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REG - Intuitive Invests.Gp - Interim report for the six months to 31 March 2023

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RNS Number : 2901E  Intuitive Investments Group plc  29 June 2023

29 June 2023

 

Intuitive Investments Group plc

 

Interim report for the six months to 31 March 2023

 

Intuitive Investments Group plc (AIM: IIG) ("IIG" or the "Company"), a
closed-end investment company focussed on the life sciences sector, announces
its interim results for the six months to 31 March 2023.

 

Financial highlights

 

                                                 31 March 2023   30 September 2022  31 March 2022    30 September 2021
 Net Assets                                      £9.42 million   £12.93 million     £12.33 million   £8.14 million
 Investments                                     £7.86 million   £11.16 million     £10.40 million   £5.74 million
 Cash                                            £1.23 million   £1.55 million      £1.91 million    £2.57 million
 NAV per share                                   13.07p          18.00p             18.73p           20.14p
 % Increase/(decrease) from previous period end  (27.38)%        (3.90)%            (6.96)%          2.99%

 

Highlights

·    Follow-on investment in Yourgene Health plc of £150,407 to
acquire 50 million shares at a price of 0.3 pence per share. IIG holds
51,584,920 ordinary shares, or 1.62%, of the issued share capital of Yourgene.

·    Reorganisation of investment in Sanondaf, reduction in deferred
consideration and adjustment to fair value.

·    Post period end follow-on investment in Light Science Technologies
Holdings plc of £150,000 to acquire 15 million shares at a price of 1 penny
per share. IIG holds 28,280,000 ordinary shares, or 8.49%, of the issued share
capital of Light Science Technologies in total.

 Intuitive Investments Group plc                     www.iigplc.com (http://www.iigplc.com/)
 Julian Baines, Non-Executive Chairman               Via SP Angel

 Robert Naylor, CEO

 SP Angel Corporate Finance LLP - Nominated Adviser  +44 (0) 20 3470 0470
 Jeff Keating / David Hignell / Kasia Brzozowska

 Turner Pope Investments (TPI) Ltd - Broker          +44 (0) 20 3657 0050
 Andrew Thacker / James Pope

 

About Intuitive Investments Group plc

The Company is an investment company seeking to provide investors with
exposure to a portfolio concentrating on fast growing and/or high potential
Life Sciences businesses operating predominantly in the UK, continental Europe
and the US, utilising the Board's experience and in particular that of the
chairman of the Investment Committee, David Evans, to seek to generate capital
growth over the long term for shareholders.

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 ('MAR') which has been incorporated into UK law by the
European Union (Withdrawal) Act 2018.  Upon the publication of this
announcement via Regulatory Information Service ('RIS'), this inside
information is now considered to be in the public domain.

 

 

Chairman and Chief Executive's Report

 

We are pleased to present the interim report for Intuitive Investments Group
plc, which covers the six months ended 31 March 2023.

 

Publicly traded investments

 

Publicly quoted small-cap healthcare companies continue to underperform. We
perceive there is a value in the Company's portfolio and the opportunity for
high returns if these companies are allowed to successfully develop and
commercialise their innovative products or services that meet unmet medical
needs. However, without the ability to raise capital, a number are destined to
struggle regardless of the quality of their products or services.

 

We made follow-on investments in Yourgene Health plc ("Yourgene") and, post
period end, into Light Science Technology Holdings ("Light Science") of
approximately £150,000 each. The discounts on these follow-on investments to
the share prices where we initially invested were brutal. We originally
purchased shares in Yourgene at a price of 15.5 pence and our follow-on
investment was at 0.3 pence, a discount of 98%. Similarly Light Science
floated at a price of 10 pence per share and our follow-on investment was at 1
penny, a discount of 90%. Of note is the investment in Midatech Pharma plc
whereby the company's initial proposed transaction was voted down by
shareholders and, as a consequence, the company had to undertake a highly
dilutive rescue fundraising, in effect wiping out the existing shareholders'
equity. The company has been renamed Biodexa Pharmaceuticals plc.

