7th Oct 2024 11:11
IP Group PLC - London-based active investor in early stage science companies - Extends share buyback by GBP10 million, having completed a GBP20 million repurchase last month. IP Group bought back 45.5 million shares at an average price of 43.96 pence in the recent buyback, which was launched in December last year. All the shares were put into treasury and cancelled, together with 29.7 million shares previously repurchased. IP Group now has 995.9 million shares in issue for a market capitalisation of GBP493.9 million. The new buyback will be run by Deutsche Numis and be completed by the end of December.
The funds for the buybacks come from investment exits, which have totalled GBP45 million so far in 2024. What's more, IP Group is set to receive GBP134 million in cash from the acquisition of portfolio firm Featurespace by Visa Inc. Meanwhile, another portfolio holding, Intelligent Ultrasound Group PLC, has promised a cash return to shareholders following the GBP40.5 million sale of its Clinical AI business to GE Healthcare Technologies Inc. IP Group says it "looks forward to updating the market further on the impact of these transactions on shareholder returns in due course".
Current stock price: 49.60 pence, up 1.7% in London on Monday
12-month change: down 1.2%
By Tom Waite, Alliance News editor
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