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RNS Number : 8336E IP Group PLC 16 May 2013
("IP Group" or "the Group")
IP Group: Interim Management Statement
IP Group plc (LSE: IPO), the developer of intellectual property based businesses, today issues its Interim Management Statement in accordance with FCA Disclosure and Transparency Rule 4.3.
This statement provides an update on the Group's progress for the period from 31 December 2012 to15 May 2013.
Alan Aubrey, Chief Executive of IP Group, said:
"The Group has continued to make good progress to date during 2013. The fair value of the Group's portfolio has increased from £181.8m to £201.9m, largely as a result of a net increase in the value of the Group's holdings in quoted companies. During the year to date, spin-out companies have collectively raised in excess of £30m with the Group participating in every fundraising, in-line with its continued commitment to maintaining or increasing its stakes in post-seed portfolio companies through subsequent financing rounds."
Portfolio update
As at 15 May 2013, the fair value of the Group's portfolio was £201.9m compared to £181.8m as at 31 December 2012, a net unrealised fair value increase of £13.5m (excluding the investments and realisations described below). The Group's portfolio now consists of holdings in 71 intellectual property based companies, compared to 67 companies as at 31 December 2012, as a result of four additions during the period.
During the period from 1 January 2013 to 15 May 2013, the Group provided incubation, seed and development capital totalling £9.4m to 22 portfolio companies (last year a total of £14.5m was provided to 18 companies). The Group generated proceeds of £2.8m (2012: £nil) as a result of the partial sale of its holding in Oxford Catalysts Group plc.
Significant developments in the Group's portfolio companies since 31 December 2012 have included:
· In April, Retroscreen Virology Group plc ("Retroscreen") announced its first full-year results since its AIM admission in 2012. The company saw revenue of £14.4m to 31 December 2012, an increase of 237% compared to the prior year, gross profit of £3.7m (2011: £0.61m) and an improvement in gross margin to 25.7% (2011:14.4%). The Group's 22.7% interest in Retroscreen was valued at £25.6m at 15 May 2013. · Modern Water plc ("MW"), a company that develops leading water technologies focused on addressing the scarcity of fresh water and the monitoring of water quality, announced in March that it had raised gross proceeds of £10.0m which included a £1.7m investment by the Group. The net proceeds of the placing will enable the company to pursue opportunities to commercialise its forward osmosis technology, particularly across China and the Middle East, and also to grow its monitoring business by licensing and acquiring innovative, proven products to leverage its international distribution network. IP Group's 20.0% beneficial holding in MW was valued at £8.3m at 15 May 2013. · Fusion IP plc ("Fusion"), the university IP commercialisation company, completed a placing in April raising gross proceeds of £20.0m. Fusion also announced that it had signed memoranda of understanding with two additional universities, the University of Nottingham and Swansea University. Following the Group's £1.7m participation in Fusion's placing, its 20.1% beneficial holding in the company was valued at £12.3m at 15 May 2013. · Also in March, Xeros Limited ("Xeros"), the environmentally-friendly cleaning company, successfully completed a £10.0m fundraising from new and existing investors, including a £0.8m investment by the Group. The funding will be used to accelerate the roll-out of the Xeros commercial laundry cleaning system and finalise the development of a household system to replace conventional washing machines. The Group's 14.8% beneficial holding in Xeros is currently valued at £3.2m. · Ceres Power Holding plc ("Ceres"), an AIM-quoted company developing clean, efficient, cost-effective fuel cell technology for use in distributed generation and other applications, completed a placing and open offer raising gross proceeds of £9.5m in March, in which the Group provided further capital of £2m. The funds raised are intended to take Ceres through its next stage of Original Equipment Manufacturer ("OEM") engagements and that, following the deployment of these funds, the Ceres core cell and fuel cell module technology platform will be proven to be suitable for product development programmes with several OEMs in multiple geographies. The fair value of the Group's 24.7% holding in Ceres Power was valued at £10.6m at 15 May 2013. · Tracsis plc, a leading provider of operational planning software to passenger transport industries, announced in March a recommended cash offer for the entire issued share capital of AIM-quoted Sky High plc, the largest provider of traffic analysis and surveys within the UK, and in April won Small Cap Company of the Year at the 2013 Small Cap Awards. The Group's 12.5% holding in Tracsis was valued at £5.3m at 15 May 2013.