 

                                                               Valuation as at
                                                               31 March 2023  30 September 2022  Unrealised gain/(loss)
                                                               £              £                  £
 Evgen Pharma plc                                              80,937         65,625             15,312
 Light Science Technologies Holding plc                        531,200        863,200            (332,000)
 Microsaic Systems plc                                         92,160         88,400             3,760
 Biodexa Pharmaceuticals plc (previously Midatech Pharma plc)  1,365          26,250             (24,885)
 Polarean Imaging plc                                          89,583         175,000            (85,417)
 Shield Therapeutics plc                                       50,000         75,000             (25,000)
 Trellus Health plc                                            27,625         29,750             (2,125)
 Yourgene Health plc(.) (bfwd)                                 4,359          71,321             (66,962)
 Yourgene Health plc. (follow on investment) (1)               137,500        -                  (12,907)
 Closing fair value                                            1,014,729      1,394,546          (530,224)

 

(1) Follow on investment of £150,407 made on 12 January 2023

 

Unquoted companies

 

Our portfolio of unquoted companies has performed reasonably in comparison to
the publicly quoted portfolio and continues, in the main, to be held at cost,
plus accrued interest if applicable, or at the valuation of the most recent
investment round. Momentum Limited has raised additional capital post period
end at the same valuation as the round in which IIG participated and therefore
there is no increase or decrease in valuation. We are aware of one investee
companies currently raising capital which may negatively impact its valuation.
Further details of the companies in the unquoted portfolio are contained at
the end of this statement.

 

Reorganisation of investment in Sanondaf, reduction in deferred consideration
and adjustment to fair value

As announced on 24 May 2023, the Company has reorganised Touchless Innovation
Limited ("Touchless Innovation") and Touch-Less Hygiene UK Limited
("Touch-Less Hygiene") (together the "Touchless Group") which trades under the
name Sanondaf and the Board has negotiated a reduction in the deferred
consideration payable to the vendors of the business and assets of Sanoserv
International Franchising Limited. After careful consideration, the Board is
now proposing reducing in the fair value of the Touchless Group.

 

The board of Touchless Innovation, with the agreement of the board of IIG,
moved Touch-Less Hygiene from being a wholly owned subsidiary of Touchless
Innovation to beinga wholly owned subsidiary of IIG. Touchless Innovation and
Touch-Less Hygiene have different business models. Touchless Innovation is an
international franchising business, with master franchisees in 11 countries.
Touch-Less Hygiene is a UK market-leading provider of specialist disinfection
and decontamination services, with 25 regional sites in the UK and customers
that include blue-chip life sciences companies, essential infrastructure firms
and the NHS. Given the distinct business models, separating and having
distinct management teams will improve both the opportunity for growth and the
potential to attract third party funding.

 

The consideration payable by Touchless Innovation to the vendors included
£900,000 of deferred consideration payable six months from completion, due on
25 August 2022. In substitution for the £900,000 the Boards of IIG and
Touchless Innovation agreed to issue the vendors 2,000,000 new ordinary shares
of 1 penny each in IIG, as well as allowing the vendors the master franchise
for Malta for nine years. The minimum royalty amount under the master
franchise agreement is US$5,400 per annum. In addition, the vendors no longer
have the right to appoint a director to the Board of Touchless Innovation.

 

The Touchless Group continues to trade profitably and make significant
progress:

·    Touch-Less Hygiene, in selling machines and consumable product
alongside the existing extensive franchise network; and

·    Touchless Innovation has an extensive sales pipeline in the US which
the Board believe will convert to sales imminently.

 

For the year ended 30 September 2022 the Touchless Group reported unaudited
turnover of £1.94 million, profit after tax of £142,000, has net assets of
£2.24 million including cash of £423,000. The Board has therefore taken the
prudent view to reduce the valuation of the investment in the Touchless Group
from £6.36 million to £3.50 million, split equally for Touchless Innovation
and Touch-Less Hygiene Touch-Less Hygiene.

