31st Mar 2006 07:03
IP2IPO Group PLC31 March 2006 For immediate release 31 March 2006 IP2IPO GROUP PLC PROPOSED CHANGE OF NAME, DIVISION OF SHARE CAPITAL AND BOARD APPOINTMENT IP2IPO Group plc (AIM: IPO) ("IP2IPO" or "the Company") announces that it hastoday posted to shareholders a Notice of its Annual General Meeting at whichresolutions will be proposed for approval to change the name of the Company toIP Group plc and to divide the Company's share capital through a 5 for 1 sharesplit. The Board of Directors has proposed to change the name of the Company to reflectbetter the breadth of its involvement in the generation of value fromintellectual property created by research intensive institutions. This valuegeneration occurs through diverse channels, rather than solely through the IPOof spin out companies, and therefore the Board believes that the proposed newname, IP Group plc, is more appropriate. The effect of the proposed subdivision of the Company's share capital will bethat every issued and unissued ordinary share of 10p will be subdivided into 5ordinary shares of 2p each. The share split will not affect the Company'snominal share capital nor shareholders' rights. The Company is pleased to announce that Magnus Goodlad has been appointed to theBoard of Directors. Magnus has worked for IP2IPO since June 2004, following theacquisition by the Company of Top Technology Ventures Ltd. Magnus's principalresponsibilities include the management of corporate transactions for theCompany and acting as an investment manager of Top Technology Ventures Ltd, theCompany's venture capital fund management subsidiary. Prior to joining TopTechnology Ventures Ltd in 2000, Magnus worked at Slaughter and May, practisinga wide range of corporate and finance law. Alan Aubrey, Chief Executive of IP2IPO, commented: "We are delighted to announceMagnus Goodlad's appointment to the Board. He has made a major contribution tothe growth of the Company to date and we look forward to his contribution to theBoard in the future." The Annual General Meeting will be held at 3pm on 25 April 2006 at BuchananCommunications, 45 Moorfields, London EC2Y 9AE. The following information is provided in accordance with paragraph 17 andschedule 2(g) of the AiM Rules: Magnus James Goodlad, aged 33, holds the following directorships: NanotectureGroup plc, Perpetuum Limited, Commerce Decisions Limited and St MatthewsConference Centre Limited. In addition, he has held the following directorshipsduring the past five years: OneClickHR plc, Purple House Limited,ScooterSolutions Limited and Richborne (30) Limited. There is no furtherinformation which falls to be disclosed pursuant to schedule 2(g) of the AiMRules of London Stock Exchange plc. For more information please contact: IP2IPO 020 7489 5200Alan Aubrey, Chief Executive Officer Buchanan Communications 020 7466 5000Tim Anderson, Mark Court, Mary-Jane Johnson Notes for editors IP2IPO is an intellectual property (IP) company that specialises incommercialising university technology. The Company was founded in 2001 andlisted on the AIM market of the London Stock Exchange plc in October 2003.IP2IPO's first partnership was with the University of Oxford. In return for aninvestment of £20 million, IP2IPO has acquired 50 per cent of the University ofOxford's equity in spin-out companies and technology licenses based onintellectual property created at the Chemistry Department until 2015. InNovember 2003, IP2IPO created a £5 million seed capital fund for investing inspin-out companies across the University of Oxford, not just those originatingwithin the Chemistry Department. In March 2002, IP2IPO entered into a second long-term partnership with theUniversity of Southampton. Under the terms of this partnership, IP2IPO iscommitted to working with the University of Southampton in the identificationand facilitation of spin-out companies from across the University of Southamptonand to investing £5 million in early-stage University of Southampton spin-outcompanies over a four year period in return for equity stakes in thosecompanies. In addition, IP2IPO also received a 20 per cent stake in SouthamptonAsset Management Limited, a company that has been formed to hold theUniversity's equity stakes in its spin-out companies. The partnership has a termof at least 25 years. IP2IPO entered into its third long-term partnership in May 2003 with King'sCollege London. IP2IPO works with King's College London to help identify andprogress commercialisation opportunities as well as invest £5 million in seedcapital in spin-out companies from King's College London over a