Well on one of the portfolio now released to the wild at about NAV for the holding, no upside. |
Agreed, needs at least to give a dividend to those who are otherwise waiting patiently for the uplift in values to be reflected in the share price. |
 this was released 29 May...
City grandee Flint faces investor unrest over IP Group role -
Sir Douglas Flint is facing mounting unrest over his stewardship of IP Group, the London-listed investor in early-stage science and technology companies.
Sky News has learnt that Lombard Odier, one of IP Group's top-three shareholders, has expressed misgivings over the company's leadership in recent months, fuelling speculation in the City that Sir Douglas could step down.
City sources said on Wednesday that a number of other institutional investors were aligned with Lombard Odier, which holds about 4.6% of the company's shares.
It was unclear whether IP Group's board was discussing Sir Douglas's future, and the company declined to offer a defence of his track record when asked to do so by Sky News.
Sir Douglas is a respected figure in the City, having served for years as the finance chief and then group chairman of HSBC Holdings, Europe's biggest lender.
He has chaired IP Group, which has seen its shares fall by about 6% over the last 12 months, since 2018.
The company has a market valuation of about £560m.
IP owns stakes in companies such as C-Capture, a carbon capture and storage venture, and Feature Space, a predictive analytics business.
Istesso, a healthcare company which is another of its holdings, was the subject of an attempt to merge it with a special purpose acquisition company early last year.
Sir Douglas has also faced a turbulent period as chairman of abrdn, the asset management group which has been ridiculed for removing the vowels from its former name, Aberdeen, and which last week announced the departure of Steven Bird, its chief executive.
IP Group will hold its annual meeting next month, with Glass Lewis, the proxy adviser, recommending that shareholders vote in favour of his re-election.
On Wednesday, IP Group and Lombard Odier both declined to comment. |
Doesn't seem to be an urgency to get portfolio companies listed and hence an exit... |
This is a reminder that IP GROUP PLC will shortly be holding the meeting Annual General Meeting 2024. Fill up on coffee if you want to stay awake. |
Broken up again over the 200. 3rd time lucky?
Anyone care to comment on comparative merits of IPO and Fipp? |
Not sure where you got that list from but Hysata clearly marked out as the 4th largest holding in the year end materials. See page 5 of the Annual Report and also here in the year end summary doc IP produces: hxxps://www.ipgroupplc.com/~/media/Files/I/IPGroup-PLC/documents/investor-relations/ipgroup-summary-fullyear2023.pdf |
Ok, thanks for that. Wonder why it wasn't on the list that I copied from eoy 23? Have you got an up to date list? |
Hi Brucie, Hysata not outside the top 20. It was the 4th largest holding in IP's portfolio as at 31 Dec 23, worth 7.0p of NAV so progress here is significant. |
That's good to see - every little helps! But Hysata is small fry in the IPO folio and outside the top 20.
Oxford Nanopore Technologies plc LSE quoted Quoted bid price 226.5
First Light Fusion Limited OSI, Hostplus, Tencent, Braavos *Adjusted financing 114.5
Istesso Limited Puhua Capital DCF 95.6
Featurespace Limited Highland Europe, Insight, Invoke, MissionOG,
TTV Capital, Robert Sansom, Chrysalis
*Revenue multiple 65.0
Hinge Health, Inc. Atomico Advisors, Bessemer, Coatue, Insight,
Lead Edge, Tiger Global
*Adjusted financing 64.3
Ultraleap Holdings Limited Cornes, Dolby Ventures, Hostplus, Mayfair
Partners
*Adjusted financing 32.1
Garrison Technology Limited BGF, Dawn Capital, NM Capital Revenue multiple 25.7
Ieso Digital Health Limited Morningside, Molten Ventures Recent financing (< 12 months) 21.8
Bramble Energy Limited Hydrogen One Capital, BGF Investments,
Parkwalk Advisors
Recent financing (< 12 months) 20.7
Oxford Science Enterprises plc Blue Pool, Fosun Pharma, Invesco, Lansdowne,
Redmine, Sequoia, Temasek, Tencent
Future market/commercial events 20.6
Salt Pay Co. Limited Scottish Mortgage, Tiger Global, Social Capital
Hedosophia
*Adjusted financing 20.5
Nexeon Limited Invesco, Nortrust, SKC, Wacker Chemie Recent financing (< 12 months) 19.8
Crescendo Biologics Limited Sofinnova Capital, BioDiscovery 5, Millennium
Pharmaceuticals, Quan Venture Funds
Recent financing (< 12 months) 18.7
Artios Pharma Limited Arix Bioscience, BioDiscovery 5, SV Life
Sciences, Pfizer, Merck Ventures
Recent financing (< 12 months) 18.2
Mission Therapeutics Limited Pfizer, Roche, Sofinnova Partners, SR one Recent financing (> 12 months) 18.1
Oxbotica Limited Fundamental Insurance Investments, BT
Technology Ventures, BGF, bp venture, Ocado
Recent financing (> 12 months) 16.3
Microbiotica Limited Tencent, Fleurie Invest AB, British Patient
Capital, Cambridge Innovation Capital
Recent financing (< 12 months) 16.1
PsiOxus Therapeutics Limited SR One, Lundbeckfond Ventures, Invesco,
Sedgwick Yard
*Adjusted funding 15.5
Oxular Limited Forbion, NeoMed, V-Bio Ventures Recent financing (> 12 months) 14.7
Hysata Pty Ltd Clean Energy Finance Corporation Future market/commercial events 13.3
Tota
I'm still hopeful that we've passed the bottom of the curve and this may well be the last we see of the under 50s! Main reason for saying this, aside from this chart, is the new confidence of other IP based companies I follow but do not necessarily own, being barometers of market risk. Eg. CHRY, FIPP, HGEN. Though I do hold ONT. |
IP Group plc - Portfolio company Hysata completes US$111m series B funding round
IP Group plc (LSE: IPO) ("IP Group" or "the Group"), which invests in breakthrough science and innovation companies with the potential to create a better future for all, is pleased to note that Australian portfolio company Hysata Pty Ltd ("Hysata" or "the Company") has now completed its US$111m (£91m) Series B funding round.
