Evolution Grp reduces Holding
IP2IPO Group PLC
19 May 2004
For Immediate Release 19 May 2004
IP2IPO Group plc
The Evolution Group Plc reduces its holding in IP2IPO Group Plc
IP2IPO Group plc ('IP2IPO' or 'the Company') (AIM: IPO), the intellectual
property company that specialises in commercialising university technology,
announces that The Evolution Group Plc has reduced its shareholding in IP2IPO
from 40.61% to 18.46% by selling 9,000,000 shares at 450p per share (the 'Sale
Shares') primarily to institutional investors.
In order to facilitate the transaction in respect of the Sale Shares, IP2IPO and
KBC Peel Hunt Ltd, its nominated adviser and broker, released The Evolution
Group plc from the lock-in arrangements that were entered into at the time of
IP2IPO's flotation in October 2003. The terms of these lock-in arrangements
will continue to apply to those shares being retained by The Evolution Group
Plc.
The Company also announces that Dave Norwood, Chief Executive Officer of IP2IPO,
has purchased 165,000 Sale Shares (representing 0.41% of the issued share
capital of the Company) at 450p per share. This increases his stake in the
Company from 0.89% to 1.30%. The transaction took place on 18th May 2004.
Commenting on this announcement, Dave Norwood, Chief Executive Officer of
IP2IPO, said: 'This is a positive development for IP2IPO. Evolution's reduction
in its shareholding in IP2IPO marks another milestone for IP2IPO's growing
maturity and has enabled the Company to broaden its shareholder base
significantly. The Company's shareholder register is strengthened as a result. I
would like to both welcome our new shareholders to IP2IPO and to record my
thanks for Evolution's historic and continued support for the Company.'
-Ends-
For more information please contact:
IP2IPO
David Norwood, Chief Executive Officer 020 7071 4348
Buchanan Communications
Tim Anderson, Mark Court, Mary-Jane Johnson 020 7466 5000
Notes to editors
IP2IPO
IP2IPO is an intellectual property (IP) company that specialises in
commercialising university technology. The Company has already formed four
long-term partnerships with UK universities and listed on AIM in October 2003.
IP2IPO's first such collaboration was with the University of Oxford. In return
for an investment of £20 million, IP2IPO has acquired 50 per cent of the
University of Oxford's equity in spin-out companies and technology licences
based on intellectual property created at the Chemistry Department until 2015.
In March 2002, IP2IPO Limited entered into a second long-term partnership with
the University of Southampton. Under the terms of this partnership, IP2IPO is
committed to working with the University of Southampton in the identification
and facilitation of spin-out companies from across the University of Southampton
and to investing £5 million in early-stage University of Southampton spin-out
companies over a four year period in return for equity stakes in those
companies. In addition, IP2IPO Limited also received a 20 per cent stake in
Southampton Asset Management Limited, a company that has been formed to hold the
University's equity stakes in its future spin-out companies. The partnership has
a term of at least 25 years.
IP2IPO Limited entered into its third long-term partnership in May 2003 with
King's College London. IP2IPO Limited will work with King's College London to
help identify and progress commercialisation opportunities as well as invest £5
million in King's College London's spin-out companies over a five year period in
return for equity stakes in those companies. In addition, IP2IPO Limited will
receive 20 per cent. of King's College London's equity in spin-out companies and
technology licenses. The partnership has an initial term of 25 years.
In October 2003, IP2IPO announced a fourth partnership with the Centre for Novel
Agricultural Products ('CNAP'), based at the University of York. CNAP is a
flagship research centre that specialises in plant and microbial gene discovery.
Under the terms of the partnership a new company, Amaethon Limited, has been
created which has the right to commercialise CNAP's IP for 25 years. IP2IPO
Limited has committed to invest £1.15m in Amaethon Limited in return for a one
third equity stake in Amaethon Limited (the remaining equity being owned by the
University of York) and will also invest in the spin out companies based on
CNAP's IP which Amaethon Limited creates.
This information is provided by RNS
The company news service from the London Stock Exchange
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