Ip Share Discussion Threads

[bamboo2] 15/12/2024 18:29

From the announcement of the £10m buyback extension on 7/10/2024 to 13/12/2024, there have been 17,309,101 shares bought back for cancellation.

I estimate there are approx 4m more [dependant on sp] shares to buy to complete the buyback by 31/12/2024. Given that there are eight sessions left until 2025, the co has to buyback approx 500,000 shares a day.

The new £15m buyback will likely start in early 2025.

IPGroup normally issues a year end update in January.

[bamboo2] 13/12/2024 19:41

Date of purchase: 13/12/2024

Number of ordinary shares purchased: 500,000

Volume weighted average price paid per ordinary share (GBp): 52.8421

[bamboo2] 13/12/2024 07:03

Date of purchase: 12/12/2024

Number of ordinary shares purchased: 426,806

Volume weighted average price paid per ordinary share (GBp): 51.1270

[bamboo2] 12/12/2024 07:57

FOR RELEASE ON 12 December 2024


IP Group plc: AGM 2024 post-meeting shareholder engagement update


In accordance with Provision 4 of the UK Corporate Governance Code, IP Group plc (LSE: IPO) ("IP Group" or "the Company") is providing an update to the statement made on 12 June 2024 in relation to the votes cast against Resolution 7 at the Annual General Meeting ("AGM") of the Company held on 12 June 2024.



The Board was pleased that Resolution 7, the re-election of Heejae Chae as a Director, was passed by a significant majority of the shareholders who voted. However, in our statement of 12 June 2024 we noted that 21.71% of votes were cast against this resolution and committed to engage with our shareholders to try to understand the reasons behind the opposition.



We have since undertaken such an engagement exercise, inviting feedback from our shareholders in order to better understand why those who had opposed the resolution were unable to support it. The Board is grateful to those shareholders who took the time to respond to this process.



At the time of the 2024 AGM, Mr Chae held two public company board positions in addition to his role at IP Group plc, with the board position at AIM-listed SysGroup plc being Executive Chair. Mr Chae continues to hold these roles. Each of the Chair, the Senior Independent Director and the wider Nomination Committee actively monitor the other appointments of all of its Non-executive Directors and confirm that they have no concerns regarding Mr Chae's time commitment to the Company. Furthermore, the Board notes that Mr Chae continues to fully deliver against all of his responsibilities, both as a Non-executive Director of the Company and as Chair of the Remuneration Committee.



The Board is of the opinion that the contribution of Mr Chae continues to add significant value to the Company, and as such it was and remains in the interests of all shareholders and other stakeholders that Mr Chae was reappointed as a Director of the Company following the approval of Resolution 7 at the 2024 AGM. The Company will continue to engage with shareholders on this matter as appropriate.

[bamboo2] 12/12/2024 07:57

Date of purchase: 11/12/2024

Number of ordinary shares purchased: 192,832

Volume weighted average price paid per ordinary share (GBp): 51.4958

[p1nkfish] 11/12/2024 15:21

I'd hope they have done some analysis to suggest what their average price would be if they continued buyback towards the current rate for 12 months or so, higher than today as an average, and would tender at that at least. Same result, no extra cost to the company or shareholders.

[bamboo2] 11/12/2024 13:48

craig, I do see what you mean about not having to wait as long.
Either would do me. Thanks for the input to the bb.

[craigso] 11/12/2024 12:57

@bamboo,

I have little doubt that a larger buyback would "do its job" and boost the share price, even if it took a year to spend the money. Once you get into the 60s and 70s, many more sellers would surely appear. But that's offset by the fact that demand would come more and more from the buyback itself instead of outside investors. (i.e. apart from chartists, if you aren't buying at 50p, why are you suddenly buying at 60p?)

I'm simply a big fan of tender offers, because I tend to make more money more quickly from them. And if I've already been following the company for awhile, I am more comfortable putting more money into the tender trade.