Hysata, which is developing electrolysers to produce green hydrogen at scale with both higher energy efficiency and lower cost, will use the funding to advance product development and expand production capacity at its manufacturing facility in Wollongong, New South Wales, Australia as it focuses on reaching gigawatt scale manufacturing.
As previously announced on 22 December 2023, IP Group invested a total of US$15m (£12m) from its balance sheet into the funding round, as well as US$18m (£14m) from its managed private funds*. Following completion, IP Group has an undiluted beneficial holding of 37.0% in Hysata, valued at £79m.
bp Ventures and Templewater led the funding round in the Company, which was supported by IP Group alongside other existing investors, including Clean Energy Finance Corporation, Hostplus and Vestas Ventures. Hysata also welcomed new investors POSCO, Shinhan Bank, IMM Investment Group, Oman Investment Authority, Twin Towers Ventures and TelstraSuper.
Greg Smith, Chief Executive Officer of IP Group, said: "We're delighted to see such continued strong support for Hysata and today's announcement of major new strategic and financial investors strengthens Hysata's leadership position. We have supported Hysata since before inception combining our local presence with expertise from our leading cleantech investment platform, Kiko Ventures. It's a great example of what can be achieved by combining world-class research with global markets, partners and capital to build truly world-leading technology companies."
*Includes funds managed/advised on behalf of Hostplus & TelstraSuper |
No idea.
Wrong university maybe?.
;) |
.
Wayve, the market leader in Embodied artificial intelligence (AI) for autonomous driving, has .announced the successful closure of $1.05 billion in Series C funding. The. round was led by SoftBank Group (“SoftBankR21;), with contributions from new investor NVIDIA and existing investor Microsoft. This investment will accelerate Wayve’s mission to reimagine autonomous mobility through embodied intelligence.
Wayve is a 7-year-old spinout from Cambridge University. Baillie Gifford, Virgin Group and even Ocado are listed amongst a shareholder base dominated by US venture capital funds.
How come IP Group, which is supposed to have close links with Cambridge and LOxford universities, is.not on the list?. |
Something going on here: maybe related to the bottoming out of ONT and expiration of LAT shares in June? I foresee a return to recent resistance 58p; then watch for 61p to complete the W pattern on the bowl. If I'm correct last October was the absolute nadir of the three year peak to base. The next ascent maybe one to catch for the very patient.
On the WMAs the BO begins at about 51p. If it then manages to snag support it could be a cheaper price to buy in. IPO is such a hugely complex ball of tech that I don't think many understand nor seek to understand it; but as always, once momentum builds there will be trend followers.
One for the patient; but on anything from a one-two-three year view they could be well rewarded with a return to >£1.50. Just a shame there's no dividend to be getting on with - though there is continual cancellation of dividends, which means more bang for your buck!
NAI. |
Our chat seems to have moved the shares from -3% to +3%, Brucie - we should do it more often! |
Lols - anything I say comes with a wealth warning! Thanks for the update on feature space. Yes, lots of unappreciated value here, but what of it!? I'm afraid I place more weight on the charts than most, perhaps unduly; since these suggest that in fullness of time this will go up and history will at least rhyme. My hot money has passed recently to ONT, which I expect to be as a warrant on any future revival here, which in the meantime will continue to bumble along the bottom.
As a positive, and aside from opportunity cost, IPO extreme value + balance sheet strength should not cause too many sleepless nights. |
Kiss of death from you there Brucie...!