Operational update
In February, the Group announced that it had signed a commercialisation agreement with The University of Manchester, one of the country's major research universities. Under the terms of the agreement, IP Group will create a Proof of Principle funding facility of up to £5m for the identification and formation of new spin-out companies. In return, the Group will receive equity stakes in such spin-out companies on pre-agreed terms as well as the right to invest further in these companies as they progress.
As announced earlier this year, Professor Graham Richards retired from the Group's board on 14 May 2013 after more than eleven years' service. Professor Richards has agreed to remain as an advisor to the Group.
Balance sheet update
At 15 May 2013, the Group had no borrowings, cash of £40m, a diversified portfolio valued at £202m and net assets of £274m, representing 73p per share. Excluding intangible assets and the Oxford Equity Rights asset, the Group's net assets were £249m or 67p per share.
For more information, please contact:
This statement is intended to give an indication of material transactions and events that have taken place since 31 December 2012 and their impact on the financial position of the Group. These indications reflect the Board's current view, are subject to a number of material risks and uncertainties and could change in the future. Factors which could cause or contribute to such changes include, but are not limited to, the general economic climate and market conditions, as well as specific factors relating to the financial or commercial prospects or performance of individual portfolio companies with the Group's portfolio.
Notes for editors
About IP Group
IP Group is a leading UK intellectual property ("IP") 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.
The Group's portfolio comprises holdings in over 70 companies including 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.
The portfolio includes early-stage to mature businesses and has exposure to five main sectors - Energy & Renewables, Medical Equipment & Supplies, Pharma & Biotech, IT & Communications and Chemicals & Materials. To date, fifteen of the portfolio companies IP Group has backed have listed on the AIM market of the London Stock Exchange and one on ISDX.
Founded in 2001, IP Group listed on AIM in October 2003 and moved to the Official List in June 2006.
For more information, please visit our website at www.ipgroupplc.com.
Ends This information is provided by RNS The company news service from the London Stock Exchange More |
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RNS Number : 7006E IP Group PLC 14 May 2013
FOR RELEASE ON 14 MAY 2013
IP Group plc: Annual General Meeting
The Annual General Meeting of IP Group plc was held earlier today. All of the resolutions proposed at the Annual General Meeting were duly passed.
In accordance with Listing Rule 9.6.1, a copy of the resolutions has been submitted to the National Storage Mechanism and will shortly be available for inspection at: www.Hemscott.com/nsm.do.
Ends This information is provided by RNS The company news service from the London Stock Exchange More |
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RNS Number : 9071D IP Group PLC 02 May 2013
This information is provided by RNS The company news service from the London Stock Exchange More |
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RNS Number : 6593D IP Group PLC 30 April 2013 30 April 2013
Voting Rights and Capital - Month End Disclosure
Pursuant to Disclosure and Transparency Rule 5.6.1:
As at the date of this announcement the issued share capital of IP Group plc comprised 375,258,859 Ordinary shares of 2p each. There were no shares held in treasury.
The total number of voting rights in IP Group plc is therefore 375,258,859.
This information may be used by shareholders in their calculations to determine if they are required to notify their interest in, or a change to their interest in, IP Group plc under the FCA's Disclosure and Transparency Rules.
For further information, please contact:
IP Group plc +44(0)845 0742929 Angela Leach, Company Secretary Greg Smith, Chief Financial Officer
ENDS This information is provided by RNS The company news service from the London Stock Exchange More |
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RNS Number : 4542C IP Group PLC 16 April 2013
IP Group plc - Director / PDMR Shareholding and Issue of Equity
IP Group plc (LSE: IPO) ("IP Group" or "the Company" or "the Group"), the developer of intellectual property based businesses, announces that it has today issued 9,495,195 new ordinary shares of 2p each (the "Shares") following the vesting of conditional awards of shares made under the Company's Long Term Incentive Scheme (the "Scheme") in October 2010 (the "2010 Awards"). As described in the Group's 2012 Annual Report and Accounts, 81% of the 2010 Awards vested.
As a result, the Company today received notification from the following Directors/Persons Discharging Managerial Responsibilities in relation to the acquisition of Shares under the Scheme and subsequent sale, at an aggregate price of 145p per share, as set out in the table below.
1 Indicates that Shares were sold in such amounts so as to satisfy income tax, national insurance and other liabilities arising through the vesting of the 2010 Awards. 2 Indicates that Shares were sold over and above tax and national insurance liabilities.
