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RNS Number : 6272H Intuitive Investments Group plc 10 June 2026
10 June 2026
Intuitive Investments Group plc
Half Year report for the six months to 31 March 2026
Hui10 scaling rapidly as IIG advances Main Market opportunity
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 unaudited half year financial results
for the six months to 31 March 2026.
The period has been characterised by significant operational progress at Hui10
Inc. ("Hui10"), the Company's most significant investment. Post period end,
the Company issued the announcement of the proposed combination with Acceler8
Ventures plc ("AC8") and the intended admission of the enlarged group to the
Equity Shares (Commercial Companies) category of the Official List and trading
on the London Stock Exchange's Main Market. The Board believes this represents
a significant strategic milestone, creating a structure that better reflects
the Group's operating business, broadens access to institutional investors and
supports the long-term objective of delivering enhanced value for
shareholders.
Sir Nigel Rudd, Chairman, said:
"The first half of the year has seen a step-change in operational progress at
Hui10, with rapid expansion of its national infrastructure, strong growth in
transaction volumes and the achievement of several strategically important
partnerships.
Alongside this progress, the Board has recently announced that the Company is
in an offer period under the Takeover Code following the announcement of a
possible all-share combination with AC8, which the Board believes supports the
long-term objective of delivering enhanced value for shareholders."
Highlights in relation to IIG
31 March 2026 30 September 2025 31 March 2025 30 September 2024
Net Assets £498.1 million £328.0 million £319.0 million £311.4 million
Investments(1) £496.3 million £326.9 million £318.3 million £310.4 million
Cash £1.3 million £1.2 million £0.7 million £1.1 million
NAV per share(2). 207.5p 150.3p 153.2p 153.9p(3)
% Increase/(decrease) from previous period end 38.0% (1.9%) (0.5%) (0.3%)
Notes
1. Includes loan to an investment company
2. Adjusted for share consolidation.
3. Restated
• Post period end, announcement of a possible all-share combination with
Acceler8 Ventures plc under Rule 2.4 of the Takeover Code
• Increase in the carrying value of Hui10, the Company's principal investment,
reflecting continued operational progress and business growth
• Disposal of the Company's entire holding in Touchless Innovations Limited,
increasing strategic focus on Hui10
• £20 million of equity raised in January 2026 and on lent to Hui10 to support
Hui10's rollout, with a further £25 million committed, and no further funding
requirements currently anticipated
Highlights in relation to Hui10
Hui10 continued to make strong operational progress during the period, with
significant growth across its network, user base and transaction activity. The
continued expansion of the Lucky World and UGO platforms reflects increasing
confidence in Hui10's technology and supports the Board's belief in the
long-term growth potential of the business.
As at 31 March 2026 2025
Connected Lucky World Lottery Shops 9,543 2,563
UGO UnionPay POS Terminals 753 323
Total Registered Users 1,161,063 344,207
Twelve months to 31 March 2026 2025
Lottery Transaction Value through Lucky World (RMB) 674,364,565 15,289,951
UGO Scratchcard Sales (RMB) 9,656,594 4,501,000
Lucky World Merchandise Revenue (RMB) 1,309,387 285,873
• Landmark agreement with the China Financial Certification Authority ("CFCA")
enabling progression towards paperless lottery pilot
• TEAM CHINA partnership strengthening alignment with national policy and brand
ecosystem
Outlook
• Continued growth in network scale, user engagement and transaction activity
supports confidence in Hui10's long-term growth trajectory
• Hui10 remains well positioned to participate in a future paperless lottery
pilot, with its technology platform, operational infrastructure and strategic
partnerships developed to support implementation at scale
• The Board believes that the combination of strong operational momentum and
Hui10's established position within the Chinese lottery ecosystem creates a
significant opportunity to deliver long-term shareholder value
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
Dominic King / James Hornigold
FTI Consulting +44 (0) 20 3727 1000
John Waples / Valerija Cymbal / Jemima Gurney IIG@fticonsulting.com (mailto:IIG@fticonsulting.com)
About Intuitive Investments Group plc
IIG is a closed-end investment company focused on fast growing and high
potential investment opportunities. Following its move to the Specialist Fund
Segment of the London Stock Exchange, IIG made an investment in Hui10 in
October 2023 which now forms its main investment focus.
About Hui10
Hui10 is a technology company involved in the digital transformation of the
Chinese lottery. Its paperless lottery play platform unlocks the market
expansion of the Chinese lottery aiming to increase the number of people
playing the lottery from the current 10% participation level to target more
than 30%. Lucky World is Hui10's 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.