Separately, interesting to note that Chrysalis have written up the value of their holding in Featurespace by 21.5% giving the business an implied valuation £638.1m. The valuation implied by IP's carrying value as at 31 Dec 23 was £357.8m. CHRY's valuation is as at 31 Mar 24 and if you adjust IP's valuation up by 21.5%, you get to £434.7m. No idea which valuation is correct - quite possibly neither - but it should give some reassurance that IP is not being overly aggressive (or at least less aggressive than others!) and may give an indication of meaningful upside from this position. |
IPO looks like it might be coming up for air? On a potential recovery the five year chart is impressive. |
IP Group - 2023 Annual Report; Notice of Annual General Meeting ("AGM")
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 published its Annual Report and Accounts for the year ended 31 December 2023.
In compliance with Listing Rule 9.6.3, a copy of the following documents will shortly be available for inspection at www.fca.org.uk/markets/primary-markets/regulatory-disclosures/national-storage-mechanism.
- Annual Report and Accounts for the year ended 31 December 2023 ("2023 ARA"); and
- Notice of 2024 Annual General Meeting ("2024 AGM Notice").
Printed copies of the 2023 ARA and the 2024 AGM Notice, together with the Form of Proxy for use in connection with the 2024 AGM, are being posted to shareholders who have requested hard copies.
An electronic copy of the 2023 ARA is available on the Investor Relations section of the IP Group website at www.ipgroupplc.com/investor-relations. A copy of the 2024 AGM Notice is also available electronically on the IP Group website at
The 2024 AGM will be held at 11.00am on 12 June 2024 at the Company's offices at 3 Pancras Square, King's Cross, London, N1C 4AG, as further set out in the 2024 AGM Notice, with refreshments available from 10.30am. To ensure that shareholders can also follow the proceedings of the AGM virtually, the Company will provide access online via the Investor Meet Company platform. However, please note that shareholders will not be able to vote online at the AGM via this platform. Shareholders are only able to vote at the AGM either in person on the day or by proxy in advance. Shareholders are encouraged to submit their votes via proxy as early as possible, as further detailed in the 2024 AGM Notice.
Whilst live questions will be accepted on the day, in order to facilitate the smooth running of the AGM, shareholders are encouraged to submit any questions for the Board to consider via the Investor Meet Company platform up until 9am the day before the AGM. Shareholders can also submit questions in advance by email to cosec@ipgroupplc.com up to 48 hours prior to the time of the AGM.
Shareholders that wish to attend the AGM remotely should register in advance by using the following link: |
October low was 44p. Ont was about 2.40 at the time.
It reached 40 in 2020, an historic low, so we're near as.
I think it will continue to fluctuate within a band up to 60p, before any take off. |
Each to their own but prefer to find something that is already trending higher with a macro back-wind and management that know how to steer the ship. Makes life a little easier and less stressful. This will turn but no amount of my trying to predict it has succeeded so I've given up trying.
A catalyst needed that might be a sale of a holding etc. |
Bought a few this morning, which I will probably trade until the new trend becomes clear. We can probably quite reasonably expect a rise to say, 53p level just on white noise? |
Oakbloke is a fan. This from his recent musings. He doesn't always get it right, but he does put in the research. I think personally the question about FL is whether/to what extent it is actually accretive of value, without the kind of breakthrough that would see it producing commercial energy. I imagine far more likely that its IP would be sold off to help a larger entity get to that point.
IP Group
I recently spoke about the IPO FY23 results. A reader speculated that Nuclear Fusion is “commercially still way off in the distance - even 20 years is optimistic.” They may be right. But does that mean a holding like First Light Fusion cannot prosper while governments pay to make it happen? Like the US did this week. And especially if you can demonstrate progress. This week IP Group’s First Light Fusion announced a world-record pressure achievement of 1.85 Terrapascals (vs a previous 1.5 TerraPascal) using a US “Z machine” which has a 80 Terrawatt peak power - using the amplification technology of First Light.
First Light is pursuing a form of inertial confinement fusion called projectile fusion, which creates the extreme temperatures and pressures required to achieve ‘fusion’ by compressing a target containing fusion fuel using a projectile travelling at a tremendous speed. This differs from approaches pursued by other mainstream fusion companies in that it doesn’t involve using complex, energy-intensive, expensive lasers, or magnets. Without the need for hugely complex and expensive lasers to facilitate the fusion reaction, this is a simpler, cheaper, more energy-efficient approach to achieving fusion with lower physics risk. The amplifier massively increases the pressure delivered from the impact of the projectile, necessary to achieve fusion. First Light has had its first shot on the Z Machine and later this year gets two more shots and believes it can further increase pressure. More TerraPascal records to follow, reader!
I firmly believe this is a great opportunity - and people like Bill Gates thinks Fusion a great opportunity too. Where Gates open, others follow through. |
Discount on NAV could be removed if management accepted the current market valuation.
Any reason why they shouldn't do this?
Apart from their NAV based free shares that is... |
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