OREANDA-NEWS. November 16, 2015. IP Group plc (LSE: IPO) ("IP Group" or "the Group"), the developer of intellectual property-based businesses, is pleased to note that Xeros Technology Group plc ("Xeros" or "the Company") has raised, subject to certain conditions, approximately ?40 million (before expenses) by way of a placing of new ordinary shares with both new and existing shareholders at a price of 225 pence per share.

The proceeds of the placing will be used to build on Xeros' progress in its commercial laundry business and to capitalise on opportunities for its polymer bead innovation in other applications, including in the leather processing and domestic laundry markets.

The non-pre-emptive placing will be subject to shareholder approval.

IP Group has agreed to subscribe for 2,108,444 placing shares, representing ?4.7 million. Following completion of the placing, IP Group will be beneficially interested in 9,874,240 ordinary shares in the Company, representing approximately 11.8% of the enlarged issued share capital.