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Offshore Hydrocarbon Mapping PLC announces first day of dealings on AIM

11 Mar 2004

IP2IPO Group plc (AIM: IPO), the intellectual property company that commercialises university technology, is pleased to announce that Offshore Hydrocarbon Mapping plc (AIM: OHM) ("OHM" or the "Company") has today floated on the AIM market of the London Stock Exchange plc. KBC Peel Hunt Ltd, on behalf of OHM, raised £10 million (after expenses) via a placing at the placing price of £1.70 per ordinary share (the "Placing Price"). OHM's market capitalisation on admission, at the Placing Price, was £49.3 million. OHM is the first spin-out company arising from IP2IPO’s partnership with the University of Southampton, which was entered into in March 2002. IP2IPO was instrumental in the formation of OHM in June 2002 and provided seed capital finance.

OHM is the first flotation from the IP2IPO portfolio, representing a significant milestone for the Group. IP2IPO Group plc sold 588,235 shares at the time of OHM's flotation, realising proceeds of £1 million. IP2IPOGroup plc currently holds 3,021,765 OHM ordinary shares, representing 10.42% of OHM's issued ordinary share capital.

David Norwood, Chief Executive Officer of IP2IPO, commenting on today's announcement, said: "OHM is a tremendous success story. The rapid development of the business since formation is a testament to the innovation of OHM's academic founders and the quality of its management team. OHM's flotation is a landmark for IP2IPO and the University of Southampton, showing how effectively we are able to identify promising university IP and assist in its development all the way to IPO."

Dave Pratt, Chief Executive Officer of OHM, said: "OHM is delighted with the success of its flotation. OHM has made fantastic progress to date and has benefited enormously from the support it has received from the IP2IPO team. We are now looking forward to driving the business forward and building value for our shareholders."

Tony Raven, Director of the University of Southampton's Centre for Enterprise and Innovation, said: "We are delighted with the success of OHM especially given the short time since its formation. OHM demonstrates the real commercial value that we can create from our research and this success will reinforce the strong entrepreneurial culture developing in our academic research community. It also underlines the value of our pioneering partnership with IP2IPO in creating the first publicly quoted company from the successful spin outs from the University of Southampton."

For more information, view this press release in PDF format (PDF 120 KB opens in a new window)