[qs99] 11/12/2024 08:10

Great, IMO this has a long, long way to go with all that cash on board/to come on board and share buy-backs, targeting North of 60p, if it breaks that then who knows....DYOR

[bamboo2] 11/12/2024 07:55

Date of purchase: 10/12/2024

Number of ordinary shares purchased: 173,672

Volume weighted average price paid per ordinary share (GBp): 50.6073

[bamboo2] 10/12/2024 22:02

craigso, I agree volume may well fall leading to a reduction in the max shares that can be bought back. This would mean that a supersized buyback would have take place over a period longer than eight months.

In theory a demand led squeeze could force the price upward leading to a reduction in share price/NAV discount and subsequent increase in volume. This is surely the intended effect of the buyback?

[p1nkfish] 10/12/2024 21:52

Looking forward to seeing what the close on the week is.

If it holds this price or above It will be first time close over the weekly Supertrend (7, 2.3) since about 10th Oct 2021, it has trended down since.

Following that will need to be a take-out of the Monthly at about 66.3p that will mark a high probability of a useful trend reversal. Since Dec 2007 it has been relatively reliable as a price action predictor.

Will it work this time?

After the weekly Supertrend breakthrough it could relax back but so long as it doesn't reverse through the new lower Supertrend limit (currently about 40p but it will rise) it signals positively and run can start when it moves back up through the old limit of 50.6 approx.

Only concern is if this week has lower than average volume, ideally should move through the trend line at decent volume. Anyway, change is afoot.

[craigso] 10/12/2024 09:20

@bamboo,

Sure, it might be 1.2m shares today. But once the short sellers are sent packing and a large BB hoovered up much of the market liquidity, daily volumes would surely go down.

[bamboo2] 10/12/2024 07:25

Date of purchase: 09/12/2024

Number of ordinary shares purchased: 43,634

Volume weighted average price paid per ordinary share (GBp): 49.8185

[bamboo2] 09/12/2024 18:07

re Tissue Regenix holding.

We got notified of the transaction twice.

I guess the first one was required as it is currently in an offer situation so falls under the rule 8 provisions.



The second standard TR-1 follows the Lexham announcement.

[p1nkfish] 09/12/2024 16:42

Wouldn't be surprised by a tender offer to speed things up, price north of 67p by the time it happens?
Say 70p.

[bamboo2] 09/12/2024 16:39

craigso, Currently the company can buy back around 1.2m shares a day.

This is £600,000 at todays share price. So approx 165 trading days or 8 months to buyback £100m. I'd guess they would plan to take a bit longer.

[stemis] 09/12/2024 16:21

I doubt it includes Oxford Nanopore and Tissue Regenix in todays announcement .....

Just announced

[craigso] 09/12/2024 16:12

I certainly would prefer a massive tender offer to a mandatory redemption / B share capital return.

I don't think IPO has enough daily trading volume to realistically do £100m via buybacks.

[p1nkfish] 09/12/2024 16:06

Wind it up or do an almighty tender offer?

[nigelpm] 09/12/2024 15:47

No, they are selling other stuff as well - this is quite interesting - pressure from major shareholders to close it down?

[demicauk] 09/12/2024 15:08

I doubt it includes Oxford Nanopore and Tissue Regenix in todays announcement .....

Russ...

[orange1] 09/12/2024 14:56

The nine portfolio companies in question include Oxford Nanopore, Regenix ..... (to be completed).

[orange1] 09/12/2024 09:51

On 7 October 2024 IPO said this: "The Group looks forward to updating the market further on the impact of these transactions [Featurespace and Intelligent Group]on shareholder returns in due course."

[bamboo2] 09/12/2024 09:37

Income for 2024 to date

Existing £57m
Feature Space £134m
IUG [75% of £8m?] £6m
Lexham £15m

Sub-total £212m
Deferral £15m

Total £197m

plus return on capital deposits.