Ip Share Discussion Threads

[bjfanc] 13/6/2024 10:24

I'd argue using this recent underlying company sale as an example, that the private portfolio should have had a 30 to 40% hair cut.Hence the NAV discount is closer to 15 to 25% per cent.Or Alternatively, they have sold a top 10 holding to a trade buyer without premium.RNS doesn't give exact details, such as holding period, total investment etc.But given, the hard work/risk/time/cost, of finding companies that make it. The share price will hardly react, as battle hardened, shareholders will probably just think, that they have just about broken even on this one. Relative to cash + inflation etc.

[p1nkfish] 12/6/2024 22:05

Depends what they do with the cash. Certainly unlikely to be given to the owners of the company to get a better return on elsewhere.

[houseofpain1] 12/6/2024 21:38

Don't disagree with that bjfanc but still a takeover at carrying value when you're trading at at something like a discount to NAV of 55% should surely be a positive!

[bjfanc] 12/6/2024 20:20

Selling at carrying value seems to either imply no takeover premium. Or a takeover premium is needed to match the carry value that they used...

[speedsgh] 12/6/2024 16:31

What is really needed is an activist investor to take a meaningful stake and start rocking the boat whilst pointing out that the company's officers are supposed to be acting in the best interests of its owners i.e. its shareholders!

[houseofpain1] 12/6/2024 16:05

Gosh this is a very hated stock at the moment. Given that the shares are trading so far below NAV, you would think that announcement of the sale of a top 10 holding at around carrying value would be enough to cause a slight tick-up in the shares, particularly on a day when US CPI has come in below expectations causing bond yields to fall. But, no, down another 2% and c13% in the last two weeks. Hmm.

Anyway, we should get a trial readout from Istesso before end June for their RA treatment. This is their largest or second largest holding now - c7% of NAV and c23% of market cap so could be a meaningful positive catalyst - or, of course, a negative one....

[palisz] 12/6/2024 14:05

AGM result
'Mounting unrest' those lily livered institutions voted 99% in favour of the Directors including the CEO AND Sir Flint ! Shame on them !!
The tanker ain't moving...

[p1nkfish] 12/6/2024 12:35

Well on one of the portfolio now released to the wild at about NAV for the holding, no upside.

[brucie5] 12/6/2024 11:58

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.

[speedsgh] 12/6/2024 11:18

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.

[bjfanc] 12/6/2024 11:07

Doesn't seem to be an urgency to get portfolio companies listed and hence an exit...

[palisz] 12/6/2024 08:28

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.

[brucie5] 16/5/2024 08:28

Broken up again over the 200. 3rd time lucky?
Anyone care to comment on comparative merits of IPO and Fipp?

[houseofpain1] 13/5/2024 20:45

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

[brucie5] 13/5/2024 10:51

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?

[houseofpain1] 13/5/2024 10:32

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.

[brucie5] 11/5/2024 15:49

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.

[bamboo2] 09/5/2024 06:50

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

[brucie5] 07/5/2024 12:30

No idea.
Wrong university maybe?.
;)

[bottomfisher] 07/5/2024 09:57

.
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?.

[brucie5] 03/5/2024 14:15

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.

[houseofpain1] 02/5/2024 15:08

Our chat seems to have moved the shares from -3% to +3%, Brucie - we should do it more often!