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IP subscription scuppered by tighter China FX controls

17 August 2017 08:18

A potential £23.1m subscription from Beijing Galaxy World Group in IP Group has been scuppered by China's decision to tighten foreign exchange controls on outbound investment by domestic Chinese institutions.

IP Group announced on 8 June that Galaxy World had made a conditional subscription of 16,500,000 capital raising shares, equal to £23.1m, under the placing but that this was subject to Chinese foreign exchange and other regulatory approvals.

IP Group said Galaxy World had now confirmed that it not received the necessary approvals to make the investment and that it would not be completing the subscription.

A statement said: "As regards IP Group's offer for Touchstone, there is now no change to the exchange ratio announced on 18 July 2017, and each Touchstone shareholder continues to be entitled to receive 2.2178 new IP Group ahares for each Touchstone share held (subject to the conditions set out in IP Group's announcement released on 18 July 2017)."

At 8:18am:

(LON:IPO) IP Group PLC share price was -0.75p at 140.15p

(LON:IVO) Touchstone Innovations PLC share price was -0.75p at 304.75p

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