An application has been made to the Financial Conduct Authority for admission of the Shares to the premium listing segment of the Official List maintained by the UK Listing Authority and to the London Stock Exchange. It is expected that admission will take place on 17 April.
Following admission the Company will have 375,258,859 ordinary shares in issue.
For more information, please contact:
Notes for editors
About IP Group
IP Group is a leading UK intellectual property ("IP") 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.
The Company's portfolio comprises holdings in over 60 companies including 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.
The portfolio includes early stage to mature businesses and has exposure to five main sectors - Energy & Renewables, Medical Equipment & Supplies, Pharma & Biotech, IT & Communications and Chemicals & Materials. To date, fifteen of the portfolio companies IP Group has backed have listed on the AIM market of the London Stock Exchange and one on ISDX.
Founded in 2001, IP Group listed on AIM in October 2003 and moved to the Official List in June 2006.
For more information, please visit our website at www.ipgroupplc.com.
Ends This information is provided by RNS The company news service from the London Stock Exchange More |
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RNS Number : 1639C IP Group PLC 12 April 2013 12 April 2013
IP Group plc (LSE: IPO) ("IP Group" or "the Company"), the developer of intellectual property based businesses, announces that it has published its Annual Report and Accounts for the year ended 31 December 2012.
In compliance with Listing Rule 9.6.3, the following documents have today been submitted to the National Storage Mechanism and will shortly be available for inspection at www.hemscott.com/nsm.do:
· Annual Report and Accounts for the year ended 31 December 2012; and · Notice of Annual General Meeting.
Printed copies of these documents together with the Form of Proxy have been posted to shareholders who have requested hard copies. Copies are also available electronically on the Investor Relations section of the IP Group website at www.ipgroupplc.com/reports.
The 2013 Annual General Meeting will be held at 2.00 pm on Tuesday 14 May 2013 at the Company's offices at 24 Cornhill, London, EC3V 3ND.
Enquiries:
IP Group plc Liz Vaughan-Adams 0207 4440062/07979853802
ENDS This information is provided by RNS The company news service from the London Stock Exchange More |
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RNS Number : 7671A IP Group PLC 25 March 2013
IP Group plc - Fusion IP announces £20m funding round; new university agreements
IP Group plc (LSE: IPO) ("IP Group" or "the Group"), the developer of intellectual property based businesses, is pleased to note that Fusion IP plc ("Fusion IP" or "the Company"), a university IP commercialisation company in which IP Group has a stake, has conditionally raised £20 million through a placing at a price of 55 pence per share.
Fusion IP has also announced that it has signed Memorandum of Understanding ("MOU") agreements with two additional universities - the University of Nottingham and Swansea University. Fusion IP's directors believe that by expanding the Company's business model to new universities it will increase its access to additional IP and by raising additional funds it will ensure it has the financial strength to invest further in its key portfolio companies and to establish new companies out of its expanded pipeline.
The new MOU agreements allow for co-investment by IP Group, in line with the existing IP Group co-investment agreement.
IP Group has agreed to subscribe for 3,045,000 placing shares, representing an aggregate investment of £1.7 million. These 3,045,000 new shares, together with IP Group's existing shares, will represent 20.1% of Fusion IP's enlarged issued share capital.
The Placing is conditional upon shareholder approval at a General Meeting convened for 10 April 2013.
For more information, please contact:
Notes for editors
About IP Group
IP Group is a leading UK intellectual property ("IP") 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.
The Company's portfolio comprises holdings in over 60 companies including 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.
The portfolio includes early stage to mature businesses and has exposure to five main sectors - Energy & Renewables, Medical Equipment & Supplies, Pharma & Biotech, IT & Communications and Chemicals & Materials. To date, fifteen of the portfolio companies IP Group has backed have listed on the AIM market of the London Stock Exchange and one on ISDX.
Founded in 2001, IP Group listed on AIM in October 2003 and moved to the Official List in June 2006.
For more information, please visit our website at www.ipgroupplc.com.
About Fusion IP
Fusion IP plc was established in 2002 to commercialise university-generated intellectual property. It has long-term exclusive agreements with two of the UK's leading research-intensive universities, the University of Sheffield and Cardiff University, giving it exclusive access to all the IP generated by their research departments*. These exclusive agreements enable Fusion to identify world class IP and turn it into a commercial opportunity, either through the creation of a start-up company or a license.
