11.3 1.4 - 16.7
Transaction-based reclassifications during the period - 2.8 (2.4) (0.4) -
Other transfers between hierarchy levels during the period 0.6 (12.0) (0.4) 11.8 -
Disposals during the period (2.8) (0.1) - - (2.9)
Change in fair value of equity and debt investments in the period 43.4 38.0 (0.6) (0.6) 80.2
At 31 December 2013 135.1 131.0 2.8 17.0 285.9
Investments during the period 5.5 8.9 0.5 - 14.9
Acquired with Fusion - 11.1 2.4 11.4 24.9
Fusion reclassified as subsidiary (20.5) - - - (20.5)
Transaction-based reclassifications during the period - 1.2 (1.2) - -
Other transfers between hierarchy levels during the period 9.2 (3.9) 0.2 (5.5) -
Disposals during the period (1.2) (2.2) - - (3.4)
Change in fair value of equity and debt investments in the period 18.8 1.5 (0.3) (2.2) 17.8
At 30 June 2014 (unaudited) 146.9 147.6 4.4 20.7 319.6
Fair values of unquoted spin-out companies classified as Level 3 in the fair
value hierarchy have been determined in part or in full by valuation
techniques that are not supported by observable market prices or
rates.Investments in 30 companies have been classified as Level 3 and the
individual valuations for each of these have been arrived at using a variety
of valuation techniques and assumptions.
Where fair values are based upon the most recent market transaction, but that
transaction occurred more that twelve months prior to the balance sheet date,
the investments are classified as Level 3 in the fair value hierarchy. The
fair values of investments categorised as Level 3 are analysed on a monthly
basis to determine business factors which may make the most recent investment
rate no longer a representation of fair value.
There are no identified unobservable inputs to which the Level 3 fair values
would be materially sensitive to. This is represented by the fact that if the
fair value of all Level 3 investments were to decrease by 10% the net assets
figure would decrease by £2.1m, with a corresponding increase if the
unobservable inputs were to increase by 10%.
For assets and liabilities that are recognised at fair value on a recurring
basis, the Group determines whether transfers have occurred between levels in
the hierarchy by re-assessing categorisation (based on the lowest level input
that is significant to the fair value measurement as a whole) at the end of
each reporting period. Transfers between tiers are then made as if the
transfer took place on the first day of the period in question.
If the assumptions used in the valuation techniques for the Group's holding in
each company are varied by using a range of possible alternatives, there is no
material difference to the carrying value of the respective spin-out company.
The effect on the consolidated statement of comprehensive income for the
period is also not expected to be material.
Transfers between Level 2 and 1 occur when a previously unquoted investment
undertakes an initial public offering, resulting in its equity becoming quoted
on an active market. In the current period transfers of this nature amounted
to £9.2m.
Transfers between Level 1 and Level 2 would occur when a quoted investment's
market becomes inactive. There have been no such instances in the current
period.
Transfers between Level 3 and Level 2 occur when an investment which
previously had a most recent investment of over twelve months ago undertake an
investment, resulting in an observable market rate. In the current period
transfer of this nature amounted to £9.7m.
Transfers between Level 2 and Level 3 occur when an investments' recent
investment becomes more than twelve months old, with the price becoming deemed
unobservable. In the current period transfers of this nature amounted to
£5.9m.
Fair value changes in Level 3 investments has been a loss of £2.2m in the
period, recognised in as change in fair value of equity and debt investments
in the condensed consolidated statement of comprehensive income.
5. SHARE CAPITAL
Unaudited Unaudited Audited
30 June 30 June 31 December
2014 2013 2013
£m £m £m
Issued and fully paid:
479,524,397 ordinary shares of 2p each (HY13: 375,258,859; FY13: 375,258,859) 9.6 7.5 7.5
In February 2014, the Group raised £100m (before expenses) through the
issuance of 60,606,060 shares at a price of £1.65 per share.
In March 2014, the acquisition of Fusion IP plc was completed and the Company
issued 39,150,484 shares in consideration for the remaining shares in Fusion
not already owned by the Company.
In April 2014, the Company issued 4,508,994 new ordinary shares in order to
settle conditional awards made under the Group's LTIP in 2011 that achieved
their vesting conditions and consequently became issuable to the Group's
employees.
The Company has one class of ordinary shares each with a par value of 2p and
carrying equal voting rights, equal rights to income and distributions of
assets on liquidation, or otherwise, and no right to fixed income.
