TIDMIPO
RNS Number : 2391N
IP Group PLC
14 May 2015
THIS ANNOUNCEMENT, INCLUDING THE APPENDIX AND THE INFORMATION
CONTAINED IN IT, IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION
OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN,
INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA, JAPAN, SOUTH
AFRICA OR ANY OTHER STATE OR JURISDICTION IN WHICH THE SAME WOULD
BE UNLAWFUL. PLEASE SEE THE IMPORTANT NOTICES WITHIN THIS
ANNOUNCEMENT.
14 May 2015
IP Group plc
("IP Group" or the "Company")
Results of Placing
IP Group, the developer of intellectual property-based
businesses, is pleased to announce the successful completion of the
placing announced earlier today (the "Placing").
A total of 26,500,000 new ordinary shares in the Company (the
"Placing Shares") have been placed by Numis Securities Limited
("Numis") at a price of 208 pence per Placing Share with strong
demand being received from both new and existing institutional
investors, raising total gross proceeds of approximately GBP55.1m.
The total expenses directly relevant to the Placing are estimated
to be 2.3 per cent. of the gross proceeds. The placing price of 208
pence per Placing Share represents a discount of 1.0 per cent. to
the price at 12.00 p.m. (being the time the placing price was
agreed).
The Placing Shares will upon issue represent approximately 4.9
per cent. of IP Group's existing issued ordinary share capital
prior to the Placing.
The Placing Shares, when issued, will be credited as fully paid
and will rank pari passu in all respects with the existing ordinary
shares of two pence each in the capital of the Company, including
the right to receive all dividends and other distributions
declared, made or paid on or in respect of such shares after the
date of issue.
Applications have been made for admission of the Placing Shares
to the premium listing segment of the Official List of the
Financial Conduct Authority (the "Official List") and to trading on
the main market of the London Stock Exchange plc (together,
"Admission"). It is expected that settlement for the Placing Shares
and Admission will take place at 8.00 a.m. on 19 May 2015.
Settlement of the Placing is conditional upon, amongst other
things, Admission becoming effective and upon the Placing Agreement
not being terminated in accordance with its terms.
Following Admission the total number of shares in issue in the
Company will be 564,465,429.
Smaller related party transactions
Invesco Asset Management Limited ("Invesco"), which currently
holds 25.3 per cent. of the Company's outstanding share capital,
has committed to subscribe for 6,620,000 Placing Shares. Woodford
Investment Management LLP ("Woodford"), which currently holds 10.2
per cent. of the Company's outstanding share capital, has committed
to subscribe for 5,200,000 Placing Shares. The subscription for the
aforementioned Placing Shares by each of Invesco and Woodford, each
of which is a substantial shareholder of the Company under Chapter
11 of the Listing Rules, constitutes a related party transaction
under Listing Rule 11.1.10.
For further information contact:
IP Group plc
Alan Aubrey, Chief Executive +44 (0) 20 7444
Officer 0050
+44 (0) 20 7444
Greg Smith, Chief Financial 0050
Officer +44 (0) 20 7444
Vicki Bradley, Communications 0062
+44 (0) 20 7260
Numis 1000
Corporate Finance: Michael Meade / Freddie
Barnfield
Corporate Broking: Oliver Hemsley / James
Black
+44 (0) 20 3727
FTI Consulting 1000
James Melville-Ross/Simon
Conway/
Victoria Foster Mitchell
Notes for editors
About IP Group
IP Group is a leading UK intellectual property commercialisation
company, developing technology innovations primarily from its
research intensive partner universities. The Group offers more than
traditional venture capital, providing its companies with access to
business building expertise, networks, recruitment and business
support.
IP Group's portfolio comprises holdings in around 90 early-stage
to mature businesses across the Healthcare, Biotech, Cleantech and
Technology sectors. These businesses include Oxford Nanopore
Technologies, the DNA sequencing development company, Revolymer,
best known for its removable chewing gum, and Xeros, which has
received many accolades for its revolutionary clothes washing
techniques with a much reduced requirement for water.
For more information, please visit our website at
www.ipgroupplc.com.
Important notices
This announcement is for information purposes only and shall not
constitute an offer to sell or issue or the solicitation of an
offer to buy, subscribe for or otherwise acquire securities in any
jurisdiction in which any such offer or solicitation would be
unlawful. Any failure to comply with this restriction may
constitute a violation of the securities laws of such
jurisdictions.
This Announcement or any part of it does not constitute or form
part of any offer to issue or sell, or the solicitation of an offer
to acquire, purchase or subscribe for any securities in the United
States (including its territories and possessions, any state of the
United States and the District of Columbia), Canada, Australia,
South Africa, Japan or any other jurisdiction in which the same
would be unlawful. No public offering of the Placing Shares is
being made in any such jurisdiction.
The Placing Shares will not be registered under the US
Securities Act of 1933, as amended (the "US Securities Act"), or
the relevant laws of any state, province or territory of the United
States. Unless so registered, the Placing Shares may not be
offered, sold, taken up or exercised, within the United States
except in a transaction that is exempt from, or not subject to, the
registration requirements of the US Securities Act. This document
is not being distributed by, nor has it been approved for the
purposes of section 21 of the Financial Services and Markets Act
2000 ("FSMA") by, a person authorised under FSMA. This document is
being distributed and communicated to persons in the UK only in
circumstances in which section 21(1) of FSMA does not apply.
Numis Securities Limited, which is authorised and regulated in
the United Kingdom by the FCA, is acting for the Company in
connection with the Placing and no-one else and will not be
responsible to anyone other than the Company for providing the
protections afforded to clients of Numis Securities Limited nor for
providing advice in relation to the Placing or any other matter
referred to in this Announcement. No representation or warranty,
express or implied, is or will be made as to, or in relation to,
and no responsibility or liability is or will be accepted by Numis
Securities Limited or by any of its affiliates or agents as to, or
in relation to, the accuracy or completeness of this Announcement
or any other written or oral information made available to or
publicly available to any interested party or its advisers, and any
liability therefore is expressly disclaimed.
The price of shares and any income expected from them may go
down as well as up, and upon disposal of the shares investors may
not get back the full amount invested. Past performance is no guide
to future performance, and persons needing advice should consult an
independent financial adviser.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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