IP Group sells 9.16m shares in Ceres Power

IP Group sells 9.16m shares in Ceres Power

Cash realisations for the year now exceed £168m

IP Group plc (LSE: IPO) ("IP Group" or "the Group"), the developer of intellectual property-based businesses, announces that it has sold 9.16 million ordinary shares, in Ceres Power Holdings plc ("Ceres") at a price of 585 pence per share.

The net proceeds from the sale of approximately £52.4 million increases IP Group's total proceeds from Ceres to date to £125.9 million, which represents a multiple of seven times cost. This transaction also increases IP Group's total cash realisations for the year to date to more than £168 million, more than double the £79.5 million recorded for the whole of 2019.

This transaction places the Group in an even stronger, liquid financial position, that will enable it to continue to navigate the uncertainty presented by the current environment and provide flexibility to the Group as new investment opportunities arise. The Group will review the use of proceeds in line with its capital allocation policy.

Alan Aubrey, Chief Executive of IP Group plc, said: "IP Group first invested in Ceres Power in 2012 at a valuation of less than £1 million. Over the past eight years, IP Group has actively supported Ceres in a number of ways in addition to providing capital. Today, Ceres is worth approximately £1 billion, employs more than 300 people and is in a great financial and commercial position. It is a great example of how we've helped develop and support a world-leading company based on scientific research carried out in the UK. It has been a privilege to work with the Ceres team over the years and we're immensely proud of the company's achievements."

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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