 

Financial performance

 

NAV per Ordinary Share at; flotation: 18.78 pence; 30 September 2022: 18.00
pence; 31 March 2023: 13.07 pence. Absent the write down in the Touchless
Group the NAV per Ordinary Share would have been 17.05 pence. There are
investment losses of £3.44 million, comprising unrealised losses of £3.49
million, interest income from the convertible loan notes of £44,000 and
management fee income of £12,000. The structure of the Company is
purposefully simple, and the administrative costs of the business were
£193,000 for the period. Overall, the loss for the period was £3.51 million.

 

Outlook

 

Despite short term headwinds the Board believer there are significant
opportunities to restore shareholder value. We look forward to updating you as
to our progress in the near term.

 

 

Later stage investments

BioQ Pharma Incorporated ("BioQ")

Investment of US$1 million by way of unsecured convertible loan notes and
warrants, valued at cost plus accrued interest.

BioQ has raised more than US$30 million in subscription for the CLN and is
looking to prepare for a fundraising in the Series E ordinary shares.

BioQ is a commercial-stage, medical device and pharmaceutical company,
addressing the infusible drugs market. BioQ's proprietary Invenious(TM)
platform comprises a "connect-and-go" drug-device system combination, which
can be utilised to improve the delivery of infusible medicines. BioQ's
platform includes a bespoke unit-dose delivery solution for infusible drugs,
whereby a diluent delivery system and administration line are combined in one
self-contained, ready-to-use presentation. The key benefits of the platform
include reduced cost and complexity compared to current infusion techniques.

Touchless Innovation Ltd ("Sanondaf")

Investment of £1.75 million to acquire the entire issued share capital, held
at fair value, for which cost is which is based on Directors' valuation.

Touchless Innovation is an international licensing and franchising business,
with master franchise agreements in ten countries. Sanondaf licenses the
brands, know-how and intellectual property of specialist disinfection and
decontamination technology.

Touch-Less Hygiene Ltd ("Touch-Less Hygiene")

Investment of £1.75 million to acquire the entire issued share capital, held
at fair value, which is based on Directors' valuation.

Touch-Less Hygiene is a market-leading provider of specialist disinfection and
decontamination services and has 25 regional sites in the UK. Treatments are
non-corrosive, contain no toxic ingredients and Sanondaf's application methods
ensure they are not harmful to people, animals or the environment. It is safe
for use in all settings, including operating theatres, critical care units,
and is CASA (Civil Aviation Safety Authority) approved. Sanondaf's
disinfection formula has proven efficacy against pathogens, included, viruses,
mould, bacteria and fungi. Customers include the blue-chip life sciences
companies, essential infrastructure firms and the NHS. Touchless Hygiene holds
a master franchise agreement from Touchless Innovation Ltd to operate in the
UK.

Series A and B investments

Axol Bioscience Ltd ("Axol")

Investment of £249,092 in A ordinary shares, held at fair value, for which
cost is deemed the most appropriate basis of measurement. The company
undertook a fundraising in April 2022 at the same valuation as IIG's
investment.

Axol produces high quality human cell products, particularly in relation to
pluripotent stem cell and critical reagents such as media and growth
supplements, which are sold to medical research and drug discovery
organisations. Axol also provides contract research for example customising
cell lines for customers, such as reprogramming and differentiation. The
Chairman of Axol is Jonathan Milner, who was previously deputy chairman of
Abcam plc.

 CardiNor AS ("CardiNor")

Investment of £112,891 in ordinary shares, held at fair value, for which cost
is deemed the most appropriate basis of measurement.

CardiNor has made excellent progress particularly with the amount of money
raised, which includes:

·    Elisa test CE marked with clear route to market in the Europe and
next generation magnetic test being developed.

