REG - IP Group PLC - Share buyback programme extension

IPAnnouncement

07/10/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20241007:nRSG0884Ha&default-theme=true

RNS Number : 0884H  IP Group PLC  07 October 2024

 FOR RELEASE ON  7 October 2024

 

 

IP Group plc - Share buyback programme extension; cancellation of purchased
shares

 

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

Having successfully completed £45m of exits in the year to date and,
consistent with its stated approach to capital returns, the Group had
previously announced its intention to increase the Group's current share
buyback programme (the "Buyback Programme") by a further £10m (the "Buyback
Extension").

The Company is now pleased to announce that it has today launched the Buyback
Extension, which will run until 31 December 2024 unless completed or
terminated earlier, or unless the Company and Deutsche Numis agree otherwise
(in which event an announcement would be made). This follows completion in
September 2024 of the £20m share buyback tranche launched in December 2023.

Since commencing the Buyback Programme, the Group has purchased 45,500,907
shares at an average price of 43.9552 pence per share for an aggregate
consideration of £20m. All shares acquired under the Buyback Programme were
placed into treasury. The Group had also previously purchased 29,708,621
Ordinary Shares into treasury pursuant to a previous buyback programme
launched in 2021.  Following the use of some of the Ordinary Shares held in
treasury in connection with the Group's remuneration schemes, the Group was
holding 67,292,636 Ordinary Shares in treasury in aggregate.

The Company cancelled all of the 67,292,636 Ordinary Shares it was holding in
treasury, which represented 6.76% of the Company's total voting rights (the
"Treasury Shares"), on 4 October 2024. Following the cancellation of the
Treasury Shares, the Company's issued share capital consists of 995,895,369
Ordinary Shares with voting rights. There are no Ordinary Shares held in
treasury.

The Company has previously announced that Visa has signed a definitive
agreement to acquire portfolio company Featurespace, in respect of which the
Group expects to receive £134m in cash as further detailed in its
announcement on 26 September 2024. In addition, the Company is pleased to note
that Intelligent Ultrasound Group's sale of its Clinical AI business to GE
HealthCare completed on 1 October 2024 for an enterprise value of £40.5m on a
cash free/debt fee basis. Intelligent Ultrasound has previously pledged an
intention to make a "material return of capital" to its shareholders following
completion and is currently undertaking a capital reduction in anticipation of
this. The Group looks forward to updating the market further on the impact of
these transactions on shareholder returns in due course.

 

Details of the Buyback Extension

 

For the Buyback Extension, IP Group has entered into a non-discretionary
agreement with Deutsche Numis to continue to manage the Buyback Programme on
its behalf. Deutsche Numis will make its trading decisions in relation to the
Ordinary Shares independently of the Group.

Any Ordinary Shares purchased under the Buyback Extension will be cancelled in
order to decrease the number of Ordinary Shares in issue.

The Buyback Extension is in accordance with IP Group's general authority to
purchase a maximum of 102,769,901 Ordinary Shares granted by its shareholders
at the Annual General Meeting held on 12 June 2024. The Buyback Programme will
continue to be effected within the parameters of the Market Abuse Regulation
596/2014/EU and the Commission Delegated Regulation 2016/1052/EU (as
incorporated into UK domestic law by the European Union (Withdrawal) Act
2018), including where relevant pursuant to the Market Abuse (Amendment) (EU
Exit) Regulations 2019), and in accordance with Chapter 9 of the Financial
Conduct Authority's Listing Rules. IP Group confirms that it is not in a
closed period and currently has no other unpublished price sensitive
information.

Save to the extent they are varied by this announcement, all other parameters
outlined in the Company's announcement on 18 December 2023 will continue to
apply.

IP Group will continue to make further regulatory announcements to
shareholders in respect of purchases of Ordinary Shares by the Group as they
occur.

 

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). Through Parkwalk, the UK's largest growth EIS fund
manager, we also back world-changing innovation emerging in 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

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCBQLLBZBLFFBX