REG - Intuitive Invests.Gp - Return of investment and cancellation of shares

Intuitive InvestmentsAnnouncement

27/12/2024 16:45

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RNS Number : 4895R  Intuitive Investments Group plc  27 December 2024

For immediate release

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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                   www.iigplc.com (http://www.iigplc.com/)

 Sir Nigel Rudd, Non-Executive Chairman             Via FTI Consulting

 Robert Naylor, CEO

 Giles Willits, CIO

 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

 

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.

 

 

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