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On 27 December 2024, Intuitive Investments Group plc (IIG) announced that its investee company, Hui10 Inc., returned RMB 38 million (c.$5 million) to an investor due to non-performance under an investment agreement. Hui10 will reclaim 3,250,254 ordinary shares of 10 pence each previously issued to that investor, which IIG intends to cancel. Following this repayment, IIG's cash balance remains £1.4 million, and Hui10's cash balance stands at $6.4 million.
| Date | 27 Dec 2024 |
| Time | 16:38:08 |
| Category | Miscellaneous |
| ID | 4895R |
For immediate release
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. It forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
27 December 2024
Intuitive Investments Group plc
Return of investment and cancellation of shares
Intuitive Investments Group plc (SFS: IIG) ("IIG" or the "Company"), a closed-end investment company focused on high-growth opportunities in the technology, life sciences, and healthcare sectors, announces developments related to its investee company, Hui10 Inc. ("Hui10").
The board of Hui10 has informed IIG of recent developments concerning an investor who invested in Hui10 prior to IIG's investment. As a result of the investor's non-performance in meeting certain conditions stipulated in the original investment agreement, Hui10 will exercise its rights under the investment agreement. Consequently, Hui10 has returned RMB 38 million (c.$5 million) (the "Repayment") to the investor and will take steps to reclaim the 3,250,254 ordinary shares of 10 pence each in the Company previously issued to that investor, which the Company then intends to cancel in due course. The return of these amounts does not impact the immediate working capital requirement of Hui10. Following the Repayment, IIG's cash balance remains unchanged at £1.4 million and Hui10's cash balance now stands at $6.4 million.
Further announcements will be made in due course.
Enquiries:
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Intuitive Investments Group plc Sir Nigel Rudd, Non-Executive Chairman Robert Naylor, CEO Giles Willits, CIO
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Via FTI Consulting |
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Zeus Nick Cowles / Graeme Summers / Dominic King |
+44 (0)20 3829 5000 |
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FTI Consulting Jamie Ricketts / Valerija Cymbal / Jemima Gurney |
+44 (0)20 3727 1000 |
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.