6. ACQUISITION OF SUBSIDIARY UNDERTAKING
Acquisition of Fusion IP plc
In 2009, the Group subscribed for a 20.1% stake in Fusion IP plc, a similar
intellectual property commercialisation firm, and entered into an agreement
with Fusion under which it acquired co-investment rights in all future Fusion
portfolio companies. On 20 March 2014, the Group acquired the remaining 79.9%
equity stake in Fusion, in exchange for 39,150,484 shares in IP Group. The
acquisition has been accounted for using the acquisition method. The interim
condensed consolidated financial statements include the results of Fusion for
the three-month period from the acquisition date.
Fair valuenet assets/(liabilities) £m
Net assets acquired:
Acquired intangible asset 21.4
Investment portfolio 24.9
Trade and other receivables 1.1
Cash and cash equivalents 17.6
Trade and other payables less than one year (1.1)
Trade and other payables more than one year (0.3)
Net assets 63.6
Less: fair value of 20.1% interest previously held(i) (20.5)
Share of net assets acquired 43.1
Goodwill 38.7
Total consideration 81.8
Consideration satisfied by:
Issue of share capital (39,150,484 shares at 209 pence(ii)) 81.8
(i) In the period from 1 January 2014 to the date of acquisition, the fair
value of the Group's existing stake in Fusion increased in value by £6.0m and
is recognised in the change in fair value of equity and debt investments in
the condensed consolidated statement of comprehensive income.
(ii) being the closing price of IPG shares on 20 May 2014; the date of
completion.
From the date of acquisition, Fusion's portfolio companies have contributed
<£0.1m to the fair value gains, £0.2m to revenue from services and other
income and £1.8m in expenses for the year. If the acquisition had occurred on
1 January 2014, the acquisition would have contributed £0.1m to fair value
gains, £0.3m to revenue from services and other income and £2.9m expense for
the period.
The balances noted above for trade and other receivables, as well as trade and
other payables less than one year, represent the fair value of the receivables
at the date of acquisition and are not materially different from the carrying
values held by Fusion prior to Acquisition. Prior to acquisition, Fusion
recognised an additional £1.5m in trade and other payables due over more than
one year relating to balances owed to university partners on the basis of the
values of associated spin-out companies. On applying the Group's valuation
policies to these spin-outs a number were impaired, and correspondingly the
fair value of the associated liability has been adjusted to reflect these fair
value changes.
At the date of its acquisition by the Group, Fusion had contractual
arrangements and memorandums of understanding with four UK universities. At
the date of acquisition of Fusion the acquired intangible assets were valued
at £21.4m. The fair value of the acquired intangible assets was calculated on
an indexed cost basis as there is a limited number of such arrangements with
universities and there is no active market. As the contractual agreements are
for a finite term the intangible assets will be subsequently measured at
amortised cost. Amortisation will occur over the remaining term, or useful
life, of each contractual arrangement.
Goodwill arising on the acquisition of Fusion primarily relates to the
expertise, knowledge and processes concerning successful commercialisation of
intellectual properties through early investment and development gained by the
Group. The goodwill forms part of the university partnership CGU. Further
detail on goodwill can be found in the note below.
7. GOODWILL
£m
At 1 January 2013 18.4
At 1 January 2014 18.4
Recognised on acquisition of subsidiary 38.7
At 31 December 2014 57.1
Goodwill represents the excess of the cost of an acquisition over the fair
value of the net identifiable assets of acquired subsidiaries at the date of
acquisition. Included in the balance sheet of the Group at 30 June 2014 is
goodwill of £57.1m. This arose from the Group's acquisition of Top Technology
Ventures Limited in June 2004 (£2.1m), Techtran Group Limited in January 2005
(£16.3m) and the acquisition of Fusion IP plc in March 2014 (£38.7m). Goodwill
is allocated from the acquisition date to each of the Group's cash-generating
units ("CGUs") that are expected to benefit from the business combination.
Goodwill may be allocated to CGUs in both the acquired business and in the
existing business.
The Group conducts annual impairment tests on the carrying value of goodwill,
based on the recoverable amount of the CGUs to which the goodwill has been
allocated. The goodwill allocated to each CGU is summarised in the table
below. A number of both value-in-use and fair-value-less-costs-to-sale
calculations are used to assess the recoverable values of the CGUs, details of
which are specified in the audited consolidated financial statements for the
year ended 31 December 2013.
University partnership CGU £m Fund management CGU£m Total£m
At 1 January 2013 16.3 2.1 18.4
At 30 June 2013 16.3 2.1 18.4
At 31 December 2013 16.3 2.1 18.4
At 30 June 2014 55.0 2.1 57.1
During the period to 30 June 2014, no factors indicating potential impairment
of goodwill were noted and, as a result, no impairment review was deemed
necessary.
