IP Group Plc commences an Equity Buyback Plan for 103,677,065 shares, representing 10% of its issued share capital, under the authorization approved on June 15, 2023.
December 19, 2023 at 12:44 pm EST
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IP Group Plc (LSE:IPO) commences share repurchases on December 19, 2023, under the program mandated by the shareholders in the Annual General Meeting held on June 15, 2023. As per the mandate, the company is authorized to repurchase up to 103,677,065 shares, representing 10% of its issued share capital. The minimum price which may be paid for each ordinary share is £0.02 and the maximum price which may be paid for each ordinary share is the higher of 5% above the average of the middle market quotations taken from the London Stock Exchange Daily Official List, for the five business days immediately preceding the day on which the ordinary share is purchased and an amount equal to the higher of the price of the last independent trade of an ordinary share and the current highest independent bid for an ordinary share as derived from the London Stock Exchange Trading System. Any shares purchased under this authority may either be cancelled or held as treasury shares. The authority shall expire at the earliest of the conclusion of the next Annual General Meeting 2024, or on September 15, 2024, whichever is earlier. As of April 19, 2023, the company had 1,036,770,650 ordinary shares outstanding and 26,417,355 shares in treasury.
On December 18, 2023, the company announced a share repurchase program. Under the program, the company has entered into a non-discretionary arrangement with Deutsche Numis to repurchase up to £20 million worth of its shares. Any repurchased shares will be held in treasury. The program will be valid until the end of 2024, unless terminated earlier.
IP Group plc is a United Kingdom-based early-stage science investor. The Company develops and supports various businesses in deep technology (deeptech), life sciences and clean technology (cleantech). Its segments include venture capital investing: life sciences, venture capital investing: deeptech, venture capital investing: cleantech, venture capital investing: other, and third-party fund management. Its life sciences investments are focused on a healthier future with a view to curing and preventing disease rather than simply treating symptoms and building healthier - rather than just longer - lives. Its deeptech investments are focused on four technology subsectors underpinned by global societal need and macroeconomic trends. Its cleantech platform, Kiko Ventures, is investing in assets that address the global climate challenge, targeting innovators that are creating scalable climate technology solutions. Its subsidiaries include Parkwalk Advisors Limited and IP2IPO Limited.
IP Group Plc commences an Equity Buyback Plan for 103,677,065 shares, representing 10% of its issued share capital, under the authorization approved on June 15, 2023.