Ip Share Discussion Threads

[p1nkfish] 14/5/2015 17:26

well, well.
they had it sorted pronto, decent average down for them.

[bamboo2] 14/5/2015 16:08

"...it won't take a minute to sort this..." ;-|


14 May 2015

IP Group plc

("IP Group" or the "Company")

Results of Placing

IP Group, the developer of intellectual property-based businesses, is pleased to announce the successful completion of the placing announced earlier today (the "Placing").

A total of 26,500,000 new ordinary shares in the Company (the "Placing Shares") have been placed by Numis Securities Limited ("Numis") at a price of 208 pence per Placing Share with strong demand being received from both new and existing institutional investors, raising total gross proceeds of approximately GBP55.1m. The total expenses directly relevant to the Placing are estimated to be 2.3 per cent. of the gross proceeds. The placing price of 208 pence per Placing Share represents a discount of 1.0 per cent. to the price at 12.00 p.m. (being the time the placing price was agreed).

The Placing Shares will upon issue represent approximately 4.9 per cent. of IP Group's existing issued ordinary share capital prior to the Placing.

The Placing Shares, when issued, will be credited as fully paid and will rank pari passu in all respects with the existing ordinary shares of two pence each in the capital of the Company, including the right to receive all dividends and other distributions declared, made or paid on or in respect of such shares after the date of issue.

Applications have been made for admission of the Placing Shares to the premium listing segment of the Official List of the Financial Conduct Authority (the "Official List") and to trading on the main market of the London Stock Exchange plc (together, "Admission"). It is expected that settlement for the Placing Shares and Admission will take place at 8.00 a.m. on 19 May 2015. Settlement of the Placing is conditional upon, amongst other things, Admission becoming effective and upon the Placing Agreement not being terminated in accordance with its terms.

Following Admission the total number of shares in issue in the Company will be 564,465,429.

Smaller related party transactions

Invesco Asset Management Limited ("Invesco"), which currently holds 25.3 per cent. of the Company's outstanding share capital, has committed to subscribe for 6,620,000 Placing Shares. Woodford Investment Management LLP ("Woodford"), which currently holds 10.2 per cent. of the Company's outstanding share capital, has committed to subscribe for 5,200,000 Placing Shares. The subscription for the aforementioned Placing Shares by each of Invesco and Woodford, each of which is a substantial shareholder of the Company under Chapter 11 of the Listing Rules, constitutes a related party transaction under Listing Rule 11.1.10.

[bamboo2] 14/5/2015 13:25

Hi p1nk, thanks for the reply.

You could well be correct about II's looking after each other! It doesn't look very hard nosed of management though, if that turns out to be the case.

I would guess that this new placing will be priced at a discount to the prevailing share price just before the placing price is announced, so anticipate/hope for an uplift in share price

The previous capital raise was to fund growth in the US, otherwise I would wonder why they didn't use that to fund the new business.

Most of that £125m must still be in the bank.

[p1nkfish] 14/5/2015 10:30

5% less than the last offer perhaps?
That would be about 213p. Say 210p - 215p.

[p1nkfish] 14/5/2015 10:29

no idea what they might do for the placing price.
would not be surprised to see it lower than the last recent offering.
notice this one os not an open offer, institutional, and they all look adter each other over taking care of the "plebs".

[bamboo2] 14/5/2015 09:52

Any comments on the news here today?

OSI looks to have good potential.

I can't see them pricing the placing at less than the previous one, [225p] so would guess the current market share price will be massaged as appropriate.

[bamboo2] 14/5/2015 07:25

14 May 2015

IP Group plc

Investment in Oxford Sciences Innovation plc

and

Proposed 5 per cent. cash placing

IP Group plc (LSE: IPO) ("IP Group", the "Company" or "the Group"), the developer of intellectual property-based businesses, is delighted to announce that it has broadened its exposure to future spin-out companies from the University of Oxford ("the University") through the acquisition of a strategic shareholding in Oxford Sciences Innovation plc ("OSI").

OSI is a newly-formed company that will, for a minimum of 15 years, be the contractually preferred partner of the University (and its wholly owned subsidiary, Isis Innovation Limited ("Isis")) to provide capital to, and develop, spin-out companies based on research from the University's Mathematical, Physical and Life Sciences Division and its Medical Sciences Division. The Board of OSI is chaired by David Norwood, who has had a long career building a number of science, technology and investment companies. Alan Aubrey, Chief Executive Officer of IP Group, will serve on OSI's board in a non-executive capacity.

