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UPDATE: IP Group notes some opposition to non-exec re-election

Wed, 12th Jun 2024 19:19

IP Group PLC - London-based intellectual property company investing in technology - Reports all annual general meeting motions pass, but resolution to re-elect Heejae Chae as non-executive director receives opposition from just under 22% of investors.

IP Group adds: "The board is pleased that resolution 7 was passed by a significant majority of the shareholders who voted, but notes the votes against this resolution. In the coming months, we will engage with our shareholders to try to understand the reasons behind this vote."

Earlier Wednesday, it noted portfolio company Garrison Technology Ltd was acquired by US-based cybersecurity firm Everfox. IP added: "The group will receive cash consideration for its holding in Garrison. The transaction will not result in a significant change in the group's net asset value, reinforcing the group's valuation approach. Further information on the transaction will be provided in due course."

Current stock price: 46.80 pence

12-month change: down 13%

By Eric Cunha, Alliance News news editor

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.

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