Fusion IP

Fusion IP owns the rights to 100% of the university-owned research generated at two of the UK's leading universities – The University of Sheffield and Cardiff University. These exclusive partnerships enable us to invest in some the world's most advanced and exciting science, turning world class research into business through the creation of a growing portfolio of companies, in fields as varied as drug discovery, alternative energy and engineering.

Fusion IP Receives Further Investor Support as Institutions Increase Holdings

Friday, November 13, 2009

There was a further shake-up among Fusion IP’s (AIM: FIP) major shareholders yesterday. Institutional investors, Invesco Limited and Legal and General Investment Management both increased their holdings, meanwhile Brookwell Limited exited its position in the University IP commercialisation company.

Invesco bought 1.1 million shares to increase its stake in Fusion IP to 12.83%. Legal and General (LSE: LGEN) was added to the company’s major shareholders list after a share purchase tipped the company holdings above key reporting thresholds. After the transaction, Legal and General holds 2.4 million shares across its subsidiaries, reflecting a total holding of 5.69% of Fusion IP.

The AIM market focused, closed-ended investment company Brookwell Limited (AIM: BKW) sold its entire holding of approximately 1.8 million shares.

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This latest changes among the composition of Fusion IP’s major shareholders follows the news on Tuesday, that its cornerstone investor IP Group (LSE: IPO) and another new institutional investors bought shares in the company through an equity placing.

On Tuesday 10th November Fusion said that the new shares will be issued at 27 pence per share, proceeds will be used to fund the spin out of its portfolio companies.

Fusion IP currently has a portfolio of 20 active spin-out investments, including modelling and simulation company Simcyp, which posted revenues and profits increases of 24% and 26% to £3.9 million and £1.2 million respectively this year. The company is expecting to spin out up to three new businesses in the period to July 2010 with further spin outs expected in 2011 and 2012. Simcyp, which spun out of the University of Sheffield, has made the XL Magazine’s list of top 50 fast-growing UK companies last month.

Other portfolio companies include developer of magnetic gear-based technologies Magnomatics, which has just signed a six-digit contract with the Ministry of Defence, biotech company Asterion, currently in the middle of a £4-5 million fundraising, RF testing and measurement devices developer Mesuro, whose first product went on sale in August, hormone replacement drug developer Duirnal, whose first product has just achieved Orphan Drug Status in the EU, and Phase Focus, which has developed a lensless imaging technology for use in microscopy, which its directors believe provides a better performance at a lower cost to current optical and electron microscopes.

Following the transaction and resultant co-development agreement, the IP Group will hold a 19.8% stake in the company and will have the right to acquire 20% of Fusion’s shareholding in any portfolio company for £0.5 million in cash.

Fusion IP has also proposed to sign a new co-investment agreement with IP2IP0 Group offering it the right to acquire 20% of Fusion’s equity in any new portfolio company formed during the remaining term of its current agreement with the Cardiff and Sheffield universities. This shareholding, which will equate to a 12% stake in the new portfolio company, will be acquired for £0.5 million in cash.

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Market:	AIM
Sector:	Technology Hardware & Equipment
EPIC:	FIP
Latest Price:	27.50p (0.00%)
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