TIDMIPO TIDMIVO

RNS Number : 2454O

IP Group PLC

17 August 2017

THIS ANNOUNCEMENT CONSTITUTES INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO.596/2014.

17 August 2017

IP Group PLC ("IP Group" or the "Group") - Update on Capital Raising

Update re potential conditional subscription from Beijing Galaxy World Group

On 8 June 2017, IP Group announced that Beijing Galaxy World Group Co. Ltd ("Galaxy World") had made a conditional subscription of 16,500,000 Capital Raising Shares, equal to GBP23.1m, under the Placing (the "Galaxy Subscription"). As mentioned in the announcement of 8 June 2017, the Galaxy Subscription was subject to Chinese foreign exchange and other regulatory approvals outside the control of IP Group and Galaxy World and there could therefore be no certainty of the investment being made. Since that time, mainstream media has widely reported a tightening by the Chinese Authorities of certain foreign exchange controls relating to outbound investment by domestic Chinese institutions.

IP Group has received confirmation from Galaxy World that they have unfortunately not received the necessary approvals to make the investment in IP Group and that they will therefore not be completing the Galaxy Subscription.

As regards IP Group's offer for Touchstone, there is now no change to the exchange ratio announced on 18 July 2017, and each Touchstone shareholder continues to be entitled to receive 2.2178 new IP Group Shares for each Touchstone share held (subject to the conditions set out in IP Group's announcement released on 18 July 2017).

The total issued share capital of IP Group remains 698,513,036 ordinary shares of 2 pence each. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure, Guidance and Transparency Rules and under Rule 8 of the Takeover Code.

Capitalised terms used in this announcement have the meanings given to them in the prospectus published by IP Group in connection with the Capital Raising on 23 May 2017.

 
 IP Group plc 
 Greg Smith, Chief Financial 
  Officer                             +44 (0) 20 7444 0050 
                                      +44 (0) 20 7444 0062/+44 
 Liz Vaughan-Adams, Communications     (0) 7979 853802 
 
 Charlotte Street Partners 
 Andrew Wilson                        +44 (0) 7810 636995 
 Martha Walsh                         +44 (0) 7876 245962

This information is provided by RNS

The company news service from the London Stock Exchange

END

FURGGUGCRUPMUAM

(END) Dow Jones Newswires

August 17, 2017 02:01 ET (06:01 GMT)

Touchstone Innovations (LSE:IVO)
Historical Stock Chart
From Jun 2024 to Jul 2024 Click Here for more Touchstone Innovations Charts.
Touchstone Innovations (LSE:IVO)
Historical Stock Chart
From Jul 2023 to Jul 2024 Click Here for more Touchstone Innovations Charts.