IP Group will have an initial beneficial equity stake of 17.9 per cent. in OSI after committing GBP40 million of funding. Other cornerstone investors in the initial round, which totals GBP210 million, include Invesco Asset Management Limited, Lansdowne Partners (UK) LLP, Oxford University Endowment Fund, the Wellcome Trust and Woodford Investment Management LLP. OSI may seek to raise up to an aggregate total of GBP300 million through a second close of up to GBP90 million later in 2015.

IP Group intends to fund its investment in OSI via a placing of up to 26,898,271 new ordinary shares in the Company (the "Placing Shares") with institutional investors (the "Placing").

The Placing is being conducted through an accelerated bookbuilding process (the "Bookbuild") which will be launched immediately following this announcement. Numis Securities Limited ("Numis"), is acting as Bookrunner and Corporate Broker in connection with the Placing.

Alan Aubrey, Chief Executive of IP Group, said: "IP Group has a long and successful history with the University through which we have backed approximately 20 spin-out companies to date including Oxford Nanopore Technologies Limited, Velocys plc, Summit Therapeutics plc and Genomics Limited. Going forward, the Group will have exposure to a much wider range of scientific research from Oxford and we are excited to be continuing on this journey together with OSI and the other cornerstone investors."

David Norwood, Chairman of OSI, said: "The University of Oxford has been the birthplace of some of the best science in the world and some of the biggest ideas in history. The agreement with OSI and the strength of the cornerstone investors create a fantastic opportunity to turn world-leading science into market-leading companies and the opportunity to create significant value for all stakeholders. I have been involved with IP Group for many years and am looking forward to continuing to work with the team."

The University aims to be a leader in innovation and entrepreneurship, building on its position as a world-leading centre of learning, teaching and research. University staff have won a total of 32 Nobel prizes across Chemistry, Physics and Medicine. Oxford was ranked number one for the quality of its research in the UK's recent Research Excellence Framework and is consistently ranked among the top three universities in the world. The two science divisions are supported by a total research spend of over GBP400m annually.

The University also has a long track record of developing global science and technology businesses through Isis. Isis has established over 100 spin-out companies based on technology developed by the University of Oxford researchers since 2000, including eight in the last year.

IP Group currently has access to spin-out companies from the University's Institute of Biomedical Engineering ("IBME") as a result of its stake in, and informal commercialisation alliance with, Technikos LLP, a venture capital fund specialising in early-stage medical technologies. Technikos LLP's long-term commercialisation agreement with the IBME is in place until October 2022. The Group's original 15-year contract with the University's Department of Chemistry is due to expire in November 2015 at which point future spin-outs from this department will fall under the OSI agreement in full.

Highlights of the Placing

-- Under the terms of the Placing the Company intends to issue new ordinary shares, representing up to approximately 5 per cent. of IP Group's current issued share capital.

-- The net proceeds of the Placing will be used by the Group primarily to fund its subscription to OSI as well as to provide capital to new and existing spin-out companies and to continue to expand its access to technology from its partner universities and other research intensive institutions.

-- The Placing Shares, when issued, will be credited as fully paid and will rank pari passu in all respects with the existing ordinary shares of two pence each in the capital of the Company, including the right to receive all dividends and other distributions declared, made or paid on or in respect of such shares after the date of issue.

Details of the Placing

Under the terms of the Placing, IP Group intends to place the Placing Shares, representing up to 5 per cent. of the existing issued ordinary share capital of the Company, with both existing and new institutional investors. Members of the public are not entitled to participate in the Placing. The Placing is subject to the terms and conditions set out in the Appendix to this announcement (together, this announcement and the Appendix, the "Announcement").

The Bookbuild will open with immediate effect following this Announcement. The number of Placing Shares and the price at which the Placing Shares are to be placed (the "Placing Price") will be agreed by IP Group and Numis at the close of the Bookbuild. The timing of the close of the Bookbuild, pricing and allocations are at the discretion of IP Group and Numis.

Details of the Placing Price and the number of Placing Shares will be announced as soon as practicable after the close of the Bookbuild.

The Placing is subject to the conditions and termination rights set out in the placing agreement between IP Group and Numis (the "Placing Agreement"). Further details of the Placing Agreement can be found in the terms and conditions of the Placing contained in the Appendix to this announcement.

The Placing Shares, when issued, will be credited as fully paid and will rank pari passu in all respects with the existing ordinary shares of two pence each in the capital of the Company.

Applications will be made to the FCA for the Placing Shares to be admitted to the premium listing segment of the Official List of the UK Listing Authority (the "Official List") and to trading on the main market of London Stock Exchange plc (together, "Admission"). It is expected that settlement for the Placing Shares and Admission will take place on or around 8.00 a.m. on 19 May 2015. The Placing is conditional upon, amongst other things, Admission becoming effective and upon the Placing Agreement not being terminated in accordance with its terms.

