For immediate
release
The
information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014. It forms part of United
Kingdom domestic law by virtue of the European Union
(Withdrawal) Act 2018. Upon the publication of this announcement,
this inside information is now considered to be in the public
domain.
27 December
2024
Intuitive Investments Group
plc
Return of investment and cancellation of
shares
Intuitive Investments Group plc (SFS: IIG)
("IIG" or the "Company"), a closed-end investment company focused
on high-growth opportunities in the technology, life sciences, and
healthcare sectors, announces developments related to its investee
company, Hui10 Inc. ("Hui10").
The board of Hui10 has informed IIG of recent
developments concerning an investor who invested in Hui10 prior to
IIG's investment. As a result of the investor's non-performance in
meeting certain conditions stipulated in the original investment
agreement, Hui10 will exercise its rights under the investment
agreement. Consequently, Hui10 has returned RMB 38 million (c.$5
million) (the "Repayment") to the investor and will take steps to
reclaim the 3,250,254 ordinary shares of 10 pence each in the
Company previously issued to that investor, which the Company then
intends to cancel in due course. The return of these amounts does
not impact the immediate working capital requirement of Hui10.
Following the Repayment, IIG's cash balance remains unchanged at
£1.4 million and Hui10's cash balance now stands at $6.4
million.
Further announcements will be made in due
course.
Enquiries:
|
Intuitive Investments Group
plc
Sir Nigel Rudd, Non-Executive
Chairman
Robert Naylor, CEO
Giles Willits, CIO
|
www.iigplc.com
Via FTI Consulting
|
|
Zeus
Nick Cowles / Graeme Summers / Dominic
King
|
+44 (0)20 3829 5000
|
|
|
|
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FTI
Consulting
Jamie Ricketts / Valerija Cymbal / Jemima
Gurney
|
+44 (0)20 3727 1000
IIG@fticonsulting.com
|
About
Intuitive Investments Group plc
IIG is an investment company seeking to provide
investors with exposure to a portfolio concentrating on fast
growing, high potential Technology and Life Sciences businesses
operating predominantly in the UK, continental Europe, the US and
APAC, utilising the Board's experience to seek to generate capital
growth over the long term for shareholders.
About
Hui10
Hui10 is a technology company with interests in
two operating businesses, Huishi Dehua and Huishi Chunyuan ('Lucky
World'), involved in the digital transformation of the Chinese
lottery. Huishi Dehua enables the market expansion of the Chinese
lottery through its proprietary technology platform. Huishi Dehua
is integrated into China's national card settlement system and
payment platform, UnionPay. Hui10 holds a 33% share in Huishi
Dehua. Lucky World is an ecommerce platform which provides China's
existing lottery shops access to a wider fast-moving consumer goods
product offering. Hui10 owns 60% of Lucky World.
