REG - Intuitive Invests.Gp - Interim Results
06/06/2025 07:00
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RNS Number : 6930L Intuitive Investments Group plc 06 June 2025
6 June 2025
Intuitive Investments Group plc
Half Year report for the six months to 31 March 2025
Nationwide rollout of Hui10's technology and platforms underway
Intuitive Investments Group plc (SFS: IIG) ("IIG"or the "Company"), the
closed-end investment company focused on fast growing and high potential
investment opportunities, announces its half year financial results for the
six months to 31 March 2025.
Sir Nigel Rudd, Chairman, said:
"IIG's primary focus and driver of shareholder value is Hui10, a technology
company leading the digital transformation of the Chinese lottery. Hui10 is
making good progress with the nationwide roll-out of its lottery and retail
platform across China. We have a proven model and technology, national-scale
partnerships and milestones that support the rollout in the second half of the
year and beyond. This momentum, allied to the depth of our team's
relationships with key bodies and institutions, supports the opportunity for
Hui10 to generate substantial shareholder returns."
Positive momentum for the rollout of Hui10 across China
= As previously indicated, IIG's strategy to drive long-term shareholder returns
is centred around Hui10, a technology company leading the digital
transformation of the Chinese lottery
= Significant opportunity to increase participation in the Chinese lottery
through a paperless lottery to reach up to 1.1 billion adults
= Positive momentum for Hui10's nationwide roll-out of its lottery and retail
platform across China
o Currently operational in three provinces in China
o Targeting 15 provinces by December 2025, unlocking increased access to
lottery play to more than 500 million adults in China.
= Significant runway for the rollout, to ultimately operate across the entire
network of 200,000 lottery shops and more than 2 million Hui10 terminals
across China
= Giles Willits succeeded Rob Naylor as CEO in March 2025 to oversee the next
phase of IIG's development
= Since IIG's investment in Hui10 in October 2023 the company has raised more
than £10m to support the roll-out of Hui10 platform and expects to continue
to raise funds going forward to deliver its accelerated roll-out targets
Outlook
= Our proven model and technology, national-scale partnerships and milestones
support the rollout in the second half of the year and beyond
= Hui10's momentum, allied to the depth of our relationships with key bodies and
institutions in the Chinese lottery ecosystem, supports the opportunity for
Hui10 to generate substantial shareholder returns
Financial highlights
31 March 2025 30 September 2024 31 March 2024 30 September 2023
Net Assets £318.99 million £311.37 million £312.26 million £10.46 million
Investments £306.38 million £306.32 million £307.91 million £8.78 million
Cash £0.73 million £1.06 million £0.76 million £1.74 million
NAV per share(1). 153.2p 153.9p(2) 154.5p 120.4p
% Increase/(decrease) from previous period end* (0.50%) (0.34%) 28.28% (7.83%)
Notes
1. Adjusted for share consolidation.
2. Restated
Enquiries:
Intuitive Investments Group plc www.iigplc.com (http://www.iigplc.com/)
Sir Nigel Rudd, Non-Executive Chairman Via FTI Consulting
Giles Willits, CEO
Zeus +44 (0) 20 3829 5000
Nick Cowles / Graeme Summers / Dominic King
FTI Consulting +44 (0) 20 3727 1000
Jamie Ricketts / Valerija Cymbal / Jemima Gurney IIG@fticonsulting.com (mailto: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 and / or 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 involved in the digital transformation of the
Chinese lottery. It's platform unlocks the market expansion of the Chinese
lottery through increasing the number of people playing lottery from the
current 10% participation level to target more than 30%. Hui10's platform is
integrated into China's national interbank card settlement system and payment
platform, UnionPay. Lucky World is an omnichannel commerce platform which
provides China's existing 200,000 lottery only shops access to a wider
fastmoving consumer goods product offering through its growing number of
commercial partnerships with leading Chinese suppliers. Lucky World provides a
solution for brands to tackle the global counterfeit crisis using its
integrated Lottery HongBao digital solution with incentives, helping to build
brand loyalty and trust.
