IP Group PLC Share buyback programme (0631X)
18 Dezembro 2023 - 4:00AM
UK Regulatory
TIDMIPO
RNS Number : 0631X
IP Group PLC
18 December 2023
FOR RELEASE ON 18 December 2023
IP Group plc - Share buyback programme
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,
announces that it has today launched a share buyback.
In light of the prevailing discount between the Company's share
price and its NAV per share, the Board has determined that now is
an appropriate time, consistent with its commitment to shareholder
returns, to initiate a share buyback of up to GBP20 million (the
"Buyback Programme").
T he Directors believe the current share price discount to NAV
significantly undervalues IP Group's portfolio. They have therefore
determined to allocate a proportion of cash realisations to
shareholder returns through the Buyback Programme. As at 30
November 2023, IP Group had achieved cash realisations of GBP38
million and had gross cash of GBP235 million.
The Board remains committed to making regular cash returns to
shareholders from realisations. In future these regular cash
returns will normally be made in the form of share buybacks when
the share price discount to NAV exceeds 20%. Regular dividend
payments will be suspended under such conditions, including
consideration of any final dividend for 2023.
Details of the Buyback Programme
IP Group has entered into a non-discretionary arrangement with
Deutsche Numis to manage the Buyback Programme on its behalf under
which the Group will repurchase ordinary shares of 2 pence each in
IP Group ("Ordinary Shares") up to an aggregate consideration of
GBP20.0 million. This will be done within certain parameters,
including to only buy back Ordinary Shares at a greater than 20%
discount to the most recently announced NAV per share. The Buyback
Programme will run from the date of this announcement until the end
of 2024 unless completed or terminated earlier. Deutsche Numis will
make its trading decisions in relation to the Ordinary Shares
independently of the Group.
Purchases of Ordinary Shares pursuant to the Buyback Programme
will take place in open market transactions and may be made from
time-to-time depending on market conditions, the Group's share
price, trading volumes in the Group's Ordinary Shares and other
factors. The maximum price paid per Ordinary Share (exclusive of
expenses) will be no more than the higher of: (i) 5 per cent above
the average of the middle market quotations taken from the London
Stock Exchange Daily Official List for the five business days
preceding any Ordinary Shares being purchased; and (ii) the higher
of the price of the last independent trade and the highest
independent bid for Ordinary Shares on the trading venue where the
purchase is carried out. The minimum price shall be no less than
(exclusive of expenses) a price of 2 pence per Ordinary Share,
being the nominal value of an Ordinary Share. Under the Buyback
Programme, any Ordinary Shares purchased will be held in
treasury.
The Buyback Programme is in accordance with IP Group's general
authority to purchase a maximum of 103,677,065 Ordinary Shares,
granted by its shareholders at the Annual General Meeting held on
15 June 2023. The Buyback Programme will also 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 12 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.
IP Group will 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
+44 (0) 20 7444 0062/+44 (0)
Liz Vaughan-Adams, Communications 7967 312125
Portland
Vic Wallin +44 (0) 7973 823119
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 th e 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 .
ENDS
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