LONDON: IP Group plc, the developer of intellectual property-based businesses, has sold 12.25 million ordinary shares in Ceres Power Holdings plc at a price of 425 pence per share.

Following completion of the sale, which was conducted through an accelerated bookbuild by Berenberg as sole bookrunner, IP Group will continue to hold approximately 9.4 million ordinary shares in Ceres, representing approximately 5.5 per cent of the issued share capital of the Company.

The net proceeds from the sale of approximately £51 million bring the Group’s total cash realisations for the year to date to more than £110 million (full year 2019: £79.5 million).

Alan Aubrey, Chief Executive of IP Group plc, said: “We’re pleased to announce another significant cash realisation that brings total proceeds in the year to date to more than £110 million. IP Group remains financially strong and continues to take a prudent approach to capital allocation and operating costs in the current environment.

The Group first invested in Ceres in 2012 and it is a great example of how we’ve helped to develop and support a world-leading company based on scientific research carried out in the UK.”