IP2IPO Group plc ("IP2IPO" or "the Company") (AIM: IPO), the intellectual property company that specialises in commercialising university technology, announces that The Evolution Group Plc has reduced its shareholding in IP2IPO from 40.61% to 18.46% by selling 9,000,000 shares at 450p per share (the "Sale Shares") primarily to institutional investors.
In order to facilitate the transaction in respect of the Sale Shares, IP2IPO and KBC Peel Hunt Ltd, its nominated adviser and broker, released The Evolution Group plc from the lock-in arrangements that were entered into at the time of IP2IPO's flotation in October 2003. The terms of these lock-in arrangements will continue to apply to those shares being retained by The Evolution Group Plc. The Company also announces that Dave Norwood, Chief Executive Officer of IP2IPO, has purchased 165,000 Sale Shares (representing 0.41% of the issued share capital of the Company) at 450p per share. This increases his stake in the Company from 0.89% to 1.30%. The transaction took place on 18th May 2004.
Commenting on this announcement, Dave Norwood, Chief Executive Officer of IP2IPO, said: "This is a positive development for IP2IPO. Evolution's reduction in its shareholding in IP2IPO marks another milestone for IP2IPO's growing maturity and has enabled the Company to broaden its shareholder base significantly. The Company's shareholder register is strengthened as a result. I would like to both welcome our new shareholders to IP2IPO and to record my thanks for Evolution's historic and continued support for the Company."
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