10th Mar 2015 08:24
LONDON (Alliance News) - IP Group PLC Tuesday said it is planning to raise GBP128 million via a share placing, as its pretax profit for 2014 fell substantially and it appointed a new chairman.
The intellectual property company said it intends to raise GBP128 million by issuing 56.9 million shares at 225 pence per share, a 6.6% discount to its closing middle-market price of 240.9 pence on March 9. Shares in IP Group were down 0.7% to 239.276 pence on Tuesday.
The fundraising came after the company said its pretax profit in 2014 fell to GBP9.5 million from GBP72.6 million in 2013, primarily due to the non-recurrence of a GBP82.4 million net fair value gain made in 2013.
IP said its net assets increased to GBP526.2 million from GBP337 million in the year, with the fair value of its portfolio at GBP349.9 million, from GBP285.9 million a year earlier.
IP also said Mike Humphrey has been appointed as its new non-executive chairman. He replaces Bruce Smith, who announced he would step down in October. Humphrey will take on the role following IP's board meeting on March 24.
By Sam Unsted; [email protected]; @SamUAtAlliance
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