Digitalbox Regulatory News (DBOX)

8 Jan 2007 08:10

IP Group PLC08 January 2007 For immediate release 8 January 2007 IP Group plc PERACHEM TO JOIN PLUS MARKETS GROUP VIA REVERSE TAKEOVER OF PRIMAVERA IP Group plc (LSE: IPO) ("IP Group"), the intellectual propertycommercialisation company, is pleased to note that Perachem Ltd ("Perachem"), aspeciality chemicals company held within the IP Group portfolio and a spin-outcompany from the University of Leeds, is to join PLUS Markets Group ("PLUSMarkets") via a reverse takeover of Primavera Capital plc (PLUS: PRCO) ("Primavera"). On completion of the transaction, IP Group's holding in Primavera will total1,950,545 Ordinary Shares (worth £1.1 million at the placing price of 55p pershare), representing 24.5% of the enlarged share capital. Primavera has announced today that it has agreed, subject, inter alia, toexisting shareholder approval, to issue 5,407,272 new Ordinary Shares inconsideration for the entire issued and to be issued share capital of Perachem.Primavera has also proposed to raise £250,000 (before expenses) by means of aplacing of 454,545 new Ordinary Shares at 55p per share. These funds will beused to finance the development of Perachem and provide additional workingcapital for the enlarged group. On completion of the transaction, Primavera hasproposed that it change its name to Eco Chemical Enterprises plc. Perachem's business is focussed on developing the following products: (i) chlorine-free shrink resistant treatments for wool; (ii) flame retardant textiles that do not release potentially carcinogenic halogens and formaldehyde during their manufacture or use; (iii) peroxide-free bleaching agents; and (iv) textiles with long lasting microbial protection against antibiotic resistant bacteria. The acquisition of Primavera is classified as a reverse takeover under the PLUSMarkets Rules by virtue of its size and is conditional, inter alia, on theapproval of Primavera shareholders. For further information, please contact: IP Group plc 020 7489 5200 Alan Aubrey, Chief Executive OfficerLiz Vaughan-Adams (communications) 0207 4895206/07979 853802 Buchanan Communications 020 7466 5000 Tim Anderson, Mark Court, Mary-Jane Johnson Notes for Editors About IP Group IP Group Plc is an intellectual property (IP) commercialisation company thatspecialises in commercialising university technology. Founded in 2001, IP Grouplisted on AiM in October 2003 and moved to the Official List in June 2006. Ithas made two acquisitions to date - Techtran, a company set up to commercialiseuniversity intellectual property under a long term contract with the Universityof Leeds, in 2005 and Top Technology Ventures, an investment adviser to earlystage technology venture capital funds, in 2004. The group has formed long-term partnerships with ten universities - theUniversity of Oxford, King's College London, CNAP/University of York, theUniversity of Leeds, the University of Bristol, the University of Surrey, theUniversity of Southampton, Queen Mary (University of London), the University ofBath and the University of Glasgow. As at 30 June 2006, 44 spin-out companies had been created among the group'suniversity partners. Of those, eight have listed on the AiM market of the LondonStock Exchange and there have been two trade sales. For more information, please visit our website at www.ipgroupplc.com. ENDS This information is provided by RNS The company news service from the London Stock Exchange