·    RuO in the US, but distribution deal done with IBL and talking to
Labcorp. Going for full FDA approval.

Valuation is 80 million NOK (c.£7.0 million). CardiNor is a Norwegian biotech
company established in June 2015 to commercialise the development of
secretoneurin ("SN"), an important new biomarker for cardiovascular disease
("CVD"). SN is the only biomarker shown to be associated with biological
processes linked to cardiomyocyte handling. This unique biological function
explains why SN presents as an independent and strong predictor of mortality
in all major patient cohorts, including ventricular arrhythmia, acute heart
failure, acute respiratory failure patients with CVD and severe sepsis.
CardiNor has completed development of a research assay based on immunoassay
technology to measure SN in blood and the assay is under further clinical
development, allowing it to obtain a CE mark.

The Electrospinning Company Ltd ("TECL")

Investment of £500,000 in ordinary shares, held at fair value, for which cost
is deemed the most appropriate basis of measurement.

Held at cost, TECL is trading in line with management expectations. TECL has a
technology platform built around the process of electrospinning, a technique
for production of micro and nano-fibre biomaterials from a variety of natural
and synthetic polymers, and a suite of post-processing technologies to convert
the biomaterials into medical device components. The core business is the sale
of product development and manufacturing services to medical device companies.
TECL is also using its know-how to develop proprietary materials for targeted
out-licensing opportunities, aiming to capture more of the end-market value
created by its innovations and expertise.

Micrima Ltd ("Micrima")

Investment of £229,636 by way of convertible loan note held at fair value,
for which cost is deemed the most appropriate basis of measurement.

Micrima specialises in radiofrequency technology to improve early diagnosis of
breast cancer and measure breast density. Micrima continues to make progress,
but has suffered delays in its commercial launch and as a consequence is
looking to refocus on breast density measurement.

Momentum Bioscience Ltd ("Momentum")

Investment of £125,000 in preferred A ordinary shares, held at fair value,
for which cost is deemed the most appropriate basis of measurement. Momentum
undertook an additional subscription in September 2022 at the same valuation
as IIG's investment.

Momentum is developing a revolutionary rapid diagnostic test for patients
suspected of sepsis, an infection of the blood stream resulting in symptoms
including a drop in a blood pressure, increase in heart rate and fever.
Momentum's SepsiSTAT® system enables reporting of the presence or absence and
'pan gram identification' of viable organisms in just two hours, helping
direct the right antimicrobials. The system also provides a pure concentrate
of growing organisms for further analysis. Faster testing in suspected sepsis
patients can reduce mortality, accelerate hospital discharge, lower hospital
costs, and reduce the incidence of antimicrobial resistance. SepsiSTAT® is a
diagnostic test that runs from a sample of whole blood before any culturing
steps are taken and is currently being studied in clinical practice with
highly encouraging early results indicating competitive sensitivity versus the
current standard of care. Over 120 million blood tests for sepsis are run
annually representing a market potential of over £1 billion.

Ocutec Ltd ("Ocutec")

Investment of £250,000 in ordinary shares, held at fair value, for which cost
is deemed the most appropriate basis of measurement. Post period Ocutec
completed a fundraising of £1.2 million. The price was £2.00 per ordinary
share which compares to a price of £1.60 per ordinary share at the time of
the Company's investment. Therefore, there is a post period end unrealised
gain of £62,500, based on most recent funding round.

Ocutec has patented technology covering the formulation of novel contact lens
products, contact lens comfort solutions and injection moulding technology for
rapid manufacturing. Ocutec is based in Glasgow, and has been operating since
2006, having been spun out of the University of Strathclyde.

PneumoWave Ltd ("PneumoWave")

Investment of £904,124 in new ordinary shares, held at fair value, for which
last investment round is deemed the most appropriate basis of measurement.

IIG invested £100,000 by way of convertible loan notes which converts at a
15% discount to the Series A and £350,000 in the pre-series A funding round.
The Series A round has completed leading to an increase in valuation of
£454,124.

