IP Group sells 12.25m shares in Ceres Power

IP Group sells 12.25m shares in Ceres Power, cash realisations for the year now exceed £110 million

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.

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.

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).

Alan Aubrey, Chief Executive of IP Group plc, said: "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 great example of how we've helped to develop and support a world-leading company based on scientific research carried out in the UK."

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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.

ENDS