Chairman and Chief Executive's Report
We are pleased to present the half year report for Intuitive Investments Group
plc, which covers the six month period ended 31 March 2025.
Investment in Hui10
In October 2023, IIG invested in Hui10, a technology company involved in the
digital transformation of the Chinese national lotteries. This investment
signalled a tightening of the Company's investment outlook going forward and
as such the commentary in this report focuses on the significant developments
Hui10 have achieved in the period.
Hui10 is unlocking the expansion of the Chinese lottery through increasing the
number of people playing lottery from the current 10% participation level to a
target of more than 30%. The current lottery in China delivers sub industry
benchmark levels of customer participation resulting from its outdated method
of play and the significant sub scale availability of locations to play the
lottery throughout China. The total addressable market in China is over
1.1billion and as such the successful delivery of the Hui10 strategy will
bring over 300 million users to the lottery via the Hui10 platform, while at
the same time establishing one of the largest retail franchises in China
through the development of the existing lottery only store network.
The Hui10 strategy for expansion is focused into two main areas:
Lucky World which is connecting and digitally enabling the existing lottery
shop network
Lucky World transforms China's existing 200,000 dedicated lottery only shops,
into digitally enabled, multifunctional retail community hubs:
• Providing the platform digitally enabling the existing shops for
the future of paperless lottery play
• Opening TEAM CHINA flagship/branded stores to accelerate expansion
into every Province
• Creating one of the largest omnichannel commerce platforms in
China to expand the product offering through domestic and international
supplier commercial partnerships
• Delivering increased lottery sales, a more diversified revenue
while driving increasing footfall and profitability for both the shop owner
and Lucky World.
Increasing Consumer Access to the Lottery via UGO - Expanding the Lottery
footprint across China
To drive increased participation, Hui10 is expanding the number of lottery
play enabled locations in China
• Initially focusing on UGO through CCIC/Ministry of Transport to
enable over 1m taxis/transport terminals throughout China
• Working with CFCA and UnionPay to open paperless and mobile play
to the current geographically excluded market following regulatory approval
• Extending lottery reach by adding 1m new locations in Grocery,
Petrol stations and other appropriate locations throughout China
• Delivering increased customer access and broader demographics of
players to the lottery, in a modern paperless play format to drive both
increased lottery participation and lottery revenues, with increased control,
customer welfare and auditability.
The Hui10 investment therefore offers IIG shareholders a significant growth
opportunity over the next five years.
Since the IIG investment, significant progress has been made in the delivery
of Hui10's strategy, which includes:
● Significant progress for Hui10 since investment in October 2023:
○ Exclusive contracts with the Ministry of Finance approved China Financial
Certification Authority (CFCA) wherein CFCA provides the e-ticket security
protocols in compliance with Ministry of Finance requirements
Landmark agreement with the General Administration of Sports China to operate
31 TEAM CHINA Sports Lottery+ stores. Fit out has begun in 3 provinces, Hebei,
○ Henan and Shanxi and will be operational in July 2025
○ UGO Lotto, a digitally integrated Sports Lottery scratchcard solution,
launched the first stage of national roll-out in ride-hailing taxis in Shanxi
in May 2025, with over 200 point of sale terminals operating in a combination
of ride-hailing cars and other retail
○ Continued roll-out of Lucky World connecting lottery shops by equipping them
with a UnionPay POS terminal, now in over 2,600 connected shops and
increasing; and
○ Launch of Lucky World Membership programme developed to accelerate user and
lottery shop acquisition with Lucky World registered users rising to over
400,000 since the launch of the programme.
● Two equity raises during the half year totalling of £7.71 million have been
invested in Hui10 to accelerate the roll-out of products and services
Hui10 has the potential to deliver strong growth in participation in the
Chinese national lotteries respective customer bases and ultimately in lottery
ticket sales. Hui10 has achieved this unique competitive position over a
period of 10 years and is now at an inflection point as it begins to
accelerate the roll-out of its platforms nationally.
