 Press Releases18th May 2007 IP Group Website IP Group to increase stake in Photopharmica IP Group plc (LSE: IPO) ('IP Group'), the intellectual property commercialisation company, is pleased to announce that it is increasing its stake in Photopharmica Holdings Limited ('Photopharmica' or 'the Company'), a University of Leeds spin-out company. IP Group will pay a total consideration of £5.5 million to be satisfied as to £1 million in cash and £4.5 million by the issue of 3,237,410 new Ordinary Shares of 2 pence ('Ordinary Shares') (fully paid ranking pari passu with the existing Ordinary Shares) in IP Group calculated at an issue price of 139 pence per share (being IP Group's average mid-market Closing Price on the five dealing days prior to the date of this announcement). Application will be made for the new Ordinary Shares, which are subject to a lock-in for six months following issue, to be admitted to the Official List and to be traded on London Stock Exchange plc's market for listed securities ('Admission'). IP Group will also provide an additional £1.0 million to Photopharmica at completion through additional debt. It is expected that Admission will become effective and that dealings will commence in the 3,237,410 Ordinary Shares on 23 May 2007. Following Admission, the issued share capital of IP Group will be 250,291,965 Ordinary Shares. > menu |