PneumoWave, which was incorporated in February 2018, is developing an
innovative remote respiratory monitoring platform comprising a small,
chest-worn biosensor and AI-driven data analysis/alerting software for the
early detection, prediction, and prevention of adverse events in respiratory
patients, both in hospitals and at home. In 2020, PneumoWave was awarded
Breakthrough Medical Device designation from the U.S. Food and Drug
Administration for the development of the device, which is designed to monitor
breathing in real-time to a clinical standard of care.

The specially designed wireless biosensor is one of the smallest available and
transmits data to the cloud using a data hub or smartphone, alerting the
patient, their household members, doctor, nurse, or emergency services where
life-threatening changes occur. PneumoWave's technology will be able to
accurately monitor large numbers of patients in any location at any time.

 

 

 

 

Intuitive Investments Group Plc

Statement of Comprehensive Income

For the 6 months to 31 March
2023

                                                                           6 months to               6 months to               Year to

                                                                           31 March                  31 March                  30 September

                                                                           2023                      2022                      2022

                                                                           Unaudited                 Unaudited                 Audited
                                                                           £'000                     £'000                     £'000

 Investment income
 Finance income                                                            44                        99                        148
 Gains on realised investments                                             -                         76                        76
 Unrealised gains/(losses) due to FX                                       (96)                                                166
 (Losses)/Gains on investments at fair value                               (3,395)                   (889)                     (1.493)
 Management Fees                                                           12                        18                        30
                                                                           ───────                   ───────                   ───────
                                                                           (3,435)                   (696)                     (1,073)

 Administrative expenses                                                   (193)                     (195)                     (494)
                                                                           ───────                   ───────                   ───────
 (Loss)/Profit  before  tax                                                (3,628)                   (891)                     (1,567)

 Corporation  tax                                                          114                       174                       409
                                                                           ───────                   ───────                   ───────
 (Loss)/Profit for the period                                              (3,514)                   (717)                     (1,158)

 Other Comprehensive Income                                                -                         -                         -
                                                                           ───────                   ───────                   ───────
 Total comprehensive income for the period                                 (3,514)                   (717)                     (1,158)
                                                                           ═══════                   ═══════                   ═══════

 Total comprehensive income attributable to the owners of the company      (3,514)                   (717)                     (1,158)
                                                                           ═══════                   ═══════                   ═══════

 (Loss) per share
 Basic  - pence                                                        3   (4.9)p                    (1.49)p                   (2.01)p
 Diluted - pence                                                           (4.9)p                    (1.49)p                   (2.01)p
                                                                           ═══════                   ═══════                   ═══════

 

Intuitive Investments Group Plc

Statement of Financial Position

As at 31 March 2023

                               Notes  As at                  As at                  As at

                                      31 March 2023          31 March 2022          30 September 2022

                                      Unaudited              Unaudited              Audited
 ASSETS                               £'000                  £'000                  £'000
 Non-current assets
 Investments                   4      7,863                  10,398                 11,160
 Deferred tax asset                   352                    94                     238
                                      ───────                ───────                ───────
                                      8,215                  10,492                 11,398
                                      ───────                ───────                ───────
 CURRENT ASSETS
 Trade and other receivables          22                     43                     24
 Cash and cash equivalents            1,233                  1,911                  1,553
                                      ───────                ───────                ───────
                                      1,255                  1,954                  1,577
                                      ───────                ───────                ───────
 TOTAL ASSETS                         9,470                  12,446                 12,975
                                      ═══════                ═══════                ═══════
 EQUITY
 Shareholders' Equity
 Called up share capital       5      721                    658                    721
 Deferred shares                      48                     48                     48
 Share premium                        12,619                 11,631                 12,619
 Other reserves                       144                    144                    144
 Accumulated deficit                  (4,111)                (156)                  (597)
                                      ───────                ───────                ───────
 Total Equity                         9,421                  12,325                 12,935
                                      ───────                ───────                ───────
 LIABILITIES
 Current liabilities
 Trade and other payables             49                     30                     40
 Non current liabilities
 Deferred tax liabilities             -                      91                     -
                                      ───────                ───────                ───────
 TOTAL LIABILITIES                    49                     121                    40
                                      ───────                ───────                ───────
                                      ───────                ───────                ───────
 TOTAL EQUITY AND LIABILITIES         9,470                  12,446                 12,975
                                      ═══════                ═══════                ═══════
 Net asset value per share            13.07p                 18.73p                 18.00p

