Board Changes
IP Group PLC
03 September 2007
FOR IMMEDIATE RELEASE 03 September 2007
IP GROUP APPOINTS NON-EXECUTIVE CHAIRMAN
IP Group plc (LSE: IPO) ('IP Group' or 'the Company' or 'the Group'), the
intellectual property commercialisation company, is delighted to announce that
Dr Bruce Smith, who has been a Director of the Company for five years, has been
appointed Non-Executive Chairman with immediate effect.
Executive Chairman David Norwood will move to the position of Special Projects
Director, also with immediate effect, and will remain an Executive Director of
the Group.
Mr Norwood, Special Projects Director, said: 'I am delighted to welcome Bruce to
the role of Non-Executive Chairman - the position he held when IP2IPO Group plc
floated on AIM nearly four years ago. The Company has seen tremendous growth
since then and, following IP Group's move to the Official List from AIM last
year and to reflect its maturing profile, we felt the time was now right to
appoint an independent Non-Executive Chairman. I am delighted that Bruce has
agreed to take on this position which will, in turn, enable me to focus solely
on my role of Special Projects Director - a role that I have effectively carried
out for some time.'
Dr Smith, aged 67, is Chairman of the Rainbow Seed Fund and Chairman of the
Council of Smith Institute for Industrial Mathematics and System Engineering. He
was also the Chairman and majority shareholder of Smith System Engineering
Limited until a management buyout in 1997.
Before founding Smith System Engineering Limited, Dr Smith worked in design
engineering for Decca Radar Limited after a period in the U.S. with Bellcomm
Inc. in the U.S. space programme. He is a Fellow of the Royal Academy of
Engineering, the Institution of Engineering and Technology and the Institute of
Physics and a Domus Fellow of St Catherine's College, Oxford.
Dr Smith became a Director of the Group in September 2002 and was appointed
Non-Executive Chairman in September 2003, holding that role for a year during
which time the Group floated on AIM. In August 2004, he was appointed a
Non-Executive Director, stepping down from the role of Chairman for family
reasons.
Dr Smith said: 'I have been a Director of the Group for five years during which
time the Group has increased the number of University partnerships from 2 to 10,
carried out two acquisitions, created three subsidiary companies and matured
considerably in its processes and systems. I am delighted to be taking on the
role of Non-Executive Chairman at this exciting time and look forward to an open
dialogue with our shareholders.'
For further information, please contact:
IP Group plc 020 7444 0050
Alan Aubrey, Chief Executive Officer
Liz Vaughan-Adams (Communications) 020 7444 0062/07979853802
Buchanan Communications 020 7466 5000
Tim Anderson, Mary-Jane Johnson, Mark Court
Notes for Editors
About IP Group
IP Group Plc is an intellectual property (IP) commercialisation company that
specialises in commercialising university technology. Founded in 2001, IP Group
listed on AIM in October 2003 and moved to the Official List in June 2006. It
has made two acquisitions to date - Techtran, a company set up to commercialise
university intellectual property under a long term contract with the University
of Leeds, in 2005 and Top Technology Ventures, an investment adviser to early
stage technology venture capital funds, in 2004.
IP Group has formed long-term partnerships with ten universities - the
University of Oxford, King's College London, CNAP/University of York, the
University of Leeds, the University of Bristol, the University of Surrey, the
University of Southampton, Queen Mary (University of London), the University of
Bath and the University of Glasgow.
As at 30 June 2007, 60 spin-out companies had been created among IP Group's
university partners. Of those, eight have listed on the AIM market of the London
Stock Exchange, one on PLUS Markets and there have been two trade sales. IP
Group also has three 'Modern-themed' subsidiaries - Modern Biosciences, Modern
Water and Modern Waste. Modern Water was the first of these subsidiaries to
float on AIM in June 2007.
For more information, please visit our website at www.ipgroupplc.com.
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange