Pre-IPO Investment in Light Science Technologies
Intuitive Investments Group plc
("IIG" or the "Company")
Pre-IPO Investment in Light Science Technologies
First investment following IPO in December 2020
£1m invested to support growth prior to LST's proposed Admission to AIM
Intuitive Investments Group plc (AIM: IIG), a closed-end investment company focussed on the life sciences sector, announces a pre-IPO investment of £1 million by way of unsecured convertible loan notes ("CLNs") in Light Science Technologies Holdings Limited ("LST"). LST is intended to become the holding company for a UK based light technology company, with initial applications in the controlled agriculture environment sector and a longer-term development application in non-invasive medical diagnostics.
LST is IIG's first investment from its pipeline of opportunities, following its successful IPO and Admission to AIM in December 2020.
LST is currently preparing to apply for the admission of its entire ordinary share capital to trading on the AIM market of the London Stock Exchange plc ("Admission"), which is expected during the first half of 2021. LST was incorporated on 13 January 2020 and has not undertaken any material trading. UK Circuits & Electronics Solutions Limited ("UKC"), a company controlled by the shareholders of LST, is intended to be the primary component of the LST group on Admission. In the year ended 30 November 2019, UKC posted group revenues of £5.6 million, a gross profit of £1.3 million and a net profit of £0.1 million. As at 30 November 2019, the net assets of UKC were £0.4 million. Additional information on LST can be found on its website: www.lightsciencetech.com.
IIG's investment in LST consists of £1 million of CLNs, which have a 7.25% coupon and mature on 11 January 2024. The CLNs will convert automatically on Admission. If Admission occurs before 30 April 2021, the conversion price will be at a 15% discount to the price at which the new ordinary shares are issued pursuant to Admission ("Placing Price"). Thereafter, the conversion price will be at a 20% discount to the Placing Price. IIG has the right to appoint a non-executive director to LST's board whilst the CLNs are in issue. It is proposed that Robert Naylor, CEO of IIG from 19 February 2021, be appointed to the Board of LST.
David Evans, Chairman of IIG, personally invested £250,000 in LST in October 2020 by way of an advance subscription which converts automatically on Admission at the Placing Price. Accordingly, David Evans did not vote as a member of the Board of IIG approving the transaction.
David Evans, Chairman of IIG, said:
"I have been advising LST for over a year with regard to a potential AIM listing, it has the key ingredients for success namely; an excellent management team, a deep knowledge of the light spectrum and the application of that knowledge to areas where substantial growth can be obtained. Whilst I am personally excited about the potential diagnostic applications, such as non-invasive hemoglobin measurement, there is lower hanging fruit to be harvested that will underpin the long-term growth of LST, which we expect to contribute to a substantial uplift in our investment as long as IIG remains a patient investor."
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 intuitive@walbrookpr.com |
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Paul McManus |
+44 (0) 7980 541 893 |
About Intuitive Investments Group plc - www.iigplc.com
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.
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