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IP Group PLC - London-based active investor in early stage science companies - Extends share buyback by £10 million, having completed a £20 million repurchase last month. IP Group bought back 45.5 million shares at an average price of 43.96 pence in the recent buyback, which was launched in December last year. All the shares were put into treasury and cancelled, together with 29.7 million shares previously repurchased. IP Group now has 995.9 million shares in issue for a market capitalisation of £493.9 million. The new buyback will be run by Deutsche Numis and be completed by the end of December. The funds for the buybacks come from investment exits, which have totalled £45 million so far in 2024. What’s more, IP Group is set to receive £134 million in cash from the acquisition of portfolio firm Featurespace by Visa Inc. Meanwhile, another portfolio holding, Intelligent Ultrasound Group PLC, has promised a cash return to shareholders following the £40.5 million sale of its Clinical AI business to GE Healthcare Technologies Inc. IP Group says it ‘looks forward to updating the market further on the impact of these transactions on shareholder returns in due course’. Current stock price: 49.60 pence, up 1.7% in London on Monday 12-month change: down 1.2% Copyright 2024 Alliance News Ltd. All Rights Reserved.
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