Announcement
Intuitive Invest.Grp : AIM Admission & First Day of Dealings
RNS Number : 4662I
Intuitive Investments Group plc
14 December 2020
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM, THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, JAPAN, NEW ZEALAND OR SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT. PLEASE SEE THE IMPORTANT NOTICE WITHIN THIS ANNOUNCEMENT.
Intuitive Investments Group plc
("IIG" or the "Company")
Admission to trading on AIM
& First Day of Dealings
Intuitive Investments Group plc (AIM: IIG), a closed-end investment company focussed on the life sciences sector, announces that its ordinary share capital comprising 40,419,200 ordinary shares of 1p each ("Ordinary Shares") has today been admitted to trading on AIM ("Admission") and that dealings in its Ordinary Shares will commence at 08.00 a.m today under the ticker "IIG".
In conjunction with Admission, a total of 39,250,000 new Ordinary Shares ("Placing Shares") were placed with institutional and other investors at a price of 20 pence per share (the "Placing Price") raising gross proceeds of £7.85 million for the Company.
Strand Hanson Limited as acted as the Company's Financial & Nominated Adviser and Turner Pope Investments (TPI) Ltd acted as the Company's Broker and Sole Bookrunner.
Key highlights
- £7.85 million raised (before expenses) by the conditional placing of 39,250,000 new Ordinary Shares
- The net proceeds of the Placing will be used by the Company:
- to invest in fast growing and / or high potential Life Sciences businesses, based predominantly in the UK, wider Europe and the US, chosen from an identified pipeline of investment opportunities
- investments will be focused on diagnostics and healthcare, medical devices, tools and technologies and bio-therapeutics and pharmaceuticals
- The market capitalisation of the Company is expected to be £8.08 million on Admission
- The Company's ISIN is GB00BNGFMW59, its SEDOL is BNGFMW5 and its LEI is 2138004A32UIY92WWR66
About Intuitive Investments Group plc
The Company is a newly established investing 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, David Evans, to seek to generate capital growth over the long term for shareholders.
The Board and the Investment Team
The Directors believe that the Board and the Investment Team have vast experience in working within, investing in, and providing meaningful exits for, early stage life science companies. This collective experience covers hands-on board-level management, finance, commercialisation, research and development and operations, in addition to corporate finance activities across numerous investment rounds requiring managing every type of investment in both private companies and public markets. The Investment Team is comprised of the Chairman, the CEO and the Chairman of the Advisory Panel.
David Evans, Executive Chairman
David Evans has over 27 years of experience in the Life Science sector, both in private companies and as a senior director of a number of public companies. David has facilitated 12 companies' transition to being publicly traded (directly or indirectly), has overseen four successful exits and has extensive experience chairing numerous UK public companies' boards. He has been actively engaged in a number of M&A transactions and has a record of high returns from personal investments in the Life Science sector.
Robert Naylor, Proposed CEO (appointment effective from 19 February 2021)
Robert Naylor has 24 years' experience in capital markets; most recently at Cenkos Securities plc as head of corporate finance and corporate broking in the investment funds team. Robert has advised a number of Life Science companies.
Malcolm Gillies, Non-Executive Director
Malcolm Gillies is a lawyer by background, having worked as a senior corporate partner for over 10 years. He has since taken numerous director roles with Life Science focussed public companies.
Cormac Kilty, Non-Executive Director
Cormac Kilty has founded a number of Life Science and Diagnostics companies and has acted as a director of many Life Science companies.
Colin Willis, Non-Executive Director
Colin Willis specialises in venture capital, with over 24 years of experience in the field. He has set up three venture capital companies providing substantial returns to investors.
Advisory Panel
The Company has established an Advisory Panel with a wealth of knowledge and experience in the Life Science and Diagnostics sectors to support the Board's identification, assessment and appraisal of potential investment opportunities and to provide general guidance to the Board where required. The Company's Advisory Panel comprises:
Dr. Stewart White, (Advisory Panel Chair) has acted as Chairman and CEO of numerous Life Science companies. Stewart is a visiting professor at the University of Glasgow and has a PhD in Bioprocessing.
Julian Baines is CEO of EKF Diagnostics Holdings plc (AIM:EKF) and holds an MBE for services in the Life Science sector.
Ron Long has held a number of positions as CEO and Chairman of Life Science companies and several start-up businesses.