Chairman and Chief Executive's Report
We are pleased to present the unaudited half year report for Intuitive
Investments Group plc ("IIG" or the "Company") for the six-month period ended
31 March 2026.
The period has been characterised by strong operational progress at Hui10,
alongside significant corporate developments, including the announcement of
the proposed combination with Acceler8 Ventures plc and the intended admission
of the enlarged group to the Equity Shares (Commercial Companies) category of
the Official List and trading on the London Stock Exchange's Main Market.
Hui10 - operational progress and scaling
Hui10, which represents substantially all of the Company's investment
portfolio, has delivered a step-change in performance and continues to scale
its national infrastructure across China.
During the past twelve months, Hui10 has:
• Increased lottery transaction value through the Lucky World platform to over
RMB 670 million during the twelve months ended 31 March 2026 (HY25: RMB 15.3m)
• Expanded the Lucky World network to more than 9,500 connected lottery shops
(HY25: 2,563), further strengthening Hui10's presence across China's lottery
ecosystem
• Increased the registered user base more than threefold to more than 1.1
million users (HY25: 0.3 million users), reflecting growing engagement with
the platform
• Continued the rollout of UGO UnionPay POS terminals across transport and
retail environments, more than doubling the installed network year-on-year
• Generated revenues from both UGO scratchcard sales and Lucky World merchandise
activities, demonstrating the increasing commercialisation of the platform
• Continued to expand its geographical footprint and deepen relationships with
key participants across the Chinese lottery ecosystem, supporting the
scalability of the platform and future growth opportunities
This growth reflects the successful execution of Hui10's strategy to digitise
and expand access to the Chinese lottery through its integrated technology
platform, combining payments, settlement, retail enablement and customer
engagement.
The Board believes that these milestones demonstrate that Hui10 has moved
beyond initial deployment and is now entering a phase of accelerated scaling,
supported by increasing transaction volumes, expanding infrastructure and
growing user adoption.
Strategic positioning and partnerships
Hui10 has continued to strengthen its position within the Chinese lottery
ecosystem through a number of key developments.
Most notably, Hui10 entered into an agreement with the China Financial
Certification Authority ("CFCA"), one of China's leading national electronic
certification and digital authentication authorities established by PBOC as a
wholly owned subsidiary of China UnionPay, representing a key step towards
enabling deployment of its paperless lottery platform, subject to regulatory
direction. This represents an important milestone in aligning Hui10's platform
with national regulatory and security infrastructure.
The Company has also continued to build on its partnership with TEAM CHINA,
supporting the promotion of TEAM CHINA branding and merchandise across Hui10's
network and the rollout of flagship Sports Lottery+ stores. TEAM CHINA is the
official commercial brand of the Chinese Olympic Committee, China's national
teams and elite athletes, operating under the General Administration of Sport
of China. The relationship provides Hui10 with a unique commercial position
and significant institutional credibility within China's sports ecosystem,
linking community-level sports participation with elite national sporting
programmes.
In addition, Hui10 has entered into commercial partnerships with leading
domestic and international brands, enhancing the Lucky World platform and
supporting the development of a broader retail ecosystem.
These developments, together with Hui10's integration with UnionPay and
expanding national infrastructure, position the business to benefit from
increasing lottery participation and wider digitalisation trends in China. The
Board believes that Hui10's combination of proprietary technology and
intellectual property, recognised software development, cybersecurity and
operational governance standards, strategic relationships across the lottery,
payments and sports ecosystems, nationally capable infrastructure and
expanding retailer network creates significant barriers to entry and supports
the long-term scalability of its platform.
Funding and capital position
Over the past 12 months, a total of £56 million of equity funding has been
raised and committed to support Hui10's continued rollout and development.
Based on the funding secured to date, together with existing committed
capital, the Board does not currently anticipate any requirement for
additional funding to deliver Hui10's near-term strategic objectives.
This strengthened capital position provides a solid foundation for the next
phase of growth as Hui10 continues to expand its national footprint and
progress towards the expected deployment of paperless lottery initiatives.
Strategic review and corporate developments
As previously announced, the Company has been evaluating strategic options to
enhance shareholder value, broaden access to institutional capital and
facilitate a transition from the Specialist Fund Segment of the London Stock
Exchange to the Equity Shares (Commercial Companies) category of the Official
List and trading on the Main Market.