This Announcement should be read in its entirety. In particular, your attention is drawn to the "Important Notices" section of this Announcement, to the detailed terms and conditions of the Placing and further information relating to the Bookbuild described in the Appendix.

By choosing to participate in the Placing and by making an oral and legally binding offer to acquire Placing Shares, investors will be deemed to have read and understood this Announcement in its entirety and to be making such offer on the terms and subject to the conditions of the Placing contained herein, and to be providing the representations, warranties, acknowledgements and undertakings contained in the Appendix.

[bamboo2] 12/5/2015 22:32

Board now have authority to buy back up to 10% of shares. Would this be flagged up in advance, or would they make an announcement after purchase?

FOR IMMEDIATE RELEASE 12 May 2015

IP Group plc - Annual General Meeting

The Annual General Meeting of IP Group plc was held earlier today. All of the resolutions proposed at the Annual General Meeting were duly passed.

[bamboo2] 12/5/2015 07:26

IP Group PLC

12 May 2015


FOR RELEASE ON 12 May 2015


IP Group plc - AGM Statement

IP Group plc (LSE: IPO) ("IP Group" or "the Group"), the developer of intellectual property-based businesses, is issuing a statement ahead of its Annual General Meeting which will take place at 2pm today at the Group's offices. This statement provides an update on the Group's progress for the period since 31 December 2014 and replaces the former Q1 Interim Management Statement.

Alan Aubrey, Chief Executive of IP Group, said: "I am pleased to report a positive start to 2015, during which the Group has completed a GBP128m equity capital raise and recorded a net increase in the fair value of its portfolio of GBP26m. Overall, our portfolio companies have performed well during the period with several of the quoted companies experiencing an increase in their share prices while, amongst the unquoted companies, Diurnal became the first of the Group's portfolio companies to enter a product into a Phase 3 trial. We remain focused on supporting our portfolio companies and evolving further great ideas into world-changing businesses."

Portfolio update

As at 8 May 2015, the fair value of the Group's portfolio was GBP385.0m compared to GBP349.9m at 31 December 2014. This represents a net unrealised fair value increase of GBP26.1m during the period, excluding the investments described below. This net fair value increase was primarily driven by the positive share price performance of a number of the Group's quoted companies, including Xeros Technology Group plc (GBP9.5m), hVIVO plc (GBP8.3m) and Applied Graphene Materials plc (GBP3.3m). These were partially offset by total decreases of GBP4.9m in the fair value of the Group's holdings including Azuri Technologies Limited (GBP1.2m) and Ilika plc (GBP1.2m).

The Group's portfolio now consists of holdings in 93 intellectual property-based companies. From 1 January 2015 to 8 May 2015, the Group provided incubation, seed and further capital totalling GBP9.1m to 22 portfolio companies. There were no material realisations from the portfolio during the period.

Significant developments in the Group's portfolio companies since 31 December 2014 have included:

- Diurnal Limited, a spin-out company from the University of Sheffield and in which IP Group holds a 51.7% undiluted beneficial interest, announced in March that it had been granted Orphan Drug designation by the US Food and Drug Administration for its lead product Chronocort(R) , which it has developed to treat the rare disease Congenital Adrenal Hyperplasia. Pivotal Phase 3 trials of Chronocort are due to start later in the year as Diurnal seeks to progress the drug towards market authorisation. In the same month, Diurnal also announced that the first patient had been enrolled onto a Phase 3 trial of its paediatric product, Infacort(R), which it has developed for the treatment of paediatric adrenal insufficiency. The trial is due to be completed by the third quarter of 2016 and represents the first Phase 3 study for Diurnal's portfolio of late-stage products targeted at rare disorders of the endocrine system.

- Tissue Regenix Group plc ("Tissue Regenix"), a regenerative medical devices company, announced in January that it had raised GBP20m (before expenses) through a placing of new ordinary shares with both new and existing institutional shareholders. The proceeds will be primarily used for the development and launch of new products, including applications for meniscus repair, ligament repair and heart valve replacement, and to expand its direct salesforce in the US for DermaPure, which is used in the treatment of chronic and acute wounds. The Group committed approximately GBP2.5m to the placing. Tissue Regenix has also announced that it has secured approval from the Medicines and Healthcare Products Regulatory Agency for the first clinical trial of its decellularised tendon device, Orthopure(TM) XT, for the surgical reconstruction of a torn Anterior Cruciate Ligament in the knee, a common sports injury that affects 900,000 people per year globally.