Fusion IP currently owns shareholdings in over 20 portfolio companies, including significant shareholdings in Seren, Magnomatics, Phase Focus, MedaPhor, Asalus and Diurnal.
In 2012 Fusion IP announced its first major exit, when it sold its portfolio company Simcyp, a research-based business providing a modeling and simulation platform for predicting the fate of drugs in virtual populations, to US based Certara LP for $32 million, a 200 fold return on its original investment.
For more information visit www.fusionip.co.uk
*The expanded agreement with the University of Sheffield did not include the right to the IP from Sheffield's Advanced Materials Research Centre. Ends This information is provided by RNS The company news service from the London Stock Exchange More |
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RNS Number : 7909Z IP Group PLC 12 March 2013
IP Group plc -Portfolio company Ceres Power announces £9.7m funding round
IP Group plc (LSE: IPO) ("IP Group" or "the Group"), the developer of intellectual property based businesses, is pleased to note that portfolio company Ceres Power Holdings plc ("Ceres" or "the Company"), a leading developer of clean, efficient, cost-effective fuel cell technology for use in distributed generation and other applications, has today announced it intends to raise up to approximately £9.7 million (approximately £9.5 million net of expenses) through a placing and open offer at 8 pence per share.
The Directors of Ceres believe that the proceeds of the fundraise will provide sufficient capital to take Ceres through the next stage of OEM engagements and that, following the deployment of these funds, the Ceres core cell and FCM technology platform will be proven to be suitable for product development programmes with several OEMs in multiple geographies.
Within the next twelve months, Ceres expects to expand its pipeline of potential partners and intends to secure at least one commercial arrangement with an OEM customer for the use of Ceres' core cell and FCM technology platform in its products. It also expects a number of other third parties to evaluate Ceres' cells, stacks and FCMs during the same period.
IP Group has agreed to subscribe for 21,791,045 placing shares and has irrevocably committed to subscribe for its full entitlement of 3,208,955 open offer shares, representing an aggregate investment of £2 million. These 25 million new shares, together with IP Group's existing shares, will represent up to 24.8% of Ceres' enlarged issued share capital.
Other investors in the round include existing shareholders ORA (Guernsey) Limited and Sarasin & Partners LLP and new investor, Henderson Global Investors Limited.
The fundraise is conditional, amongst other things, upon the passing of the resolutions to be proposed at Ceres' general meeting convened for 11 a.m. on 28 March 2013.
For more information, please contact:
Notes for editors
About IP Group
IP Group is a leading UK intellectual property ("IP") 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.
The Company's portfolio comprises holdings in over 60 companies including 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.
The portfolio includes early stage to mature businesses and has exposure to five main sectors - Energy & Renewables, Medical Equipment & Supplies, Pharma & Biotech, IT & Communications and Chemicals & Materials. To date, fifteen of the portfolio companies IP Group has backed have listed on the AIM market of the London Stock Exchange and one on ISDX.
Founded in 2001, IP Group listed on AIM in October 2003 and moved to the Official List in June 2006.
For more information, please visit our website at www.ipgroupplc.com.
About Ceres Power
Ceres Power is a leading developer of clean, efficient, cost-effective fuel cell technology for use in decentralised energy products that reduce operating costs, lower CO2 emissions and improve energy security. These products use the Company's mass manufacturable technology platform, the Fuel Cell Module, based on the Company's unique patented intermediate temperature solid oxide fuel cell technology and operating on mains natural gas or in the future a range of other fuels including packaged fuels, such as LPG.
The Company is listed on the AIM market of the London Stock Exchange, and has facilities in Horsham and Crawley, UK, including a pilot-scale fuel cell manufacturing facility.
Ends This information is provided by RNS The company news service from the London Stock Exchange More |
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RNS Number : 6367Z IP Group PLC 11 March 2013
IP Group plc -Portfolio company Xeros successfully completes £10m funding roundEnvironmentally friendly cleaning company raises finance IP Group plc (LSE: IPO) ("IP Group" or "the Group"), the developer of intellectual property based businesses, is pleased to note that portfolio company Xeros Limited ("Xeros" or "the Company"), a spin-out company from the University of Leeds that has developed an entirely new clothes cleaning process, has successfully completed a £10 million fundraising from existing and new investors.