Following this review, on 8 April 2026 the Company announced that it had
reached agreement in principle on the terms of a possible all-share
combination with Acceler8 Ventures plc ("AC8"). If completed, the proposed
transaction would result in the admission of the enlarged group to the Equity
Shares (Commercial Companies) category of the Official List and trading on the
London Stock Exchange's Main Market. The Board believes that the proposed
transaction has the potential to broaden the shareholder base, improve access
to institutional investors and create a structure more closely aligned with
the Group's operating business and long-term growth ambitions.
As a result of the announcement, the Company is currently in an offer period
under the City Code on Takeovers and Mergers. There can be no certainty that
any firm offer will ultimately be made. Further announcements will be made as
appropriate and in accordance with the Company's regulatory obligations.
As part of the Company's ongoing preparation for potential strategic outcomes,
during the period amendments were made to Hui10's pre-existing management
incentive plan and warrant arrangements. These amendments provide greater
flexibility in relation to potential corporate events, including the ability
to accelerate vesting where appropriate, while maintaining alignment between
management and shareholder interests.
During the period, the Company also established an Employee Benefit Trust
("EBT") to support the operation of its share-based incentive arrangements.
The EBT may be used to acquire and hold shares in the Company to satisfy
awards under existing and future employee incentive schemes.
Non Hui10 Portfolio investments
During the period, the Company completed the disposal of its investment in
Touchless Innovations Limited.
The disposal is consistent with the Company's strategy of focusing its
resources on its core investment in Hui10, which now represents substantially
all of the Group's portfolio value.
Following the disposal, the Company's remaining non-core investments represent
a small proportion of total assets and the Board does not anticipate making
further new investments outside of Hui10.The balance of the IIG portfolio is
focused on small technology and healthcare companies which following the sale
of Touchless Innovations Limited make up only 0.2% of the total asset
valuation of the Company.
The Board will continue to review the Company's remaining non-core investments
with a view to realising value where appropriate.
Financial performance
NAV per share has increased since the year end at 207.5 pence (30 September
2025: 150.3 pence) largely due to the increase in Hui10's valuation and the
resulting unrealised gain recognised in income. Net Assets were £498.1
million (30 September 2025: £328.0 million), including investments and loans
to investment companies of £496.3 million (30 September 2025: £326.9
million) and cash of £1.3 million (30 September 2025: £1.2 million).
The Company reported a net profit for the period of £156.0 million, primarily
reflecting the fair value increase in the valuation of Hui10, alongside
interest income on the Hui10 Loan and management charge income from Hui10
offset by administrative and downward fair value movements on the portfolio
outside of Hui10.
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
Hui10 enters the second half of the financial year with strong operational
momentum.
The Company expects continued expansion of the Lucky World network, further
growth in transaction volumes and user adoption, and continued progress
towards the anticipated deployment of paperless lottery initiatives, subject
to regulatory direction.
Looking further ahead, the Board believes that Hui10 is well positioned to
capitalise on the significant long-term opportunity presented by the digital
transformation of China's lottery sector.
In parallel, as announced separately post the half-year end, the Company is
currently in an offer period under the UK City Code on Takeovers and Mergers
following the announcement of a possible all-share transaction. There can be
no certainty that any firm offer will ultimately be made.
The Board's priority remains to ensure that the value being created within
Hui10 is appropriately reflected for shareholders.
Nigel Rudd Giles Willits
Chairman Chief Executive Officer
10 June 2026
Investments (including loans) Method of fair value valuation Valuation as at Valuation as at
31 March 2026
30 September 2025
£
£
Later stage investments
Hui10 Inc Valuation based on market 455,554,809 299,345,526
based transactions supported by a
discounted cashflow
Loan - Initially recorded at fair 40,016,690 25,050,866
value plus accrued interest
BioQ Pharma Inc Value on conversion from loan 153,030 153,030
notes
Touchless Innovations Limited Divested in the period - 1,047,000
Series A and B investments
Axol Bioscience Limited Last investment round 79,472 79,472
The Electrospinning Company Limited Discounted cashflow 436,894 436,894
Micrima Limited Last investment round 34,557 34,557
Momentum Bioscience Limited In liquidation - 375,000
Outec Limited Last investment round 1,563 7,813
PneumoWave Limited In liquidation - 395,503
Closing Fair Value 496,277,015 326,925,661
IIG Portfolio Overview
Hui 10 Inc. ("Hui10")
The Group invested £299.4 million in October 2023 to acquire 100% of Hui10
Inc. Hui10 continues to represent the principal investment of the Company.
For the six months ended 31 March 2026, the Directors have reassessed the fair
value of Hui10 in accordance with IFRS 13 Fair Value Measurement and IAS 34
Interim Financial Reporting, taking into account developments since 30
September 2025.
Consistent with the approach adopted at the year end, the Directors have
considered a number of valuation methodologies. A discounted cash flow (income
approach) has been prepared; however, this continues to rely on significant
unobservable inputs, including assumptions regarding future growth and a high
Weighted Average Cost of Capital reflecting execution risk. As such, the
income approach has been used as a corroborative cross-check only.
The primary valuation continues to be based on a market approach. At 30
September 2025, this was anchored to the Company's August 2025 equity raise.
For the interim period, the Directors have considered whether subsequent
observable market data provides additional evidence of fair value.
Since 30 September 2025, the Company's share price has increased from
approximately £1.06 to £1.57 as at 31 March 2026, alongside an increase in
the number of the shares in issue following a further equity raise. The
Directors consider this share price movement to represent observable market
participant behaviour and, when adjusted for an appropriate NAV discount
consistent with that applied at the year end (33.5%), provides relevant
evidence in assessing the fair value of the underlying investment.
Accordingly, the Directors have updated the implied Net Asset Value of the
Company using the period-end share price and applied the consistent discount
methodology to derive an implied valuation for Hui10. After adjusting for
movements in the Company's net assets excluding Hui10 (including loans and
other balances), this results in an increase in the fair value of Hui10 of
£156.2 million during the period.
The fair value of Hui10 at 31 March 2026 is therefore £455.6 million (30
September 2025: £299.4 million).
The valuation remains classified within Level 3 of the fair value hierarchy.
Consistent with the Group's policy, a sensitivity to the NAV discount remains
a key unobservable input. Consistent with the Group's Level 3 valuation
policy, a ±5% sensitivity to the NAV discount would result in a valuation
range for Hui10 of £420.8 million to £495.9 million (based on a central
valuation of £455.6 million).
Post period end, the announcement of a possible all-share combination with
Acceler8 Ventures plc implied a value for the Company of approximately £600
million, providing further external validation of the value created within
Hui10, although no firm offer has yet been made and there can be no certainty
that any such transaction will occur.
Hui10 is a technology company involved in the digital transformation of the
Chinese lottery. Its paperless lottery play platform unlocks the market
expansion of the Chinese lottery aiming to increase the number of people
playing the lottery from the current 10% participation level to a target of
more than 30%. Lucky World is Hui10's 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.
BioQ Pharma Incorporated ("BioQ")
Investment of US$1.0 million by way of unsecured convertible loan notes and
warrants, which were converted into equity in July 2025. The valuation is
based on the investment at the point of conversion and the investment is now
held at fair value of £153,030.
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.
Axol Biosciences Limited ("Axol")
Investment of £249,000 in A ordinary shares, held at £79,472, fair value for
which the 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 £436,894 based on a
discounted cashflow of the business using latest projections.
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 the 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, formerly held at
£375,000 fair value, for which last funding round was deemed the most
appropriate basis of measurement. Momentum undertook an additional
subscription in December 2023. In December 2025 the company entered into
creditors' voluntary liquidation and a result the investment has been written
down to nil, with a corresponding fair value loss recognised in profit or
loss.
Ocutec Limited ("Ocutec")
Investment of £250,000 in ordinary shares, held at £1,563 fair value, for
which the last funding round is deemed the most appropriate basis of
measurement. Ocutec completed a fundraising in March 2026.
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
up to 30 September 2025, for which the last investment round was deemed the
most appropriate basis of measurement. IIG invested £100,000 by way of
convertible loan notes which convert at a 15% discount to the Series A and
£350,000 in the pre-series A funding round.
PneumoWave last raised money in September 2024 by way of convertible loan note
however more recent attempts at fundraising have been unsuccessful and the
Board of Pneumowave have taken the decision to appoint administrators. As such
the investment has been written down to nil, with a corresponding fair value
loss recognised in profit or loss.
