15th May 2014 09:57
LONDON (Alliance News) - IP Group PLC Thursday said the fair value of its portfolio has increased since the end of last year, driven by its acquisition of Fusion IP and gains relating to its investments.
In a statement, IP Group, which teams up with universities with the aim of commercialising their research, said the fair value of its portfolio increased by GBP31.3 million to GBP317.2 million between December 31, 2013 and May 13.
IP Group pointed to a GBP11.6 million fair-value gain in relation to its shareholding in Actual Experience PLC, which was admitted to AIM earlier this year, as well as increases in the share prices of a number of its quoted portfolio companies totalling GBP13.7 million. IP Group said these were partially offset by decreases in the fair values of holdings in AIM-quoted Getech Group PLC, Ceres Power Holdings PLC and Modern Water PLC due to falls in the value of their shares.
"The current year has so far seen the group complete a GBP100 million equity capital raise and the acquisition of Fusion IP PLC, a company with a highly complementary business and management team. In addition, the group agreed a pilot IP commercialisation collaboration with Princeton University and extended its agreement with the University of Manchester to include graphene," Alan Aubrey, IP Group chief executive, said in a statement.
"These achievements, combined with the successful admission of two of our portfolio companies to AIM, an increased pipeline of opportunities, and a strong cash and financial position, provide us with a solid platform from which to generate significant value for shareholders over the long term," Aubrey added.
IP Group shares were down 0.2% at 177.9 pence Thursday morning.
By Samuel Agini; [email protected]; @samuelagini
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