Non Hui10 Portfolio investments
The balance of the IIG portfolio is focused on small technology and healthcare
companies which make up only 2.3% of the total asset valuation of the Company.
The fundraising environment for these companies remains challenging, however,
it is encouraging to note that all of our companies continue to operate and
focus on the delivery of their strategies. The portfolio, in the vast
majority, is held at the valuation of the most recent investment round.
During the year to 30 September 2024 the Company substantially divested our
quoted portfolio and it is not expecting to be making any further investments.
We have not made, nor are proposing to make, follow on investments or new
investments in the Non Hui10 Portfolio. This may dilute our percentage
holdings and impact performance.
Further details of all the companies in portfolio are contained at the end of
this statement.
Leadership Team Changes
Giles Willits became Chief Executive Officer of IIG plc, bringing extensive
experience in corporate leadership and business transformation with Robert
Naylor leaving IIG plc, in March 2025.
Robert Kilsby appointed Non-Executive Director. Richard served as Deputy
Chairman of the London Stock Exchange, an Independent Monitor for the US
Securities and Exchange Commission and as an inspector for both the Bank of
England and for the UK FCA. Richard's other positions have included CEO of
Charterhouse Bank, Chairman of 888 Holdings PLC and non-executive director of
Tullett Preborn, Impact Holdings Plc, Collins Stewart plc, and Deasil
Cognitive. Prior to this, Richard was the PwC partner responsible for
financial instrument audit, regulation, and supervision as joint lead in the
Treasury Management Practice.
Financial performance
NAV per share has stayed relatively in line with the year end at 153.2 pence
(30 September 2024 Restated: 153.9 pence). Net Assets were £318.99 million,
including investments of £306.4 million and cash of £725,000.
There is net deficit income of £91,000 comprising unrealised gains of
£25,000, interest from the convertible loan notes in aggregate of £39,000,
interest due from Hui10 of £274,000. The administrative costs of the business
were £431,000 for the half year.
Given the cash and liquid investments compared to the administrative costs,
the Company has adequate working capital. The Board does not propose to
declare a dividend.
Outlook
● Continued momentum expected in the roll-out of Hui10's initiatives over the
rest of the year:
○ TEAM CHINA Sports Lottery+
Fit-out in 3 provinces expected to be completed and operational in July 2025
Expand into 3 additional provinces and 1 municipality
Plan for the next 6 regions for expansion accessing in total over half the
population of China
○ UGO
Rapid expansion of point of sale terminals
○ Lucky World Lottery
Up to 7,500 lottery shops with approximately 4 million registered users
The focus for the coming six months to the end of the financial year remains
to build on the momentum that Hui10 is gaining as it continues to deliver on
its strategy.
Nigel Rudd Giles Willits
Chairman Chief Executive Officer
5 June 2025
Unquoted Investments Method of fair value valuation Valuation as at Valuation as at
31 March 2025
30 September 2024
£
£
Later stage investments
Hui10 Inc Investment Team valuation 299,345,526 299,345,526
Loan 11,963,517 4,047,395
BioQ Pharma Inc Cost, interest and FX movement 1,098,811 1,023,676
Touchless Innovations Limited Investment Team valuation 556,000 556,000
Touchless Hygiene Limited Investment Team valuation 4,088,000 4,088,000
Series A and B investments
Axol Bioscience Limited Last investment round 79,472 79,472
The Electro Spinning Company Limited Last investment round 90,900 90,900
Micrima Limited Last investment round 34,557 34,557
Momentum Bioscience Limited Last investment round 375,000 375,000
Outec Limited Last investment round 312,500 312,500
PneumoWave Limited Last investment round 395,503 395,903
Closing Fair Value 318,339,786 310,348,929
IIG Portfolio Overview
Hui 10 Inc. ("Hui10")
Investment of £299.4 million to acquire the entire issued share capital, held
at cost. Loan capital represents funds transferred to Hui10 to fund its
expansion.
Hui10 is a technology company involved in the digital transformation of the
Chinese lottery. Its platform unlocks the market expansion of the Chinese
lottery through increasing the number of people playing lottery from the
current 10% participation level to target more than 30%. Hui10's platform is
integrated into China's national card settlement system and payment platform,
UnionPay. Lucky World is an ecommerce platform which provides China's existing
200,000 lottery only shops access to a wider fastmoving consumer goods product
offering through its growing number of commercial partnerships with leading
Chinese suppliers. Lucky World provides a solution for brands to tackle the
global counterfeit crisis using its integrated Lottery HongBao digital
solution with incentives, helping to build brand loyalty and trust.
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 is a commercial-stage, medical device and pharmaceutical company,
addressing the infusible drugs market. BioQ's proprietary InveniousTM 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 Limited ("Sanondaf")
Investment of £2.1 million to acquire the entire issued share capital, held
at £556,000 fair value, for which the Investment Team valuation is deemed the
most appropriate basis of measurement.
Touchless Innovation is an international licensing and franchising business,
with master franchise agreements in 10 countries. Sanondaf licenses the
brands, know-how and intellectual property of specialist disinfection and
decontamination technology.
Touch-Less Hygiene Limited ("Touch-Less Hygiene")
Investment of £4.3 million to acquire the entire issued share capital, held
at £4.1 million fair value, for which the Investment Team valuation is deemed
the most appropriate basis of measurement.
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, including 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 Sanondaf International Limited to operate in
the UK.
Axol Biosciences Limited ("Axol")
Investment of £249,000 in A ordinary shares, held at £79,472, fair value for
which last funding round is deemed the most appropriate basis of measurement.
Axol last undertook a fundraise in May 2024.
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.
The Electrospinning Company Limited ("TECL")
Investment of £500,000 in ordinary shares, held at £90,900 fair value for
which last funding round is deemed the most appropriate basis of measurement.
TECL last undertook a fundraise in August 2024.
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 Limited ("Micrima")
The initial investment of £230,000 was by way of convertible loan note. The
Company undertook a fundraising which triggered the conversion of the
convertible loan note; therefore the investment is held at £34,557 fair value
for which last funding round is deemed the most appropriate basis of
measurement. Microma last undertook a fundraise in September 2024.
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 Limited ("Momentum")
Investment of £125,000 in preferred A ordinary shares, held at £375,000 fair
value, for which last funding round is deemed the most appropriate basis of
measurement. Momentum undertook an additional subscription in December 2023.
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 Limited ("Ocutec")
Investment of £250,000 in ordinary shares, held at £312,500 fair value, for
which last funding round is deemed the most appropriate basis of measurement.
Ocutec completed a fundraising in July 2024.
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 Limited ("PneumoWave")
Investment of £450,000 in new ordinary shares, held at £395,503 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. PneumoWave raised money in September 2024 by convertible loan
note.
