FOR RELEASE ON |
25 March 2014 |
IP Group - First day of dealings and admission to AIM for portfolio company Xeros
IP Group plc (LSE: IPO) ("IP Group" or "the Company"), the developer of intellectual property based businesses, is pleased to note that portfolio company Xeros Technology Group plc ("Xeros" or "the Group") has today announced its admission to the AIM market of the London Stock Exchange and the commencement of dealings in its Ordinary Shares.
Xeros (AIM: XSG), a spin-out from the University of Leeds that has developed a patented polymer bead cleaning system, has raised gross proceeds of £27.6 million in a placing of 22,422,579 ordinary shares at 123 pence per share. On the basis of 65,073,549ordinary shares being admitted to trading on AIM the market capitalisation of Xeros at admission will be approximately £80 million.
IP Group is beneficially interested in 7,754,297 ordinary shares in Xeros, representing 11.9 % of Xeros' enlarged issued share capital, valued at £9.5 million at the placing price of 123 pence per share. The admission of Xeros to AIM will result in an unrealised fair value gain to IP Group of £4.1 million at the placing price. In addition, IP Venture Fund, a venture capital fund managed by the Group, has a beneficial interest in 4,327,564 ordinary shares, representing 6.7% of Xeros' enlarged issued share capital. IP Group and IP Venture Fund have committed £2.2 million and £1.3 million respectively to the placing.
Admission and the fundraising are expected to allow Xeros to accelerate roll-out in commercial laundry and to fund the research and development process through to commercialisation in other identified applications, not least in domestic laundry.
For more information, please contact:
IP Group plc |
www.ipgroupplc.com |
Alan Aubrey, Chief Executive Officer |
+44 (0) 20 7444 0050 |
Liz Vaughan-Adams, Communications |
+44 (0) 20 7444 0062 / +44 (0) 7979 853 802 [email protected] |
FTI Consulting (for IP Group) |
|
John Dineen |
+44 (0) 20 7831 3113 |
Notes for editors
About IP Group
IP Group is a leading UK intellectual property ("IP") commercialisation company, developing technology innovations primarily from its research intensive partner universities. The Group offers more than traditional venture capital, providing its companies with access to business building expertise, networks, recruitment and business support.
The Company's portfolio comprises holdings in over 90 companies including Oxford Nanopore Technologies, the DNA sequencing development company, Revolymer, best known for its removable chewing gum and Xeros, which has received many accolades for its revolutionary clothes washing techniques with a much reduced requirement for water.
The portfolio includes early stage to mature businesses and has exposure to five main sectors - Energy & Renewables, Healthcare, Biotech, IT & Communications and Chemicals & Materials.
For more information, please visit our website at www.ipgroupplc.com.
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