21st May 2020 10:26
(Alliance News) - IP Group PLC on Thursday said it has sold 12.3 million shares in clean energy company Ceres Power Holdings PLC at 425 pence each, netting GBP51 million.
Shares in the intellectual property commercialisation company were trading 0.5% higher at 56.58p each on Thursday morning in London. Ceres Power shares were 5.0% lower at 449.50p each, for a GBP767.0 million market capitalisation.
IP Group said the sale was conducted by way of an accelerated bookbuild process in which Joh Berenberg Gossler & Co KG acted as sole book runner.
Following completion of the sale, IP Group will continue to own around 9.4 million shares in Ceres Power, representing 5.5% of the company's share capital.
"We're pleased to announce another significant cash realisation that brings total proceeds in the year to date to more than GBP110 million. IP Group remains financially strong and continues to take a prudent approach to capital allocation and operating costs in the current environment.
"The group first invested in Ceres in 2012, and it is a great example of how we've helped to develop and support a world-leading company based on scientific research carried out in the UK," said IP Group Chief Executive Alan Aubrey.
Ceres Power is not a party to the placing and will not receive any proceeds.
By Ife Taiwo; [email protected]
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