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 Notes 6 months to 6 months to Year to 30 September 2024
31 March 2025
31 March 2024
(Audited)
Statement of Comprehensive Income
(Unaudited)
(Unaudited)
£'000
Six months ended 31 March 2025
£'000
£'000
Investment Income
Finance Income 315 58 197
Gains/(losses) on realised investments - 2 (88)
Unrealised gains/(losses) due to FX 36 (27) (72)
(Losses)/gains on investments at fair value (11) (130) (913)
Management fees - - -
340 (97) (876)
Total administrative expenses (431) (1,046) (1,406)
(Loss) before tax (91) (1,143) (2,282)
Corporation tax - - -
(Loss) for the period (91) (1,143) (2,282)
Other comprehensive income - - -
Total comprehensive income attributable to the owners of the company (91) (1,143) (2,282)
(Loss) per share
Basic - pence 3 (0.04)p (0.66)p (1.22)p
Diluted - pence (0.04)p (0.66)p (1.22)p
Intuitive Investments Group plc Notes As at As at As at 30 September 2024
31 March 2025
31 March 2024
(Audited)
Statement of Financial Position
(Unaudited)
(Unaudited)
£'000
As at 31 March 2025
£'000
£'000
ASSETS
Non-current assets
Investments 4 306,380 307,914 306,315
Deferred tax asset - - -
306,380 307,914 306,315
Current assets
Trade and other receivables 11,994 3,653 4,072
Cash and cash equivalents 725 757 1,063
12,719 4,410 5,135
TOTAL ASSETS 312,324 311,450
EQUITY
Non-current assets
Called up share capital 5 20,822 20,213 20,229
Deferred shares 48 48 48
Share premium 304,180 296,830 297,062
Other reserves 144 144 144
Accumulated deficit (6,206) (4,976) (6,115)
Total Equity 318,988 312,259 311,368
LIABILITIES
Current liabilities
Trade and other payables 111 85 82
TOTAL LIABILITIES 111 85 82
TOTAL EQUITY AND LIABILITIES 319,099 312,344 311,450
Net asset value per share £1.532 £1.545 £1.539
Intuitive Investments Group plc Called up Share Capital Deferred Shares Share Premium Other Reserves Retained Earnings Total Equity
£'000
£'000
£'000
£'000
£'000
£'000
Statement of Changes in Equity
Six months to 31 March 2025
Balance at 30 September 2023 869 48 13,234 144 (3,833) 10,462
Loss for the period - - - - (1,143) (1,143)
Issued shares during the period 19,344 - 283,596 - - 302,940
Balance at 31 March 2024 20,213 48 296,830 144 (4,976) 312,259
Loss for the period - - - - (1,139) (1,139)
Issued shares during the period 16 - 232 - - 248
Balance at 30 September 2024 20,229 48 297,062 144 (6,115) 311,368
Loss for the period - - - - (91) (91)
Issued shares during the period 592 - 7,119 - - 7,711
Balance at 31 March 2025 20,821 48 304,181 144 (6,206) 318,988
Intuitive Investments Group plc Notes 6 months to 6 months to Year to 30 September 2024
31 March 2025
31 March 2024
(Audited)
Statement of Cash Flows
(Unaudited)
(Unaudited)
£'000
For the six months to 31 March 2025
£'000
£'000
Loss from continuing operations (91) (1,143) (2,282)
Adjusted by:
Unrealised interest income (313) (58) (55)
Loss/(Profit) on disposal of investments - (2) 88
Unrealised losses due to foreign exchange (36) 27 72
Losses on investments due to fair value movements 11 130 913
Interest income
(429) (1,046) (1,264)
Changes in working capital:
(Increase)/decrease in trade and other receivables (7,648) (3,609) 19
(Decrease)/increase in trade and other payables. 29 (15) (18)
Cash generated from continuing operations (8,048) (4,670) (1,263)
Net cash outflow from operating activities (8,048) (4,670) (1,263)
Cash flows from investing activities
Purchase of investments 4 - (299,346)
Reclassification of loan advanced to investee - - (3,905)
Proceeds from sale of investments 89 793
Net cash (outflow)/inflow from investing activities - 89 (302,458)
Cash flows from financing activities
Proceeds from issuance of shares 7,711 3,593 303,188
Net cash inflow from financing activities 7,711 3,593 303,188
Increase/(decrease) in cash and cash equivalents (337) (988) (675)
Cash and cash equivalents at the beginning of the period 1,062 1,737 1,737
Cash and cash equivalents at the end of the period 725 749 1,062
Intuitive Investments Group Plc
Notes to the Half Yearly Report
For the 6 months to 31 March 2024
1. General Information
IIG is an investment company seeking to provide investors with exposure to a
portfolio concentrating on fast growing and/or 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. Intuitive Investments
Group Plc is a company incorporated and domiciled in England and Wales. The
company is listed on the Specialist Funds segment on the main 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 2023, 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/) . (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 2024.
