18th Oct 2024 16:28
(Alliance News) - Intuitive Investments Group PLC on Friday reported a successful equity fundraise in support of portfolio company Hui10 Inc's upcoming product rollout in China.
The Manchester-based life sciences and technology investor said it has successfully raised GBP6.2 million through the issue and allotment of 4.6 million ordinary shares which will be issued for cash at GBP1.33 per share, a 1.5% premium to mid-market price at market close on October 17.
The proceeds will support its portfolio company, Beijing-based Hui10, to "accelerate the rollout" of its digital lottery products and services in China.
Intuitive noted that Hui10 has made "significant process" since its investment in October 2023 and these funds will further support the business in delivering its points exchange for lottery tickets platform, or PELT, and its POSLOT scratchcard operation which it expects to rollout in November.
Intuitive Chief Investment Officer Giles Willits purchased 75,190 shares as part of the fundraise, increasing his stake in the investment firm to 269,189 shares, representing 0.1% of issued share capital.
Nigel Rudd, non-executive chair said: "I am delighted to welcome our new investors, who join us at a very exciting time as we focus on the continued growth of Hui10 as it capitalises on the significant opportunity ahead in digitalising the Chinese lottery.
"Hui10 has made great strides in the delivery of its strategy in the past twelve months. I am confident that the business is well-placed to deliver significant revenue growth and substantial shareholder value."
Shares in Intuitive were trading up 1.2% at 132.50 pence on Friday afternoon in London.
By Christopher Ward, Alliance News reporter
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