Business
Notice of results; exit proceeds; share buyback
Notice of results; exit proceeds; share buyback.
About this update from Ip Group Plc
[{"type":"text","content":"\n\n\n\n\n\n\nFOR RELEASE ON\n\n\n08 August 2024\n\n\n\n\n \n \nIP Group plc - Cash proceeds from exits tracking higher than 2023; intention to increase share buyback programme; notice of results\n \nIP 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 provide the following updates.\nThe Group announces that it intends to publish its results for the six months ended 30 June 2024 on Tuesday 17 September 2024. In the meantime, the Group is updating shareholders on portfolio exits achieved to date and consequential return of capital in line with its policy.\nFollowing strong performance on portfolio realisations during the year to date, cash proceeds from exits confirmed or completed now total over £43m, a level that already exceeds the total for the whole of 2023.\nThe previously announced sale of Garrison Technology Ltd (\"Garrison\") to US-based cybersecurity firm Everfox is expected to complete during August. This accounts for the majority of the £43m proceeds noted above, with the balance received from the sale of holdings in a small number of portfolio companies, all of which have been completed at or above carrying values.\nIn addition to the above, the Group notes that Intelligent Ultrasound Group plc plans to make a 'material return of capital' following the announced sale of its Clinical AI business to GE HealthCare for an enterprise value of £40.5m. IP Group has a 20.8% holding in Intelligent Ultrasound.\nAs a result, in line with guidance given, the Directors plan to increase the Group's current share buyback programme by a further £10m. This will increase the current programme to a total of £30m. Since this programme was announced in December 2023, the Group has bought back 29m shares, approximately 3% of the shares in issue, for a total of £13m.\nThe Group also advises that it has yet to receive an update from portfolio company Istesso with regard to the outcome of its Phase 2b trial for Leramistat (MBS2320) in rheumatoid arthritis. Although receipt of this data is later than the Group had anticipated, this is not at all uncommon in complex clinical trials. The Group looks forward to updating shareholders when it is in a position to do so.\nFurther information on the pub...