Business
IP Group sells 12.25m shares in Ceres Power
IP Group sells 12.25m shares in Ceres Power.
About this update from Ip Group Plc
[{"type":"text","content":"\n \n \n RNS Number : 5533N\n IP Group PLC\n 21 May 2020\n \n \n \n \n \n \n \n \n FOR RELEASE ON\n \n \n \n \n 21 May 2020\n \n \n \n \n \n \n \n \n \n \n \n \n IP Group sells 12.25m shares in Ceres Power, cash realisations for the year now exceed £110 million\n \n \n \n \n \n IP Group plc (LSE: IPO) (\"IP Group\" or \"the Group\"), the developer of intellectual property-based businesses, announces that it has sold 12.25 million ordinary shares in Ceres Power Holdings plc (\"Ceres\") at a price of 425 pence per share.\n \n \n \n \n \n Following completion of the sale, which was conducted through an accelerated bookbuild by Berenberg as sole bookrunner, IP Group will continue to hold approximately 9.4 million ordinary shares in Ceres, representing approximately 5.5 per cent of the issued share capital of the Company.\n \n \n \n \n \n The net proceeds from the sale of approximately £51 million bring the Group's total cash realisations for the year to date to more than £110 million (full year 2019: £79.5 million).\n \n \n \n \n \n \n Alan Aubrey, Chief Executive of IP Group plc, said: \n \n \n \"We're pleased to announce another significant cash realisation that brings total proceeds in the year to date to more than £110 million. IP Group remains financially strong and continues to take a prudent approach to capital allocation and operating costs in the current environment. The Group first invested in Ceres in 2012 and it is a \n \n great example of how we've helped to develop and support a world-leading company based on scientific research carried out in the UK.\"\n \n \n \n \n \n \n \n For more information, please contact:\n \n \n \n \n \n \n \n \n \n IP Group plc\n \n \n \n \n \n www.ipgroupplc.com\n \n \n \n \n \n \n \n Alan Aubrey, Chief Executive Officer\nGreg Smith, Chief Financial Officer\nLiz Vaughan-Adams, Communications \n \n \n \n \n +44 (0) 20 7444 0050\n+44 (0) 20 7444 0062/+44 (0) 7979 853802\n \n \n \n \n \n \n Charlotte Street Partners\n \n \n \n \n \n \n \n \n \n Andrew Wilson\n \n \n \n \n +44 (0) 7810 636995\n \n \n \n \n \n \n David Gaffney\n \n \n \n \n +44 (0) 7854 609998\n \n \n \n \n \n \n \n \n \n Notes for editors\n \n \n \n \n \n About IP Group\n \n \n \n IP Group is a leading intellectual property commercialis...