Statement of Comprehensive Income Notes 6 months to 6 months to Year to 30 September 2025
Six months ended 31 March 2026
31 March 2026
31 March 2025
(Audited)
(Unaudited)
(Unaudited)
£'000
£'000
£'000
Investment income
Finance income 938 315 834
Dividend income 147
Gains/(losses) on realised investments (147) - 1
Unrealised gains/(losses) due to FX - 36 12
Gains/(losses) on investments at fair value 155,433 (11) (4,510)
Management fees 192 - 323
156,563 340 (3,340)
Total administrative expenses (546) (431) (937)
Profit/(Loss) before tax 156,016 (91) (4,277)
Corporation tax -
Profit/(Loss) for the period 156,016 (91) (4,277)
Other comprehensive income -
Total comprehensive income attributable to the owners of the company 156,016 (91) (4,277)
Earnings/(Loss) per share
Basic - pence 3 71.4p (0.1)p (2.1)p
Diluted - pence 71.4p (0.1)p (2.1)p
Statement of Financial Position Notes As at As at As at 30 September 2025
As at 31 March 2026
31 March 2026
31 March 2025
(Audited)
(Unaudited)
(Unaudited)
£'000
£'000
£'000
ASSETS
Non-current assets
Investments 4 456,260 306,380 301,875
456,260 306,380 301,875
Current assets
Trade and other receivables 40,633 11,994 25,052
Cash and cash equivalents 1,284 725 1,216
41,917 12,719 26,268
TOTAL ASSETS 498,177 319,099 328,143
EQUITY
Non-current assets
Called up share capital 5 24,006 20,822 21,821
Deferred shares 48 48 48
Share premium 329,144 304,180 311,330
Other reserves 144 144 5,234
Own reserves (900) - -
Retained Earnings/(Accumulated deficit) 145,621 (6,206) (10,395)
Total Equity 498,063 318,988 328,038
LIABILITIES
Current liabilities
Trade and other payables 114 111 105
TOTAL LIABILITIES 114 111 82
TOTAL EQUITY AND LIABILITIES 498,177 319,099 328,143
Net asset value per share 207.5p 153.2p 150.3p
Statement of Changes in Equity Called up Share Capital Deferred Shares Share Premium Other Reserves Retained Earnings Total Equity
Six months to 31 March 2026
£'000
£'000
£'000
£'000
£'000
£'000
Own Reserves
£'000
Balance at 30 September 2024 20,229 48 297,062 144 - (6,118) 311,365
Loss for the period - - - - - (88) (88)
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
Loss for the period - - - - - (4,189) (4,189)
Shares cancelled in the period (325) - (4,765) 5,090 - - -
Issued shares during the period 1,325 - 11,914 - - - 13,239
Balance at 30 September 2025 21,821 48 311,330 5,234 - (10,395) 328,038
Profit for the period - - - - - 156,016 156,016
Transfer of shares to Employee Benefit Trust - - - - (900) - (900)
Reclassification of prior year share cancellation to loan payable (note 6) - - - (5,090) - - (5,090)
Issued shares during the period 2,185 17,815 20,000
Balance at 31 March 2026 24,006 48 329,144 144 (900) 145,621 498,063
Statement of Cash Flows Notes 6 months to 6 months to Year to 30 September 2025
For the six months to 31 March 2026
31 March 2026
31 March 2025
(Audited)
(Unaudited)
(Unaudited)
£'000
£'000
£'000
Profit/(loss) from continuing operations 156,016 (91) (4,277)
Adjusted by:
Unrealised interest income (938) (313) (832)
Loss/(Profit) on disposal of investments 147 - 7
Unrealised losses due to foreign exchange - (36) (12)
Profit/(losses) on investments due to fair value movements (155,433) 11 4,503
Interest income - (2)
(208) (429) (613)
Changes in working capital:
(Increase)/decrease in trade and other receivables (234) (7,648) (301)
(Decrease)/increase in trade and other payables. 10 29 23
Loan advanced to investee (19,500) - (19,911)
Proceeds from sale of investments - 6
Cash used from continuing operations (19,932) (8,048) (20,796)
Net cash outflow from operating activities (19,932) (8,048) (20,796)
Cash flows from financing activities
Proceeds from issuance of shares 20,000 7,711 20,949
Net cash inflow from financing activities 20,000 7,711 20,949
Increase/(decrease) in cash and cash equivalents 68 (337) 153
Cash and cash equivalents at the beginning of the period 1,216 1,062 1,063
Cash and cash equivalents at the end of the period 1,284 725 1,216
Intuitive Investments Group Plc
Notes to the Half Yearly Report
For the 6 months to 31 March 2026
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 unaudited 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's statutory financial statements for the period ended 30
September 2025, 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 2025.
