TIDMIIG
RNS Number : 5045A
Intuitive Investments Group plc
02 June 2021
2 June 2021
Intuitive Investments Group plc
Interim report for the period from incorporation to 31 March
2021
Intuitive Investments Group plc (AIM: IIG) ("IIG" or the
"Company"), a closed-end investment company focussed on the life
sciences sector, announces its maiden interim results for the
period from incorporation to 31 March 2021.
Financial highlights
-- Successful launch on AIM on 14 December 2020:
o opening net assets at launch GBP7.58 million after the costs
of admission to AIM;
o net asset at period end of GBP7.93 million; and
o net asset of GBP8.39 million as at 1 June 2021.
-- New investments valued at GBP3.93 million as at 31 March 2021
in a diversified portfolio of high growth life sciences
companies.
-- Cash:
o GBP3.90 million as at 31 March 2021
o GBP2.50 million as at 1 June 2021
-- NAV per share price increase from flotation:
o 4.6 per cent. for the three and half months to 31 March 2021;
and
o 10.7 per cent. for the five and half months to 1 June 2021
including the revaluation of the listed portfolio.
Operational highlights
-- Reviewed over 105 potential investee companies.
-- Investment in 10 companies of which; 5 publicly traded, 2
later stage/pre-IPO, and 3 private companies.
-- Post period investment in 4 companies of which; 2 publicly traded and 2 private companies.
David Evans, Chairman of Intuitive Investments Group plc
commented:
"The Board, Investment Team and Advisory Panel have been
extremely active for the period from flotation. Our rate of capital
deployment has been ahead of our expectation at the time of
flotation, and we expect to be fully deployed by the end of June.
We are pleased with the companies we have been able to invest in
and believe they are poised for high growth. Overall a lovely
job."
For further information, please contact:
Intuitive Investments Group plc www.iigplc.com
David Evans Via Walbrook PR
Robert Naylor
Strand Hanson Limited - Nominated
Adviser +44 (0) 20 7409 3494
James Harris / James Dance / James
Bellman
Turner Pope Investments (TPI) Ltd
- Broker +44 (0) 20 3657 0050
Andrew Thacker / James Pope
Walbrook PR Limited - Media & Investor +44 (0)20 7933 8780 or intuitive@walbrookpr.com
Relations
+44 (0) 7980 541 893/+44(0)
Paul McManus/Sam Allen 7502558 258
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.
Chairman's statement
I am pleased to present the inaugural interim report for
Intuitive Investments Group plc. This report covers the period from
incorporation on 11 June 2020 to 31 March 2021. The Company's
shares were admitted to trading on AIM on 14 December 2020, which
is when we commenced investing. I would particularly like to thank
the investors who supported the flotation.
Investment activity
The period has been active with the Investment Team, which
comprises Robert Naylor, Stewart White and myself, having made ten
investments in life sciences companies with support from the
Advisory Panel and with input and oversight from the Board.
These investments consist of:
-- five publicly traded companies at a cost of GBP1.17 million;
-- two private later stage / pre-IPO companies at a cost of GBP1.73 million; and
-- three private companies which are in the main series A and B
investments at a cost of GBP577,000.
After the end of the period a further three investments have
been made, two in quoted companies at an aggregate cost of
GBP500,000 and two private companies at an aggregate cost of
GBP850,000.
In accordance the Company's valuation policy the unlisted
companies are held at cost. The publicly traded companies have been
revalued to middle market price. As at market close on 31 March
2021 the publicly traded companies show an unrealised gain of
GBP422,000 or 36.0 per cent. on capital invested and as at market
close on 1 June 2021 show an unrealised gain of GBP931,000 or 55.6
per cent. on capital invested.
A summary of the Company's portfolio is contained below.
Financial performance
The Company raised GBP8.08 million at flotation with advisers'
fees of GBP507,000, therefore there was GBP7.58 million for
investment and the ongoing costs of the Company. From the proceeds
of the flotation, we have invested a total of GBP3.48 million with
cash and cash equivalents at the period end of GBP3.90 million.
Post period end we have invested a total of GBP1.35 million and we
anticipate being fully invested by the end of June 2021.
There is other income from the interest from the convertible
loan notes in aggregate of GBP29,000. The running costs of the
business were GBP127,000 for the period. These are mainly fixed and
we anticipate these becoming a proportionally smaller as a
percentage of the NAV as the assets under management grow.