Per Matsson has experience in senior positions in various Life Science R&D departments. He is also an associate professor in Veterinary Science and holds a PhD in biology.
Alastair Smith, CEO of Avacta Group plc (AIM:AVCT), was previously a professor of Molecular Biophysics and has a PhD in Physics.
The Directors believe the Board and Advisory Panel have the requisite skills to determine viable and investable Life Science companies that have the chance to grow and, ultimately, create value by improving human health.
Investing Strategy
- The Company has a multi-dimensional investment strategy to capitalise on significant opportunities in growth (Series A and B), special situations and public companies, with a focus on early and late stage venture capital.
- IIG expects to be able to beneÞt from access to the Board's identiÞed pipeline of over 16 potential investment opportunities. It is also envisaged that, due to the demand that currently exists for post-seed venture capital in the European and US Life Sciences market, the potential pipeline available to the Company will continue to increase.
- The Company's portfolio is expected to comprise approximately 10-12 holdings, with no single investment representing more than 15% of the Company's NAV.
- IIG has a low-cost model. The Company will be internally managed, with no material remuneration to the Chairman other than a performance related incentive fee.
David Evans, Executive Chairman of IIG, commented:
" We are very pleased to be joining the AIM market today. With our combined experience and demonstrative track record in the sector, we will look to the future and invest in fast growing and / or high potential life sciences businesses, based predominantly in the UK, wider Europe and the US, chosen from an identified pipeline of investment opportunities .
"We will seek investments focused on diagnostics and healthcare, medical devices, tools and technologies and bio-therapeutics and pharmaceuticals. IIG's proposition is based on my belief that through the skillful deployment of capital, we can advance the growth of companies with greater certainty than otherwise might be the case and provide a superior return to other alternative investment opportunities for investors."
The Company's Admission Document is available here: www.iigplc.com
For further information, please contact:
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Intuitive Investments Group plc |
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David Evans |
Via Walbrook PR |
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Strand Hanson Limited - Nominated Adviser |
+44 (0) 20 7409 3494 |
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James Harris / James Dance / James Bellman |
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Turner Pope Investments (TPI) Ltd - Broker |
+44 (0) 20 3657 0050 |
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Ben Turner / James Pope / Andrew Thacker |
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Walbrook PR Limited - Media & Investor Relations |
+44 (0)20 7933 8780 or [email protected] |
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Paul McManus |
+44 (0) 7980 541 893 |
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Important Information
This announcement does not constitute, or form part of, any offer or invitation to sell, allot or issue, or any solicitation of any offer to purchase or subscribe for, any securities in the Company in any jurisdiction nor shall it, or any part of it, or the fact of its distribution, form the basis of, or be relied on in connection with or act as an inducement to enter into, any contract or commitment therefor.
The information contained in this announcement is for background purposes only and does not purport to be full or complete.. No reliance may or should be placed by any person for any purpose on the information contained in this announcement or its accuracy, fairness or completeness. The information in this announcement is subject to change.
Recipients of this announcement who are considering subscribing for or acquiring Ordinary Shares following publication of the Admission Document are reminded that any such acquisition or subscription must be made only on the basis of the information contained in the final Admission Document. No reliance may be placed, for any purpose whatsoever, on the information or opinions contained in this announcement or on its completeness. To the fullest extent permitted by applicable law or regulation, no undertaking, representation or warranty, express or implied, is given by or on behalf of the Company, Strand Hanson Limited ("Strand Hanson") or Turner Pope Investments (TPI) Ltd ("Turner Pope"), or their respective parent or subsidiary undertakings or the subsidiary undertakings of any such parent undertakings or any of their respective directors, officers, partners, employees, agents, affiliates, representatives or advisers or any other person as to the accuracy, sufficiency, completeness or fairness of the information, opinions or beliefs contained in this announcement and, save in the case of fraud, no responsibility or liability is accepted by any of them for any errors, omissions or inaccuracies in such information or opinions or for any loss, cost or damage suffered or incurred, howsoever arising, from any use, as a result of the reliance on, or otherwise in connection with this announcement
Strand Hanson, which is a member of the London Stock Exchange plc, is authorised and regulated in the UK by the Financial Conduct Authority. Strand Hanson is acting as nominated adviser (for the purposes of the AIM Rules) exclusively for the Company in connection with the Placing and Admission. Strand Hanson is not acting for, and will not be responsible to, any person other than the Company for providing the protections afforded to its customers or for advising any other person on the contents of this announcement or on any transaction or arrangement referred to in this announcement or any acquisition of Ordinary Shares in the Company. Strand Hanson's responsibilities as the Company's nominated adviser under the AIM Rules are owed solely to the London Stock Exchange and are not owed to the Company, any Director or to any other person. No representation or warranty, express or implied, is made by Strand Hanson as to, and no liability is accepted by Strand Hanson in respect of, any of the contents of this announcement or for the omission of any material from this announcement, for which it is not responsible.
