LONDON (Alliance News) - IP Group PLC, which partners with universities to commercialise intellectual property, on Thursday said it received GBP13.1 million net cash proceeds from selling its entire stake in transport industry software provider Tracsis PLC.
A stock exchange document filed on Wednesday showed that IP Group's stake in Tracsis had fallen to below the 3% threshold.
On Thursday, IP Group said the sale of its remaining stake in Tracsis brings total proceeds to date, including dividend payments received, to GBP14.3 million. That represents an internal rate of return of about 58% and a multiple of about 38 times the group's investment of GBP400,000.
IP Group owned 10.2% of Tracsis at the end of 2015.
Shares in IP Group were up 0.4% at 169.20 pence on Thursday. Shares in Tracsis were up 1.0% at 505.00p.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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Ip Group (IPO)
Tracsis (TRCS)