The NAV per share increased from flotation by:
-- 4.6 per cent. for the three and half months to 31 March 2021; and
-- 10.7 per cent. to 1 June 2021 including the revaluation of the listed portfolio.
People
We have an excellent Board and Advisory Panel, which I believe
have the necessary skills to substantially grow the Company. Robert
Naylor, CEO, started working with us on 21 February 2021. I want to
take this opportunity to thank the team for their commitment and
hard work during this initial period.
Strategic focus
Sector
Our investment thesis remains unchanged as set out in our
admission document. The Covid-19 pandemic has elevated the global
status and awareness of life science companies in relation to viral
testing and vaccine development and has meant that the wider life
sciences subsectors of diagnostics, medical devices,
pharmaceuticals and biotechnology are now centre stage. In
particular:
-- diagnostic responsiveness will be critical in the detection and prevention of disease;
-- national manufacturing capabilities in vaccine and diagnostics are strategic assets;
-- low cost does not necessarily represent best value;
-- health authorities, such as the UK NHS, cannot address challenges alone; and
-- expatriation of the UK's IP assets is a strategic threat, particularly in life sciences.
Stage of investment
As we commence investing, the Investment Team perceive there is
a lack of continuity of funding for life sciences companies.
Early-stage companies (seed and series A) are able to attract
investment which is due to tax driven schemes such as EIS and VCT,
angel groups and the relatively small amounts of investment for
growing life sciences companies to get started.
However, many life science companies find it harder to attract
further substantial capital. This can be for a number of reasons,
but include milestones have been missed, particularly those in
relation to partnering with large life science companies, over
ambitious valuations at a previous round, scarcity of providers of
substantial tranches of investment, particularly series B and
beyond. This is an area which the Investment Team perceives there
is potential for the attractive risk adjusted returns by providing
investee companies the capital to allow them to succeed.
The other stage of investment where the Investment Team perceive
there are attractive risk adjusted returns is later stage and
pre-IPO investment, where the wider team has proven track record of
taking companies to public market. We have two pre-IPO investments
which are optimistic of floating before the end of the calendar
year.
As the assets under management grow it is likely direct
investments into publicly traded investments will decline as a
proportion of overall portfolio. These investments have offered
excellent short-term returns and allowed IIG to gain sector
exposure rather than investing wholly in private life sciences
companies.
Pipeline opportunities
IIG has been inundated with enquiries for funding and corporate
advice. The Investment Team have vetted over 105 companies. The
current pipeline has opportunities for over GBP80 million of
investments and this continues to grow. There are a number of
near-term pipeline opportunities as well as the possibility for
follow on investment of GBP5 million within the existing
portfolio.
Outlook
We are continuing to execute our pipeline with a likelihood of
two, possibly three, unlisted investments to be made in the
second-half of the year. We recognise that our current capital base
is small and we are exploring avenues to expand the funds available
to us directly and indirectly with a greater emphasis on the
latter.
We are on a journey, much of which is uncharted. The first stage
has been successfully achieved. The next stages will present
challenges, but I believe we have the team and advisers in place to
meet these head on. I look forward to providing you with further
updates as our journey progresses.
Portfolio Review
Listed investments as at 31 March 2021
% unrealised
Unrealised gains/
Cost Valuation gains/(losses) (losses)
GBP GBP GBP %
------- -------------- ----------- ----------------- ---------------
Evgen Pharma plc EVG 175,110 163,079 (12,031) (6.9)
------- -------------- ----------- ----------------- ---------------
Kromek Group plc KMK 249,975 265,473 15,498 6.2
------- -------------- ----------- ----------------- ---------------
Microsaic Systems
plc MSYS 250,000 600,000 350,000 140.0
------- -------------- ----------- ----------------- ---------------
Shield Therapeutics
plc STX 250,060 341,727 91,667 36.7
------- -------------- ----------- ----------------- ---------------
Yourgene Health
plc YGEN 248,765 225,851 (22,914) (9.2)
------- -------------- ----------- ----------------- ---------------
Total GBP1,173,910 1,596,130 422,220 36.0
-------------- ----------- ----------------- ---------------
Post period end two further listed investments were made in
Polarean Imaging plc and in Trellus Health plc at both a cost of
GBP250,000.
Listed investments as at 1 June 2021
% unrealised
Unrealised gains/
Cost Valuation gains/(losses) (losses)
GBP GBP GBP %
-------- ----------- ----------- ----------------- ---------------
Evgen Pharma plc EVG 175,110 187,149 12,039 6.9
-------- ----------- ----------- ----------------- ---------------
Kromek Group plc KMK 249,975 216,645 (33,330) (13.3)
-------- ----------- ----------- ----------------- ---------------
Microsaic Systems
plc MSYS 250,000 650,000 400,000 160.0
-------- ----------- ----------- ----------------- ---------------
Shield Therapeutics
plc STX 250,060 500,120 250,060 100.0
-------- ----------- ----------- ----------------- ---------------
Yourgene Health
plc YGEN 248,765 217,927 (30,839) (12.4)
-------- ----------- ----------- ----------------- ---------------
Polarean Imaging
plc POLX 250,000 389,583 139,583 55.8
-------- ----------- ----------- ----------------- ---------------
Trellus Health
plc TRLS 250,000 443,750 193,750 77.5
-------- ----------- ----------- ----------------- ---------------
Total 1,673,910 2,605,174 931,264 55.6
----------- ----------- ----------------- ---------------
Unlisted investments including investments made after the period
end
Pre IPO and later stage investments
Light Science Technologies Holdings Limited ("LST")
Initial investment of GBP1 million by way of convertible loan
note, valued at cost.
11.9% of NAV as at 1 June 2021
LST is the holding company of a electronics manufacturing
division ("CEM"), UK Circuits and Electronics Solutions Limited,
and a controlled environment agriculture ("CEA") division, Light
Science Technologies Limited, seeking admission to AIM in the
coming months.
UK Circuits was founded in 1997 and is a contract electronics
manufacturer strong revenue and cash generation. UK Circuits and
Electronics Solutions Limited has manufacturing facilities in
Manchester and designs, manufactures and tests high-quality CEM
products used in a broad range of sectors.
Light Science Technologies Limited was founded in 2019 and
facilitates the Company's highly prospective CEA operations. Light
Science Technologies Limited has laboratory facilities in Derby,
England, enabling the group to design, test and provide innovative
CEA products, with a longer-term development application in
non-invasive medical diagnostics . Further information on LST can
be found at the company's website: https://lightsciencetech.com
.
BioQ Pharma Incorporated ("BioQ")
Investment of US$1 million by way of unsecured convertible loan
notes, valued at cost.
8.7% of NAV as at 1 June 2021
BioQ is a well-established, commercial-stage, medical device and
pharmaceutical company, addressing the infusible drugs market.
BioQ's proprietary Invenious(TM) 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. Further information on BioQ can be found at the
company's website: www.bioqpharma.com .
Series A and B
Micrima Limited ("Micrima")
Investment of GBP200,000 by way of convertible loan note valued
at cost.
2.4% of NAV as at 1 June 2021
Micrima is a commercial stage company which has developed a new
imaging method, the MARIA(R) system, based on radiofrequency
technology to improve early diagnosis of breast cancer. Micrima has
reached a significant development milestone with initial sales of
its novel breast imaging technology. Micrima is now set to set to
embark on a full commercial launch with distribution already
established in Germany, Austria and Switzerland through an
agreement with Hologic, Inc. More information on Micrima can be
found at https://micrima.com/ .
CardiNor AS ("CardiNor")
Investment of GBP127,000 in ordinary shares, valued at cost.
1.5% of NAV as at 1 June 2021
CardiNor is a Norwegian biotech company established in June 2015
to commercialise the development of secretoneurin ("SN"), an
importjant new biomarker for cardiovascular disease ("CVD"). SN is
the only biomarker shown to be associated with biological processes
linked to cardiomyocyte handling. This unique biological function
explains why SN presents as an independent and strong predictor of
mortality in all major patient cohorts, including ventricular
arrhythmia, acute heart failure, acuterespiratory failure patients
with CVD and severe sepsis. CardiNor has completed development of a
research assay based on immunoassay technology to measure SN in
blood and the assay is under further clinical development,
including to obtain a CE mark. More
information can be found at: https://cardinor.com/ .
Axol Bioscience Ltd ("Axol")
Investment of GBP250,000 to acquire A ordinary shares, valued at
cost.