 

Intuitive Investments Group Plc

Statement of Changes in Equity

For 6 months to 31 March 2023

 

 

                                 Called up           Deferred Shares     Share                  Other Reserves      Retained Earnings   Total

                                 Share                                   Premium                                                        Equity

                                 Capital
                                 £'000               £'000               £'000                  £'000               £'000               £'000

 Balance at 30 September 2021    404                 48                  6,986                  144                 561                 8,143

 Loss for the period             -                   -                   -                      -                   (717)               (717)
 Issued share during the period  254                 -                   4,645                  -                   -                   4,899

                                 ──────              ──────              ───────                ──────              ──────              ───────
 Balance at 31 March 2022        658                 48                  11,631                 144                 (156)               12,325

 Loss for the period             -                   -                   -                      -                   (441)               (441)
 Issued share during the period  63                  -                   988                    -                   -                   1,051

                                 ──────              ──────              ───────                ──────              ──────              ───────
 Balance at 30 September 2022    721                 48                  12,619                 144                 (597)               12,935

 Loss for the period             -                   -                   -                      -                   (3,514)             (3,514)

                                 ──────              ──────              ───────                ──────              ──────              ───────
 Balance at 31 March 2023        721                 48                  12,619                 144                 (4,111)             9,421
                                 ──────              ──────              ───────                ──────              ──────              ───────

 

 

Intuitive Investments Group Plc

Statement of Cash Flows

For the 6 months to 31 March 2023

 

                                                      Notes  6 Months to         6 Months to         Year to

                                                             31 March            31 March            30 September

                                                             2023                2022                2022

                                                             Unaudited           Unaudited           Audited
                                                             £'000               £'000               £'000

 Profit/(loss) before tax from continuing operations         (3,628)             (890)               (1,567)

 Adjusted by:
 Interest income                                             (44)                (45)                (93)
 Gain on disposal                                            -                   -                   (74)
 Fair value movement                                         3,491               888                 1,326
                                                             ──────              ──────              ──────
                                                             (181)               (47)                (408)

 Changes in working capital
 (Increase)/decrease in trade and other receivables          2                   -                   18
 (Decrease)/increase in trade and other payables             9                   (4)                 7
                                                             ──────              ──────              ──────
 Net cash outflow from operating activities                  (170)               (51)                (383)

 Cash flows from investing activities

 Purchase of investments                              4      (150)               (1,350)             (1,450)
 Proceeds from sale of investments                           -                   138                 212
                                                             ──────              ──────              ──────
 Net cash (outflow)/inflow from investing activities         (150)               (1,212)             (1,238)
                                                             ──────              ──────              ──────
 Cash flows from financing activities
 Net proceeds from share issues                              -                   607                 607
                                                             ──────              ──────              ──────
 Net cash inflow from financing activities                   -                   607                 607
                                                             ──────              ──────              ──────

 Increase/(decrease) in cash and equivalents                 (320)               (656)               (1,014)

 Cash and cash equivalents at beginning of period            1,553               2,567               2,567

                                                             ──────              ──────              ──────
 Cash and cash equivalents at end of period                  1,233               1,911               1,553
                                                             ══════              ══════              ══════

1.    General Information

 

Intuitive Investments Group Plc is a company incorporated and domiciled in
England and Wales. The company is listed on the AIM market of the London Stock
Exchange (ticker: IIG).