8. RELATED PARTY TRANSACTIONS
a) Limited partnerships
The Group manages a number of investment funds structured as limited
partnerships. Group entities act as the general partners of these limited
partnerships and, while unable to exert significant influence over them, do
perform the day-to-day operational tasks. The following amounts have been
included in respect of these limited partnerships:
Unaudited Unaudited Audited
six months six months year
ended ended ended
30 June 30 June 31 December
2014 2013 2013
Income statement £m £m £m
Revenue from services 0.7 0.6 1.3
Unaudited Unaudited Audited
30 June 30 June 31 December
2014 2013 2013
Statement of financial position £m £m £m
Investment in limited partnerships 4.0 3.1 3.6
b) Key management transactions
The key management had investments with the following spin-out companies as at
30 June 2014:
Director Company name Number of shares held at 1 January2014 Number of shares acquired/(disposed) in the period Number ofshares heldat 30 June2014 % of issued capital
Alan Aubrey Amaethon Limited - A Shares 104 - 104 3.1%
Amaethon Limited - B Shares 11,966 - 11,966 1.0%
Amaethon Limited - Ordinary shares 21 - 21 0.3%
Avacta Group plc 20,276,113 - 20,276,113 0.4%
Capsant Neurotechnologies Limited 11,631 - 11,631 0.8%
Chamelic Limited 26 - 26 0.4%
Crysalin Limited 1,447 - 1,447 0.1%
EmDot Limited 15 - 15 0.9%
Evocutis plc 767,310 - 767,310 0.4%
Getech Group plc 15,000 - 15,000 <0.1%
Green Chemicals plc 108,350 - 108,350 0.8%
Ilika plc 117,500 - 117,500 0.2%
Karus Therapeutics Limited 223 - 223 <0.1%
Mode Diagnostics Limited - Ordinary Shares 3,226 - 3,226 0.4%
Mode Diagnostics Limited - A Shares - 229 229 0.5%
Modern Biosciences plc 1,185,150 - 1,185,150 1.7%
Modern Water plc 519,269 - 519,269 0.7%
Oxford Advanced Surfaces Group plc 2,172,809 - 2,172,809 1.1%
Oxford Nanopore Technologies Limited 114,420 1,246 115,666 0.5%
Oxtox Limited 25,363 - 25,363 0.1%
Plexus Planning Limited 1,732 - 1,732 0.6%
Retroscreen Virology Group plc 37,160 - 37,160 <0.1%
Revise Limited 19 - 19 0.5%
Revolymer plc 88,890 - 88,890 0.2%
Salunda Limited 53,639 - 53,639 <0.1%
Structure Vision Limited 212 - 212 1.0%
Surrey Nanosystems Limited 393 - 393 0.3%
Sustainable Resource Solutions Limited 30 - 30 1.2%
Tissue Regenix Group plc 2,389,259 - 2,389,259 0.4%
Tracsis plc 121,189 - 121,189 0.5%
Velocys plc 21,518 (21,518) - -
Xeros Technology Group plc 40,166 - 40,166 <0.1%
Mike Townend Amaethon Limited - A Shares 104 - 104 3.1%
Amaethon Limited - B Shares 11,966 - 11,966 1.0%
Amaethon Limited - Ordinary shares 21 - 21 0.3%
Avacta Group plc 931,367 - 931,367 <0.1%
Capsant Neurotechnologies Limited 11,282 - 11,282 0.8%
Chamelic Limited 23 - 23 0.3%
Crysalin Limited 1,286 - 1,286 0.1%
EmDot Limited 14 - 14 0.8%
Getech Group plc 20,000 - 20,000 <0.1%
Green Chemicals plc 113,222 - 113,222 0.8%
Ilika plc 10,000 - 10,000 <0.1%
Mode Diagnostics Limited - Ordinary Shares 1,756 - 1,756 0.2%
Modern Biosciences plc 1,185,150 - 1,185,150 1.7%
Modern Water plc 575,000 - 575,000 0.7%
Oxford Advanced Surfaces Group plc 932,994 - 932,994 0.5%
Oxford Nanopore Technologies Limited 3,490 380 3,870 <0.1%
Oxtox Limited 25,363 - 25,363 0.1%
Retroscreen Virology Group plc 37,160 - 37,160 <0.1%
Revise Limited 18 - 18 0.5%
Revolymer plc 35,940 - 35,940 <0.1%
Structure Vision Limited 212 - 212 1.0%
Surrey Nanosystems Limited 350 - 350 0.2%
Sustainable Resource Solutions Limited 28 - 28 1.1%
Synairgen plc 20,000 20,000 <0.1%
Tissue Regenix Group plc 1,950,863 - 1,950,863 0.3%
Tracsis plc 25,430 - 25,430 <0.1%
Velocys plc 5,000 (5,000) - -
Xeros Technology Group plc 35,499 - 35,499 <0.1%
Greg Smith Avacta Group plc 390,407 - 390,407 <0.1%
Capsant Neurotechnologies Limited 896 - 896 <0.1%
Chamelic Limited 3 - 3 <0.1%
Crysalin Limited 149 - 149 <0.1%
EmDot Limited 4 - 4 0.2%
Encos Limited 5,671 - 5,671 0.3%
Getech Group plc 8,000 - 8,000 <0.1%
Green Chemicals plc 4,830 - 4,830 <0.1%
Mode Diagnostics Limited - Ordinary Shares 361 - 361 <0.1%
Mode Diagnostics Limited - A Shares - 28 28 <0.1%
Modern Biosciences plc 313,425 - 313,425 0.4%
Modern Water plc 7,250 - 7,250 <0.1%
Oxford Nanopore Technologies Limited 150 - 150 <0.1%
Retroscreen Virology Group plc 61,340 - 61,340 0.1%
Revise Limited 6 - 6 0.2%
Revolymer plc 4,500 - 4,500 <0.1%
Summit Corporation plc 15,972 - 15,972 <0.1%
Surrey Nanosystems Limited 76 - 76 <0.1%
Sustainable Resource Solutions Limited 9 - 9 0.4%
Tissue Regenix Group plc 175,359 - 175,359 <0.1%
Velocys plc 2,559 - 2,559 <0.1%
Xeros Technology Group plc 5,499 - 5,499 <0.1%
Charles Winward1 Amaethon Limited - A Shares 15 - 15 0.5%
Amaethon Limited - B Shares 1,766 - 1,766 0.2%
Amaethon Limited - Ordinary shares 3 - 3 <0.1%
Capsant Neurotechnologies Limited 2,264 - 2,264 0.2%
Chamelic Limited 3 - 3 <0.1%
Crysalin Limited 189 - 189 <0.1%
EmDot Limited 5 - 5 0.3%
Encos Limited 6,530 - 6,530 0.3%
Mode Diagnostics Limited - Ordinary Shares 421 - 421 <0.1%
Mode Diagnostics Limited - A Shares - 30 30 <0.1%
Modern Biosciences plc 360,914 - 360,914 0.5%
Modern Water plc 12,400 - 12,400 <0.1%
Oxford Advanced Surfaces Group plc 156,213 - 156,213 <0.1%
Oxford Nanopore Technologies Limited 150 - 150 <0.1%
Oxtox Limited 3,742 - 3,742 <0.1%
Retroscreen Virology Group plc 66,080 - 66,080 0.1%
Revise Limited 6 - 6 0.2%
Revolymer plc 4,500 - 4,500 <0.1%
Structure Vision Limited 26 - 26 0.1%
Surrey Nanosystems Limited 87 - 87 <0.1%
Sustainable Resource Solutions Limited 10 - 10 0.4%
Tissue Regenix Group plc 482,236 - 482,236 <0.1%
Tracsis plc 56,500 - 56,500 0.2%
Xeros Technology Group plc 6,499 - 6,499 <0.1%
Bruce Smith Capsant Neurotechnologies Limited 20,724 - 20,724 1.4%
Evocutis plc 15,241 - 15,241 <0.1%
Getech Group plc 15,000 - 15,000 <0.1%
iQur Limited 2,000 - 2,000 0.8%
Synairgen plc 200,000 - 200,000 0.3%
Velocys plc 10,000 - 10,000 <0.1%
David Baynes Diurnal Limited 82 - 82 0.2%
Angela Leach Avacta Group plc 74,152 - 74,152 <0.1%
Capsant Neurotechnologies Limited 1,858 - 1,858 0.1%
Chamelic Limited 3 - 3 <0.1%
Evocutis plc 7,990 - 7,990 <0.1%
Getech Group plc 2,083 - 2,083 <0.1%
Mode Diagnostics Limited - Ordinary Shares 606 - 606 <0.1%
Mode Diagnostics Limited - A Shares - 102 102 0.2%
Modern Water plc 29,800 - 29,800 <0.1%
Oxford Advanced Surfaces Group plc 68,101 - 68,101 <0.1%
Oxford Nanopore Technologies Limited 150 16 166 <0.1%
Retroscreen Virology Group plc 25,903 - 25,903 <0.1%
Revise Limited 6.00 - 6 0.2%
Revolymer plc 4500.00 - 4,500 <0.1%
Structure Vision Limited 21 - 21 <0.1%
Sustainable Resource Solutions Limited 9.00 - 9 <0.1%
Tissue Regenix Group plc 329,172 - 329,172 <0.1%
Xeros Technology Group plc 5,666 -
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