IP Group PLC Bosch to increase holding in Ceres Power to c18%
22 Enero 2020 - 6:46AM
RNS Non-Regulatory
TIDMIPO
IP Group PLC
22 January 2020
FOR RELEASE ON 22 January 2020
Portfolio company Ceres Power announces Bosch to increase
holding to c18% and to raise GBP38m of new finance
IP Group holding valued at GBP75 million following GBP22 million
partial realisation
IP Group plc (LSE: IPO) ("IP Group" or "the Group"), the
developer of intellectual property-based businesses, notes that its
portfolio company Ceres Power Holdings plc ("Ceres" or "Ceres
Power") has today announced that Robert Bosch GmbH ("Bosch") will
increase its equity shareholding in Ceres from c.4% to c.18% by
subscribing for new shares as well as purchasing existing shares
from current shareholders.
As part of the transaction, IP Group has generated GBP22.4
million through the partial sale of its holding in Ceres Power.
Based on the closing price of Ceres Power of 347 pence per share
yesterday, the balance of IP Group's holding is valued at GBP75.3
million. This represents a realised and unrealised fair value gain
of GBP23.1 million for the year to date.
Both the new shares being issued and the existing shares being
purchased from existing shareholders are being effected at a price
of 320p per ordinary share, a premium of 29.5% to the volume
weighted average closing mid-market share price for the 3 months to
21 January 2020 and a 7.8% discount to the mid-market share price
on 21 January 2020.
Alan Aubrey, Chief Executive of IP Group plc, said: "We are
pleased to support this strategic transaction to facilitate Bosch's
increased holding which we firmly believe is in the interests of
the company and of all stakeholders. We're delighted to see such
continued strong global interest in Ceres Power, which follows
another impressive year of commercial success. Since IP Group's
first investment in Ceres in 2012, the Company has gone from
strength to strength and is a great example of how we've helped to
develop and support a world-leading company based on scientific
research carried out in the UK."
Following the sale, IP Group holds an undiluted beneficial stake
of 14.1% in Ceres. Following the issue of new shares, and assuming
that Weichai Power, Ceres' largest strategic shareholder, exercises
its anti-dilution rights at this time, the Group's resultant
shareholding in Ceres will be approximately 12.8%.
Earlier this month, IP Group announced that cash realisations
during 2019 totalled more than GBP75 million compared to the GBP30
million achieved in 2018. In addition, on 2 January 2020 the Group
announced a GBP22 million partial realisation of its holding in
Oxford Nanopore Technologies Limited.
For more information, please contact:
IP Group plc www.ipgroupplc.com
+44 (0) 20 7444 0050
Alan Aubrey, Chief Executive Officer
Greg Smith, Chief Financial Officer +44 (0) 20 7444 0062/+44 (0)
Liz Vaughan-Adams, Communications 7979 853802
Charlotte Street Partners
Andrew Wilson +44 (0) 7810 636995
David Gaffney +44 (0) 7854 609998
Notes for editors
About IP Group
IP Group is a leading intellectual property commercialisation
company which focuses on evolving great ideas, mainly from its
partner universities, into world-changing businesses. The Group has
pioneered a unique approach to developing these ideas and the
resulting businesses by providing access to business building
expertise, capital (through its 100%-owned FCA-authorised
subsidiaries IP Capital and Parkwalk Advisors), networks,
recruitment and business support. IP Group has a strong track
record of success and its portfolio comprises holdings in early
stage to mature businesses across life sciences and technology. IP
Group is listed on the Main Market of the London Stock Exchange
under the code IPO.
Group holdings in portfolio companies reflect the undiluted
beneficial equity interest excluding debt, unless otherwise
explicitly stated.
For more information, please visit our website at
www.ipgroupplc.com.
ENDS
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END
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