21st Feb 2014 08:53
LONDON (Alliance News) - IP Group PLC shares jumped to the top of the FTSE 250 Friday after the firm announced that its portfolio company, Xeros Ltd intends to raise funds and apply for admission to trading on the AIM market.
The developer of intellectual property based businesses said Xeros' admission is expected to take place in March this year.
Xeros, a spin-out company from the University of Leeds, is a patented polymer bead cleaning system developer.
Admission and the fundraising are expected to support the group in a roll out in commercial laundry and to fund the research and development process through to commercialisation in other identified applications, not least in domestic laundry, said the firm.
IP Group has an undiluted beneficial stake of 14.6% in Xeros.
Jefferies International Limited is acting for Xeros in relation to the proposed Admission.
Shares jumped to trade at 229.7652 pence, up 7.32% on the news Friday morning
By Alice Attwood; [email protected]; @AliceAtAlliance
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