The funding will be used to accelerate the roll-out of the Xeros commercial laundry cleaning system and finalise the development of a household system to replace conventional washing machines.
Invesco Perpetual managed funds led the round, investing £6 million in Xeros. Shares in Xeros will be held in the Invesco Perpetual High Income Fund and the Invesco Perpetual Income Fund, which are managed by Neil Woodford, Head of UK Equities at Invesco Perpetual. Directors and existing investors in Xeros invested £4 million, including IP Group, Entrepreneurs Fund, Enterprise Ventures' RisingStars II Fund, Finance Yorkshire, and Parkwalk Advisors.
Following completion of the round, IP Group holds a direct beneficial stake of 14.8% in Xeros valued at £3.2m and the fundraising has resulted in a fair value gain of £0.9m. In addition to the Group's direct beneficial holding, a further 8.3% interest is held by IP Venture Fund.
Xeros cleans clothes with very little water and Xeros polymer beads. The patented cleaning system comprises a special washing machine designed to release the beads into the drum for cleaning, and remove the beads from the clothes once the cleaning is complete. Up to 80% less water, 50% less energy and 50% less detergent is used in the Xeros system versus conventional washing, yet Xeros delivers superior cleaning results.
The $100 billion global laundry industry is the initial market for the Xeros polymer bead cleaning system. The technology was launched into the commercial laundry market in late 2012 with successful affirmation sites at Jeeves of Belgravia (London) and Watford launderers + cleaners, followed by installations in North America at Sterling Linen Services (New Hampshire), Hyatt Regency Reston (Virginia) and Crest Dry Cleaners (Virginia).
Domestic washing machines consume approximately 50 litres of water per wash. On average, washer/dryer systems account for 13 per cent of household energy use. If all UK households were fitted with machines powered by Xeros technology, the potential savings to UK consumers would total more than £2 billion per annum. It would also represent a net reduction of 4.2 million tonnes of CO2 per annum, the equivalent of taking 1.4 million cars off UK roads.
Alan Aubrey, Chief Executive of IP Group, said: "It is really encouraging to see Xeros receive such strong support and endorsement from both existing and new investors. Having backed Xeros from research out of the University of Leeds and supported it since then, it is exciting to see the business maturing and commencing roll-out."
Bill Westwater, Chief Executive Officer of Xeros, said: "We have a big but simple idea: to convert the traditional world of aqueous washing to Xeros bead cleaning. Our superior cleaning method delivers a whole variety of benefits to people, businesses and the environment. This fundraise represents another milestone in our journey towards making that idea a reality."
For more information, please contact:
Notes for editors About IP Group
IP Group is a leading UK intellectual property ("IP") 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.
The Company's portfolio comprises holdings in over 60 companies including 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.
The portfolio includes early stage to mature businesses and has exposure to five main sectors - Energy & Renewables, Medical Equipment & Supplies, Pharma & Biotech, IT & Communications and Chemicals & Materials. To date, fifteen of the portfolio companies IP Group has backed have listed on the AIM market of the London Stock Exchange and one on ISDX.
Founded in 2001, IP Group listed on AIM in October 2003 and moved to the Official List in June 2006.
For more information, please visit our website at www.ipgroupplc.com.
About Xeros
Located at the Advanced Manufacturing Park (AMP) in Sheffield, South Yorkshire, Xeros has developed a globally relevant environmentally-friendly cleaning technology, which originally came out of pioneering work by the University of Leeds. Xeros has now raised over £16 million in funding from private investment and government R&D grants to commercialise the technology.
Deputy Prime Minister Nick Clegg described Xeros as 'a great example of how going green is good for our economy' during a visit to the firm in September 2012. Xeros was listed 2nd in the top 50 "2010 Best Inventions" by TIME magazine; winner of 'Best Technological Breakthrough' in The Climate Week Awards 2011; listed in WWF's survey of global "Green Game-Changers"; selected as one of only 19 best fast-growing "Clean & Cool" companies to go on a government sponsored mission to Silicon Valley (February, 2010); and named winner of the Rushlight Sustainable Manufacturing & Services Award and the winner of the Rushlight Environmental Management Award in January 2013. Ends This information is provided by RNS The company news service from the London Stock Exchange More |
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RNS Number : 2613Z IP Group PLC 05 March 2013
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