 

The financial information set out in this Half Yearly report does not
constitute statutory accounts as defined in Section 434 of the Companies Act
2006. The Company statutory financial statements for the period ended 30
September 2022, prepared under UK-Adopted International Financial Reporting
Standards ("IFRS"), have been filed with the Registrar of Companies. The
auditor's report on those financial statements was unqualified and did not
contain statements under Sections 498(2) and 498 (3) of the Companies Act
2006.

 

Copies of the annual statutory accounts and the Half Yearly report can be
found on the Company's website at http://www.iigplc.com/
(http://www.iigplc.com/) .

 

2.    Basis of preparation

 

This Half- Yearly report has been prepared using the historical cost
convention, on a going concern basis and under IFRS. The interim financial
statements have been prepared in accordance with the accounting policies set
out in the Annual Report and Accounts for the year ended 30 September 2022.

 

3.    Earnings per Share

 

        Basic earnings per share is calculated by dividing the earnings
attributable shareholders by the weighted average number of ordinary shares
outstanding during the period.

 

        Reconciliations are set out below:

                                                 6 Months to      6 Months to      Year to

                                                 31 March 2023    31 March 2022    31 September 2022

                                                 Unaudited        Unaudited        Audited

 Basic

 Earnings attributable to ordinary shareholders  (3,514,054)      (716,516)        (1,158,483)

 Weighted average number of shares               72,064,551       48,046,357       57,724,661

 Earnings (Loss) per-share - pence               (4.90) p         (1.49) p         (2.00) p
                                                 ═════            ═════            ═════

 Diluted

 Earnings attributable to ordinary shareholders  (3,514,054)      (716,516)        (1,158,483)

 Weighted average number of shares               72,064,551       48,046,357       57,724,661

 Earnings (Loss) per-share - pence               (4.90) p         (1.49) p         (2.01)p
                                                 ═════            ═════            ═════

 

        As at 31 March 2023 there were 1,962,500 (2022: 1,962,500)
outstanding share warrants.

 

4.    Investments

 Cost                                                £'000

 At 30 September 2021                                5,737

 Additions during 6 months to 31 March 2022          5,642
 Disposals                                           (138)
 Accrued interest                                    44
 Change in fair value                                (887)
                                                     ──────
 At 31 March 2022                                    10,398

 Additions during 6 months to 30 September 2022      1,151
 Accrued interest                                    49
 Change in fair value                                (438)

                                                     ──────
 At 30 September 2022                                11,160

 Additions during 6 months to 31 March 2023          150

 Accrued interest                                    44
 Change in fair value                                (3,491)

                                                     ──────
 At 31 March 2023                                    7,863
                                                     ══════

 

5.    Share Capital

        Issued share capital comprises:

 

                                  6 months to            6 months to            Year to

                                   to 31 March 2023       to 31 March            to 31 September  2022

                                  Unaudited               2022                  Audited

                                                         Unaudited
                                  £'000                  £'000                  £'000
 Ordinary shares of 1p each       721                    658                    721

                                  ───────                ───────                ───────
                                  721                    658                    721
                                  ═══════                ═══════                ═══════

There were no shares issued during the period.

 

6.    Post balance sheet events

On 1 April 2023 Ocutec Limited completed a fundraising of £1.2 million. The
price was £2.00 per ordinary share which compares to a price of £1.60 per
ordinary share at the time of the Company's investment. Therefore there is an
unrealised gain of £62,500, based on most recent funding round.

On 26 April 2023 a follow-on investment in Light Science Technologies Holdings
plc of £150,000 was made to acquire 15 million shares at a price of £0.01
per share. IIG holds 28,280,000 ordinary shares of Light Science Technologies
in total.

On 30 May 2023 2,000,000 shares of 1 penny each in the Company were issued at
a value of £0.055 per share in settlement of the £900,000 deferred
consideration payable as part of the acquisition of Touchless Innovation.

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