11th Mar 2005 12:56
Evolution Group PLC11 March 2005 FOR IMMEDIATE RELEASE 11 MARCH 2005 EVOLUTION GROUP PLC ("EVOLUTION" or the "GROUP") DISPOSAL OF GROUP'S HOLDING IN IP2IPO GROUP PLC ("IP2IPO") Evolution Group plc, a leading mid-market integrated investment bank, has todaydisposed of its remaining 18% holding in its former subsidiary IP2IPO. A total of 7,502,170 shares have been placed with institutional investors at aprice of £7.04, raising £52.8million, before expenses. Evolution will retainthe cash proceeds of this transaction. IP2IPO is an intellectual property company specialising in commercialisinguniversity technology. It has been operating as a separate, independentlymanaged business since its flotation on AIM in October 2003. The disposal is inline with the planned separation of the IP2IPO business from the Group andrealises significant value for Evolution's shareholders. About Evolution Group The Evolution Group plc is a leading mid-market integrated investment bank("Evolution Securities") and private client fund management group ("Christows")listed on the FTSE 250 with a market capitalisation of approximately£420million. For further information, please contact: Grandfield020 7417 4170 Charles [email protected] Samantha [email protected] This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
EVG.LIp Group