CIP Merchant Capital Ltd Investment in Ixico plc (0690V)

TIDMCIP TIDMIXI

RNS Number : 0690V

CIP Merchant Capital Ltd

12 April 2021

12 April 2021

CIP MERCHANT CAPITAL LIMITED

("CIP" or the "Company")

Investment in Ixico plc

CIP is pleased to announce its investment in Ixico plc (AIM: IXI) ("Ixico"), the artificial intelligence data analytics company delivering insights in neuroscience, quoted on AIM. The Company has acquired, in aggregate, 1,784,500 ordinary shares of 1p each in Ixico, representing approximately 3.72 per cent. of Ixico's issued share capital, for a total consideration of approximately GBP1.2 million.

For its financial year ended 30 September 2020, Ixico achieved revenue of GBP9.53 million, gross profit of GBP6.35 million, a profit on ordinary activities before taxation of GBP0.86 million and a net profit attributable to its equity holders of GBP0.95 million. As at 30 September 2020, Ixico had cash and cash equivalents of GBP7.95 million and net assets of GBP9.12 million. Currently, Ixico has a market capitalisation of approximately GBP33.82 million.

The CIP Board notes the contract update released by Ixico on 23 March 2021 in respect of the Huntingdon's disease phase III trial and open-label extension studies by its largest pharma customer and the subsequent adverse movement in its share price. The Company's Board believes that, regardless of such update's potential short term impact on Ixico's financial performance, Ixico nevertheless maintains a solid pipeline with a contracted order book underpinned by its advanced data analytics capability in neuroscience.

For further information, please contact :

 
Merchant Capital Manager Limited (Investment Manager) 
 Wikus Van Schalkwyk                                    + 44 1481 749363 
Strand Hanson Limited (Nominated Adviser and Broker) 
 James Bellman / Matthew Chandler / Ritchie Balmer      [phone] 
 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European (Withdrawal) Act 2018.

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April 12, 2021 02:00 ET (06:00 GMT)