five year periodin return for equity stakes in those companies. In addition, IP2IPO receives 20per cent of King's College London's equity in spin-out companies and technologylicenses. The partnership has a term of 25 years. In October 2003, IP2IPO announced a fourth partnership with the Centre for NovelAgricultural Products ("CNAP"), based at the University of York. CNAP is aflagship research centre that specialises in plant and microbial gene discovery.Under the terms of the partnership a new company, Amaethon Limited, has beencreated which has the right to commercialise CNAP's IP for 25 years. IP2IPO hasinvested £1.15m in Amaethon Limited in return for a 40% equity stake in AmaethonLimited (the remaining equity being owned by the University of York) and willalso invest in the spin-out companies based on CNAP's IP which Amaethon Limitedcreates. In June 2004, IP2IPO acquired Top Technology Ventures Limited, an investmentadviser to early stage technology funds. This combines IP2IPO's expertise in thecreation of new ventures based on world leading university IP with TopTechnology's focus on making early stage venture capital investments. In January 2005, IP2IPO acquired Techtran, a company set up in 2002 tocommercialise university intellectual property under a long-term technologycommercialisation contract with the University of Leeds. Under the terms of thecontract Techtran receives a significant (30%) interest in spin-out companiescreated and technology licences negotiated, in return for the provision oftechnology transfer services to the University. In May 2005, IP2IPO announced the launch of LifeUK, a new subsidiary company.LifeUK, which has since been renamed Modern Biosciences, will in-license lifescience intellectual property created by medical researchers at universitieswith which IP2IPO already has partnerships, other universities in the UK andsimilar academic and charitable research institutions. Modern Biosciences'objective is to further develop the intellectual property which it in-licenseswith a view to creating substantial value either by subsequently licensing thesedevelopment programmes to the pharmaceutical industry or via the creation of newventures. In December 2005, IP2IPO entered into its sixth long-term partnership with theUniversity of Bristol. IP2IPO will work with the University of Bristol to helpidentify and progress commercialisation opportunities as well as invest aninitial £5 million in seed capital in spin-out companies from the University ofBristol over a five year period in return for equity stakes in those companies.In addition, IP2IPO will receive 13.3% per cent of in spin-out companies at thetime that the company is established prior to investment. The partnership has aterm of 25 years. In February 2006, IP2IPO entered into its seventh long-term partnership with theUniversity of Surrey. IP2IPO will work with the University of Surrey to helpidentify and progress commercialisation opportunities as well as invest aninitial fund of up to £5 million in seed capital in spin-out companies from theUniversity of Surrey in return for equity stakes in those companies. Inaddition, IP2IPO will receive 13.3% per cent of in spin-out companies at thetime that the company is established prior to investment. The partnership has aterm of 25 years. In March 2006, IP2IPO entered into an exclusive long-term partnership with theUniversity of York. The partnership is in addition to IP2IPO's currentpartnership with the Centre for Novel Agricultural Products. IP2IPO will workwith the University of York to help identify and progress commercialisationopportunities as well as invest an initial fund of £5 million in seed capital inspin-out companies from the University of York in return for equity stakes inthose companies. In addition, IP2IPO will receive 25% of the equity in anyspin-out company from the University at the time that the company isestablished, prior to investment, if IP2IPO invests in the company from the fundand 15% of the equity if it does not invest from the fund. IP2IPO will alsoreceive 10% of any income which the University of York receives from licensingduring the lifetime of the partnership. The partnership has a term of 25 years. To date, 6 spin-out companies from the IP2IPO portfolio have listed on the AIMMarket of the London Stock Exchange plc: Offshore Hydrocarbon Mapping plc,Synairgen plc, VASTox plc, Proximagen Neuroscience plc, GETECH Group plc andSyntopix Group plc. There has been one trade sale: Toumaz Technology Limited wassold to Nanoscience Inc. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Ip Group