REG - IP Group PLC - Share buyback programme update

IPAnnouncement

09/01/2025 07:00

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RNS Number : 6561S  IP Group PLC  09 January 2025

 FOR RELEASE ON  9 January 2025

 

 

IP Group plc - Share buyback programme update

 

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.

Following the receipt of £119m of initial cash proceeds from the sale of
portfolio company Featurespace to Visa, the Group previously announced its
intention to increase the Group's current share buyback programme (the
"Buyback Programme") by a further £25m (the "Buyback Extension"). Together
with the up to £15m anticipated to be received from the secondary sale
announced on 09 December 2024, this will increase the buyback programme to a
total of up to £70m.

The Company is now pleased to announce that it has today launched the £25m
Buyback Extension, which will run until 31 December 2025 unless completed or
terminated earlier, or unless the Company and Deutsche Numis agree otherwise
(in which event an announcement would be made), and, to the extent not
completed or terminated before the 2025 Annual General Meeting, conditional on
the Company's buyback authority being renewed at such meeting. This follows
completion of the £10m share buyback tranche launched in October 2024.

Since commencing the Buyback Programme, the Group has purchased 66,907,021
shares at an average price of 44.828 pence per share for an aggregate
consideration of £30m. All shares acquired under the Buyback Programme have
been, or will shortly be, cancelled. Following such cancellation, the
Company's issued share capital consists of 974,489,255 Ordinary Shares with
voting rights and there are no Ordinary Shares held in treasury.

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.

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

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