Share buyback programme

RNS Number : 4317O

IP Group PLC

08 October 2021

 

FOR RELEASE ON

08 October 2021

IP Group plc - Share buyback programme

IP Group plc (LSE: IPO) ("IP Group" or "the Group" or "the Company"), the developer of intellectual property-based businesses, announces that it has today launched a programme to purchase ordinary shares of 2 pence each in IP Group ("Ordinary Shares") up to an aggregate consideration of £35 million (the "Buyback Programme").

As previously announced and consistent with its Capital Allocation Policy, the Group's Board has specifically reserved up to £35 million for share buybacks. In light of the Group's prevailing share price, notwithstanding recent portfolio events, and consistent with its commitment to shareholder returns, the Board has determined that now is the appropriate time to formally launch the Buyback Programme.

The Group has entered into a non-discretionary arrangement with Numis to manage the Buyback Programme and repurchase Ordinary Shares on its behalf and within certain parameters, including to only buy back Ordinary Shares at a discount to Hard NAV per share. The Buyback Programme will run from the date of this announcement to 31 March 2022, unless terminated earlier. Numis will make its trading decisions in relation to the Ordinary Shares independently of the Group. 

Purchases of Ordinary Shares pursuant to the Buyback Programme will take place in open market transactions and may be made from time-to-time depending on market conditions, the Group's share price, trading volumes in the Group's Ordinary Shares and other factors. The maximum price paid per Ordinary Share will be: (A) no more than the higher of: (i) 5 per cent above the average of the middle market quotations taken from the London Stock Exchange Daily Official List for the five business days preceding any ordinary shares being purchased; and (ii) the price of the last independent trade and the highest independent bid for Ordinary Shares on the trading venue where the purchase is carried out; and (B) no less than (exclusive of expenses) a price of 2 pence per Ordinary Share, being the nominal value of an Ordinary Share. Under the Buyback Programme, any Ordinary Shares purchased will be held in treasury.

The Buyback Programme is in accordance with IP Group's general authority to purchase a maximum of 106,253,373 Ordinary Shares, granted by its shareholders at the Annual General Meeting held on 9 June 2021. The Buyback Programme will also be effected within the parameters of the Market Abuse Regulation 596/2014/EU and the Commission Delegated Regulation 2016/1052/EU (as incorporated into UK domestic law by the European Union (Withdrawal) Act 2018), including where relevant pursuant to the Market Abuse (Amendment)(EU Exit) Regulations 2019), and in accordance with Chapter 12 of the Financial Conduct Authority's Listing Rules. IP Group confirms that it currently has no other unpublished price sensitive information.

IP Group will make further regulatory announcements to shareholders in respect of purchases of Ordinary Shares by the Group as they occur.

For more information, please contact:

IP Group plc	www.ipgroupplc.com
Liz Vaughan-Adams, Communications	[phone]/[phone]
Charlotte Street Partners
David Gaffney	[phone]
Andrew Wilson	[phone]

Notes for editors

About IP Group

IP Group is a leading intellectual property commercialisation company which focuses on evolving great ideas, mainly from its partner universities, into world-changing businesses. The Group has pioneered a unique approach to developing these ideas and the resulting businesses by providing access to business building expertise, capital (through its 100%-owned FCA-authorised subsidiaries IP Capital and Parkwalk Advisors), networks, recruitment and business support. IP Group has a strong track record of success and its portfolio comprises holdings in early-stage to mature businesses across life sciences and technology. IP Group is listed on the Main Market of the London Stock Exchange under the code IPO.

Group holdings in portfolio companies reflect the undiluted beneficial equity interest excluding debt, unless otherwise explicitly stated.

For more information, please visit our website at www.ipgroupplc.com .

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