REG - IP Group PLC - Notice of results; exit proceeds; share buyback

IPAnnouncement

08/08/2024 07:00

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RNS Number : 6364Z  IP Group PLC  08 August 2024

 FOR RELEASE ON  08 August 2024

 

 

IP Group plc - Cash proceeds from exits tracking higher than 2023; intention
to increase share buyback programme; notice of results

 

IP Group plc (LSE: IPO) ("IP Group" or "the Group"), which invests in
breakthrough science and innovation companies with the potential to create a
better future for all, is pleased to provide the following updates.

The Group announces that it intends to publish its results for the six months
ended 30 June 2024 on Tuesday 17 September 2024. In the meantime, the Group is
updating shareholders on portfolio exits achieved to date and consequential
return of capital in line with its policy.

Following strong performance on portfolio realisations during the year to
date, cash proceeds from exits confirmed or completed now total over £43m, a
level that already exceeds the total for the whole of 2023.

The previously announced sale of Garrison Technology Ltd ("Garrison") to
US-based cybersecurity firm Everfox is expected to complete during August.
This accounts for the majority of the £43m proceeds noted above, with the
balance received from the sale of holdings in a small number of portfolio
companies, all of which have been completed at or above carrying values.

In addition to the above, the Group notes that Intelligent Ultrasound Group
plc plans to make a 'material return of capital' following the announced sale
of its Clinical AI business to GE HealthCare for an enterprise value of
£40.5m. IP Group has a 20.8% holding in Intelligent Ultrasound.

As a result, in line with guidance given, the Directors plan to increase the
Group's current share buyback programme by a further £10m. This will increase
the current programme to a total of £30m. Since this programme was announced
in December 2023, the Group has bought back 29m shares, approximately 3% of
the shares in issue, for a total of £13m.

The Group also advises that it has yet to receive an update from portfolio
company Istesso with regard to the outcome of its Phase 2b trial for
Leramistat (MBS2320) in rheumatoid arthritis. Although receipt of this data is
later than the Group had anticipated, this is not at all uncommon in complex
clinical trials. The Group looks forward to updating shareholders when it is
in a position to do so.

Further information on the publication of half-yearly results

 

IP Group's half-yearly results will be available via the London Stock
Exchange's Regulatory News Service (RNS) and on the Investor Relations section
of the company's website at www.ipgroupplc.com (http://www.ipgroupplc.com) .

 

Members of IP Group's leadership team will provide a live presentation via the
Investor Meet Company platform on 17 September 2024 at 09:00am.

 

Questions can be submitted pre-event via the Investor Meet Company dashboard
up until 9am the day before the meeting or at any time during the live
presentation. Investors can sign up to Investor Meet Company for free via:
https://www.investormeetcompany.com/ip-group-plc/register-investor
(https://www.investormeetcompany.com/ip-group-plc/register-investor) .
Investors who already follow IP Group on the Investor Meet Company platform
will be invited automatically.

 

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
(led by Kiko Ventures). Including through 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, 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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