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IP Group extends divestment programme selling 5.4% of Ceres Power shares

It comes as IP Group continues to advance a broader programme of disposals and portfolio realisations.

Ceres Power Holdings PLC - IP Group extends divestment programme selling 5.4% of Ceres Power Holdings Plc shares
Berenberg executed the secondary placing via an accelerated book-build process.

Ceres Power Holdings PLC (LON:CWR) shares held by  IP Group Plc (LON:IPO) have been sold to investors via a secondary placing arranged by European investment bank Berenberg.

Some 9.1mln Ceres shares were sold at a price of 585p, versus Monday’s closing share price of 630p, to generate gross proceeds of around £53.23mln.

READ: Ceres Power update reveals a robust performance

The shares sold represent around 5.4% of the company, while IP Group retains a 0.2% shareholding in Ceres.

Berenberg, in a statement, noted that Ceres was not party to the placing and will not receive any proceeds. The broker also noted that the placing will settle in cash, on July 16.

In London, the Ceres share price adjusted down, falling 62p or 9.8% to trade at 568p.

It comes as IP Group continues to advance a broader programme of disposals and portfolio realisations which, at the time of June’s AGM, had generated total proceeds of £113.8mln.

Previously, in May, IP Group sold 12.25mln Ceres shares priced at 425p to generate £51mln of proceeds.

Quick facts: Ceres Power Holdings PLC

Price: 830 GBX

LSE:CWR
Market: LSE
Market Cap: £1.42 billion
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