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IP Group PLC - invests in companies pursuing breakthrough science and innovation, such as Oxford Nanopore Technologies PLC - Launches on Monday a share buyback worth up to £20 million. The programme conducted by Deutsche Numis, part of Deutche Bank AG, will run until the end of 2024. IP Group says it has gross cash of £235 million as of November 30, following £38 million in cash realisations. At the same time, the company notes the discount of its share price to net asset value, which was reported at 126.7 pence per share at the half-year stage of 2023 on June 30. ‘The board remains committed to making regular cash returns to shareholders from realisations,’ IP Group says. ‘In future these regular cash returns will normally be made in the form of share buybacks when the share price discount to NAV exceeds 20%. Regular dividend payments will be suspended under such conditions, including consideration of any final dividend for 2023.’ Current stock price: 55.56p, up 6.2% in London on Monday 12-month change: down 2.8% Copyright 2023 Alliance News Ltd. All Rights Reserved.
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