1st Nov 2013 08:24
LONDON (Alliance News) - IP Group PLC Friday reported a GBP52.7 million fair value increase over the last four months, driven by a GBP33.3 million fair value gain from Oxford Nanopore Technologies Ltd's October financing and GBP19.1 million due to share price increase among some of the stocks in its portfolio.
It said the fair value of its portfolio stood at GBP258.2 million at the end of October compared with GBP191.9 million at the end of June.
It said fair value for AIM-listed stocks Modern Water PLCV and Evocutis PLC fell.
IP Group has now made investments in its portfolio stocks of GBP25 million, up from GBP21.4 million last year.
It said it had cash of GBP23 million at the end of October and net assets of GBP312 million, or 83 pence a share.
IP Group invests in intellectual property companies, trying to bring ideas to market, particularly technology innovations from research-intensive partner universities. It now has 72 companies in its portfolio, up from 70 at the end of June.
Its shares were up 3.2% at 151.728 pence early Friday, one of the biggest gains on the FTSE 250.
By Steve McGrath; [email protected]; @SteveMcGrath1
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