- During the period, Xeros Technology Group plc ("Xeros"), the developer of a patented polymer bead cleaning system and in which the Group holds an 11.9% undiluted beneficial interest, announced that additional utility companies in the US had launched energy initiative programmes for customers who commit to reducing their energy consumption through the use of a Xeros Commercial Laundry System. To date, 13 utility companies in the US have launched such incentive programmes. In April, Xeros announced that 61 Forward Channel Partners had signed up to join its North American Commercialisation Programme and also a joint development programme between Xeros and LANXESS Deutschland GmbH to advance the application of Xeros' polymer bead cleaning technology in the leather processing industry.

- Finally, Oxford Nanopore Technologies Limited ("Oxford Nanopore"), the Group's largest holding, opened its community-focused access programme - the "MinION Access Programme" - to fresh applications at the beginning of the year while programme participants continued to produce a number of publications in regards to novel applications for the MinION. On 14 and 15 May 2015, Oxford Nanopore will host its "London Calling" conference which is dedicated to nanopore sensing. During this conference, participants in the MinION Access Programme will share their experiences and attendees will learn more about the future of the technology and its applications.

In May, IP Group completed its second spin-out in the US and the first from Princeton University. The Group has agreed to provide initial capital of up to $1,500,000 for a significant minority stake in Uniformity Labs Inc., which develops optimised feedstock powders for 3D printing. The initial capital will be provided in tranches subject to successful attainment of commercial and technical milestones.

Board changes

In March, the Group announced that Mike Humphrey was to become Non-executive Chairman with effect from the conclusion of the Group's Board meeting held on 24 March 2015. Mr Humphrey, who joined the IP Group Board in 2011 and was appointed Senior Independent Director in that same year and Chairman of the Remuneration Committee in 2014, replaced Dr Bruce Smith CBE, who stepped down after 12 years on the Board. With effect from that same date, Doug Liversidge CBE, who joined the Board in 2014, assumed the role of Senior Independent Director and Jonathan Brooks, a member of the Board since 2011, became Chairman of the Remuneration Committee. The Nomination Committee is actively searching for an additional Non-executive Director for the Board and will make an announcement once this process has been completed.

Balance sheet update

In March, the Group completed an equity capital raise of GBP128m (before expenses). This has left the Group well positioned to continue to increase its overall rate of capital deployment into its existing maturing portfolio as well as into new early stage opportunities, both in the UK and the US.

At 8 May 2015, the Group had cash of GBP212m, a diversified portfolio valued at GBP385m and net assets of GBP672m, representing 125p per share. Excluding intangible assets and the Oxford Equity Rights asset, the Group's "hard" net assets were GBP600m or 111p per share.

[bamboo2] 11/5/2015 23:59

Possible share buyback to be announced tomorrow.

[bamboo2] 08/5/2015 10:43

First target achieved, now we need an eod close 210 or above to confirm the INVH&S. Wish I'd doubled up yesterday when I had the chance.

[daveb12] 06/5/2015 07:40

bamboo2 - lets hope so - nice little share this and deserves to go back in the right direction

[bamboo2] 05/5/2015 23:12

Joined you here today. Two targets, one for a confirmed double bottom on the 60min chart at 216.

Also an unconfirmed INVH&S at approx 222.

[p1nkfish] 26/4/2015 09:59

mwg agm on 30/4.
still a train wreck and ipo left holding 20%.
value trashed over the past 2 yrs.

[bamboo2] 25/4/2015 21:26

Both bearish patterns confirmed at Fridays close.

edit, charts added 26/04/2015


Second chart is daily. slight discrepancy in sma's. apols

Around 200 mark there could be some support This is the position of the very long term lower rising trendline. A visit to the 180's could be an intraday phenomenon only.

[bamboo2] 23/4/2015 22:33

This could help underscore the current line of support.

--------------------------------------------------------------------

Clients of WIM [St James Place?] holding from 46,006,919 to 54,665,460 or 10.2%

[p1nkfish] 23/4/2015 22:17

Mwg also in the toilet. AGM for mwg Monday. Train wreck so far, still have cash but burnt through a lot and Exec Chairman gone. IPO own 20%.

[philo124] 20/4/2015 18:58

Disappointing. ALM going to the moon.

[hjs] 11/3/2015 15:36

Todays drop in share price is very strange. Who would buy at 225 when they can buy today at 220? Did the placing brokers got it wrong? Normally a small discount would amount to share price moving higher instead in IPO's case, it has gone below issue price of 225.

[jaws6] 11/3/2015 12:17

well better to buy today then in open offer at 225

[philo124] 11/3/2015 12:09

Very surprised about this price.

[royfox] 11/3/2015 11:35

On that basis, anything below £2.10 will be a bargain...

[royfox] 11/3/2015 11:33

MM's will rebase the price to exactly £2.25 to avoid anyone making a day trade profit, when the shares are allocated.