3. Earnings per Share
Basic earnings per share is calculated by dividing the earnings attributable
to 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 2025
31 March 2026
31 March 2025
(Audited)
(Unaudited)
(Unaudited)
Basic
Earnings attributable to ordinary shareholders (£'000) 156,016 (91) (4,277)
Weighted average number of shares (£'000) 218,535 206,639 208,945
Earnings/(loss) per share (pence) 71.4p (0.1)p (2.1)p
Diluted
Earnings attributable to ordinary shareholders (£'000) 156,016 (91) (4,277)
Weighted average number of shares (£'000) 218,535 206,639 208,945
Earning/(loss) per share (pence) 71.4p (0.1)p (2.1)p
4. Investments
Cost £'000
At 30 September 2024 306,315
Additions -
Disposals -
Accrued interest 39
Exchange rate adjustment 36
Change in fair value (11)
At 31 March 2025 306,380
Additions -
Disposals (7)
Accrued interest 26
Exchange rate adjustment (24)
Change in fair value (4,499)
At 30 September 2025 301,875
Additions -
Disposals (1,048)
Accrued interest -
Exchange rate adjustment -
Change in fair value 155,433
At 31 March 2026 456,260
5. Share Capital
Issued share capital comprises:
6 months to 6 months to Year to 30 September 2025
31 March 2026
31 March 2025
(Audited)
(Unaudited)
(Unaudited)
£'000
£'000
£'000
Deferred shares
250,000 deferred shares 48 48 48
Ordinary shares
Ordinary shares of 10p each 24,006 20,821 21,821
24,054 20,869 21,869
On 27 October 2023 the Company acquired the entire issued share capital of
Hui10 for a consideration of US$365m. The 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 29 February 2024 the ordinary shares were consolidated on the basis of 1
new share for 10 old shares to simplify the company's capital structure.
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.
On 9 April 2025, the Company cancelled 3,250,254 new ordinary shares, bought
back for nil consideration.
On 16 June 2025, the Company issued 9,583,740 new ordinary shares, fully paid
for cash at a price of £1.00 per share.
On 2 September 2025, the Company issued 3,654,180 new ordinary shares, fully
paid for cash at a price of £1.00 per share.
On 13 January 2026, the Company issued 21,854,102 new ordinary shares, fully
paid for cash at a price of 91.5 pence per share.
Warrants/Management Incentive Schemes Amendments
In August 2024, Hui10 established a share growth incentive scheme (the "MIP")
under which participants are rewarded if a predetermined level of shareholder
value is created over a specified period or upon a change of control of Hui10
(whichever occurs first). The reward is calculated by reference to the growth
in the value of Hui10 above a hurdle value, subject to certain adjustments.
During the period, the terms of the MIP were amended to introduce a Company
call option which enables the acceleration and settlement of participant
entitlements on certain corporate events occurring. In consideration for these
amendments, participant entitlements were increased. The Directors believe
these changes improve alignment between management and shareholders while
providing greater flexibility in relation to potential strategic transactions.
The Company also has certain warrant arrangements outstanding relating to both
Hui10 and the Company's ordinary shares. During the period, amendments were
made to the warrant in Hui10 to facilitate potential corporate transactions,
including the introduction of provisions governing exercise and lapse on a
change of control and a revision to the applicable exercise prices.
The Directors have considered the impact of these amendments and concluded
that they do not give rise to a material share-based payment charge in the
period.
Further details of these arrangements are set out in the Company's Annual
Report for the year ended 30 September 2025 and subsequent announcements.
Employee Benefit Trust
During the period, the Company established an Employee Benefit Trust ("EBT")
to support the operation of any future share-based incentive arrangements.
The EBT is controlled by the Company and is therefore consolidated within the
Group financial statements. Any
shares held by the EBT are treated as own shares and are deducted from equity.
The EBT may acquire and hold ordinary shares in the Company to satisfy awards
under existing and future incentive schemes.
During the period, 753,895 ordinary shares were transferred to the EBT.
6. Reclassification of prior year share cancellation
During the period, following clarification of the underlying substance of a
prior year share cancellation, the Group has recharacterised the transaction
as a financing arrangement with Hui10. Hui10 funded the return of capital to
the relevant shareholder and, accordingly, a liability of £5.1 million has
been recognised.
An amount previously recognised in other reserves has been reclassified to a
loan payable, with no impact on profit or loss.
7. Post balance sheet events
Subsequent to the reporting date, the Company announced, pursuant to Rule 2.4
of the UK Takeover Code, that it is in discussions regarding a possible offer
for the Company.
There can be no certainty that an offer will ultimately be made.
The Directors have considered the implications of such announcement and
concluded that it represents a non-adjusting event after the reporting period.
Accordingly, no adjustment has been made to the carrying value of the Group's
investments as at 31 March 2026.
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