Turner Pope, which is authorised and regulated in the UK by the Financial Conduct Authority. Turner Pope is acting as broker (for the purposes of the AIM Rules) exclusively for the Company in connection with the Placing and Admission. Turner Pope is not acting for, and will not be responsible to, any person other than the Company for providing the protections afforded to its customers or for advising any other person on the contents of this document or on any transaction or arrangement referred to in this document or any acquisition of Ordinary Shares in the Company. No representation or warranty, express or implied, is made by Turner Pope as to, and no liability is accepted by Turner Pope in respect of, any of the contents of this announcement or for the omission of any material from this announcement, for which it is not responsible.
This announcement is only addressed to, and directed at, persons in member states of the European Economic Area who are qualified investors within the meaning of Article 2(e) of the Prospectus Regulation (EU 2017/1129) ("Qualified Investors"). In addition, in the United Kingdom, this announcement is addressed to and directed only at Qualified Investors who are: (i) persons having professional experience in matters relating to investments, i.e., investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "FPO"); (ii) high net-worth companies, unincorporated associations and other bodies within the meaning of Article 49 of the FPO; and (iii) persons to whom it is otherwise lawful to communicate it to. It is not intended that this announcement be distributed or passed on, directly or indirectly, to any other class of person and in any event, and under no circumstances should persons of any other description rely on or act upon the contents of this announcement.
This announcement does not constitute, and may not be used for the purposes of, an offer or an invitation to apply for any Ordinary Shares by any person: (i) in any jurisdiction in which such offer or invitation is not authorised; or (ii) in any jurisdiction in which the person making such offer or invitation is not qualified to do so; or (iii) to any person to whom it is unlawful to make such offer or invitation. In particular, this document is not for publication or distribution, in whole or in part, directly or indirectly, in or into the United States (including its territories and possessions, any State of the United States and the District of Columbia) (collectively, the "United States"), Canada, the Republic of South Africa, Australia, the Republic of Ireland or Japan or any other jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction. The Ordinary Shares have not been and will not be registered under securities legislation of any province or territory of the United States, Canada, the Republic of South Africa, Australia, the Republic of Ireland or Japan or in any country, territory or possession where to do so may contravene local securities law or regulations. Accordingly, subject to certain exemptions, the Ordinary Shares may not be offered or sold directly or indirectly in or into the United States, Canada, the Republic of South Africa, Australia, the Republic of Ireland or Japan or to any national, resident or citizen of the United States, Canada, the Republic of South Africa, Australia, the Republic of Ireland or Japan. The distribution of this announcement in other jurisdictions may be restricted by law and therefore persons into whose possession this document comes should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities law of any such jurisdiction.
The Ordinary Shares have not been nor will they be registered under the U.S. Securities Act or with any securities regulatory authority of any state or other jurisdiction of the United States. In addition, the Company has not registered and will not register under the U.S. Investment Company Act. The Ordinary Shares have not been approved or disapproved by the U.S. Securities and Exchange Commission, any state securities commission in the United States or any other U.S. regulatory authority, nor have any of the foregoing authorities passed upon or endorsed the merits of the offering or the issue of the Ordinary Shares or the accuracy or adequacy of this document. Any representation to the contrary is a criminal offence in the United States and the re-offer or resale of any of the Ordinary Shares in the United States may constitute a violation of U.S. law.
This announcement contains certain statements that are, or may be, forward looking statements with respect to the financial condition, results of operations, business achievements and/or investment strategy of the Company. Such forward looking statements are based on the Company's board of directors' (the "Board") expectations of external conditions and events, current business strategy, plans and the other objectives of management for future operations, and estimates and projections of the Company's financial performance. Though the Board believes these expectations to be reasonable at the date of this announcement they may prove to be erroneous. Forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, achievements or performance of the Company, or the industry in which the Company operates, to be materially different from any future results, achievements or performance expressed or implied by such forward looking statements.
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