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 30 September 2024
31 March 2025
31 March 2024
(Audited)
(Unaudited)
(Unaudited)
Basic
Earnings attributable to ordinary shareholders (£'000) (91) (1,143) (2,282)
Weighted average number of shares (£'000) 206,639 172,384 187,335
(Loss) per share (pence) (0.04)p (0.66)p (1.22)p
Diluted
Earnings attributable to ordinary shareholders (£'000) (91) (1,143) (2,282)
Weighted average number of shares (£'000) 206,639 172,384 187,335
(Loss) per share (pence) (0.04)p (0.66)p (1.22)p
4. Investments
Cost £'000
At 30 September 2023 8,781
Additions 299,345
Disposals (87)
Accrued interest 32
Exchange rate adjustment -
Change in fair value (157)
At 31 March 2024 307,914
Additions 1
Disposals (794)
Accrued interest 22
Exchange rate adjustment (72)
Change in fair value (756)
At 30 September 2024 306,315
Additions -
Disposals -
Accrued interest 39
Exchange rate adjustment 36
Change in fair value (11)
Loss for the period -
At 31 March 2025 306,380
5. Share Capital
Issued share capital comprises:
6 months to 6 months to Year to 30 September 2024
31 March 2025
31 March 2024
(Audited)
(Unaudited)
(Unaudited)
£'000
£'000
£'000
Deferred shares
250,000 deferred shares 48 48 48
Ordinary shares
Ordinary shares of 10p each 20,821 20,213 20,229
20,869 20,261 20,277
On 27 October 2023 the Company acquired the entire share capital of Hui10 for
a consideration of US$365m. Consideration was settled by the issue of
1,911,529,540 Existing Ordinary Shares in the Company at a price of 15.66
pence per share.
On 13 December 2023, the Company issued 2,687,095 Existing Ordinary Shares,
fully paid for cash at a price of 15.66 pence per share.
5. Share Capital (continued)
On 5 January 2024, the Company issued 11,353,767 Existing Ordinary Shares,
fully paid for cash at a price of 15.66 pence per share.
On 21 March 2024, the Company issued 809,519 New Ordinary Shares, fully paid
for cash at a price of £1.566 per share.
On 8 April 2024, the Company issued 159,642 New Ordinary Shares, fully paid
for cash at a price of £1.566 per share.
On 18 October 2024, the Company issued 4,624,840 New Ordinary Shares, fully
paid for cash at a price of £1.33 per share.
On 6 March 2025, the Company issued 1,300,000 New Ordinary Shares, fully paid
for cash at a price of £1.20 per share.
At the AGM on 29 February 2024 a resolution was approved to consolidate every
10 existing ordinary shares of 1 penny per share ("Existing Ordinary Shares")
into one new ordinary share of 10 pence per share ("New Ordinary Shares"). The
consolidation took place on 1 March 2024 and also applied to the warrants.
Warrants/Management Incentive Schemes
The Company established Hui10 share growth incentive scheme in which
participants are rewarded if a predetermined level of shareholder value is
created over a three-to-five-year period or upon a change of control of the
Hui10 (whichever occurs first). The reward is calculated on a formula basis by
reference to the growth in market capitalisation of Hui10 over and above the
value of US$365 million. It allows for adjustments for the issue of any new
Ordinary Shares and taking into account dividends and capital returns
("Shareholder Value"). The reward will be realised by the exercise by the
beneficiaries of a put option in respect of a new class of Hui10 shares and
satisfied either in cash or by the issue of new Ordinary Shares, at the
election of the Company. Under these arrangements in place, participants are
entitled up to in total 15% ("Incentive Pool").
The details of the arrangement can be found in the Company's Annual Report
dated 30 September 2024. As at 31 March 2025 there were 4,021,779 (2024
Restated: 4,021,779) outstanding share warrants over Ordinary Shares,
adjusting for the share consolidation.
6. Post balance sheet events
On 9 April 2025, the company cancelled 3,250,254 shares of nominal value £0.1
per share.
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