3.0% of NAV as at 1 June 2021
Axol produces high quality human cell products, particularly in
relation to pluripotent stem cell (hiPSC) 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. Censo is a specialist
contract research organisation with products, complementary to
those produced by Axol, in complex cell biology, specialising in
human neurodegenerative, neuroinflammatory and inflammatory disease
models. The Chairman of Axol is Jonathan Milner, who is the
company's co-founder and was previously deputy chairman of Abcam
plc.
Altair Medical Ltd ("Altair"), post period end investment
Investment of GBP350,000 in new ordinary shares, valued at
cost.
4.2% of NAV as at 1 June 2021
Altair, which was incorporated in February 2018, is developing
an innovative remote respiratory monitoring platform comprising a
small, chest-worn biosensor and AI-driven data analysis/alerting
software for the early detection, prediction and prevention of
adverse events in respiratory patients, both in hospitals and at
home. In 2020, Altair was awarded the Breakthrough Medical Device
designation from the U.S. Food and Drug Administration for the
development of the device, which is designed to monitor breathing
in real-time to a clinical standard of care(1) .
The specially designed wireless biosensor is one of the smallest
available, and transmits data to the cloud using a data hub or
smartphone, alerting the patient, their household members, doctor,
nurse or emergency services where life-threatening changes occur.
Altair's technology will be able to accurately monitor large
numbers of patients in any location at any time. Additional
information relating to Altair can be found at:
https://www.altairmedical.com/home.html .
1 - performance characteristics are yet to be clinically
validated.
The Electrospinning Company Ltd ("TECL"), post period end
investment
Investment of GBP500,000 to acquire ordinary shares, valued at
cost.
6.0% of NAV as at 1 June 2021
TECL was established in 2010 as a spin-out by the UK Science and
Technology Research Council (STFC). 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. Further
information on TECL can be found on the company's
website https://www.electrospinning.co.uk/ .
Intuitive Investments Group Plc
Statement of Comprehensive Income
For the period to 31 March 2021
Period to
31 March
2021
Unaudited
GBP
Income
Net change in unrealised gains
and losses on investments at fair
value through the profit and loss 422,220
Administrative expenses (127,363)
--------------
Operating Profit 294,857
Finance income 29,981
--------------
Profit before tax 324,838
Income tax -
--------------
Loss for the period 324,838
Other Comprehensive Income -
--------------
Total comprehensive income for
the period 324,838
Total comprehensive income attributable
to the owners of the company 324,838
Profit/(Loss) per share
Basic - pence 4 0.80p
Diluted - pence 0.77p
Intuitive Investments Group Plc
Statement of Financial Position
As at 31 March 2021
Notes As at
31 March 2021
Unaudited
ASSETS GBP
Non-current assets
Investments 5 3,933,074
--------------
3,933,074
--------------
CURRENT ASSETS
Trade and other receivables 91,294
Cash and cash equivalents 3,903,376
--------------
3,994,670
--------------
TOTAL ASSETS 7,927,744
EQUITY
Shareholders' Equity
Called up share capital 6 406,692
Share premium 7,170,361
Accumulated profit/(loss) 324,838
--------------
Total Equity 7,901,891
--------------
LIABILITIES
Current liabilities
Trade and other payables 25,853
--------------
TOTAL LIABILITIES 25,853
--------------
--------------
TOTAL EQUITY AND LIABILITIES 7,927,744
Intuitive Investments Group Plc
Statement of Changes in Equity
For period to 31 March 2021
Called Share Retained Total
up premium Earnings Equity
Share
Capital
GBP GBP GBP GBP
Balance at 11 June 2020 - - - -
Profit for the period - - 324,838 324,838
Issued share during the period 406,692 7,677,148 - 8,083,840
Finance costs - (506,787) - (506,787)
------------ -------------- ------------ --------------
Balance at 31 March 2021 406,692 7,170,361 324,838 7,901,891
------------ -------------- ------------ --------------
Intuitive Investments Group Plc
Statement of Cash Flows
For the period to 31 March 2021
Notes Period to
31 March
2021
Unaudited
GBP
Reconciliation of loss before income
tax to cash outflow from operations
Profit before tax 294,857
Net change in Unrealised gains in
investments at fair value through
profit and loss (422,220)
(Increase)/decrease in trade and other
receivables (91,294)
(Decrease)/increase in trade and other
payables 25,853
------------
Net cash outflow from operations (192,804)
Interest received -
Interest paid -
Tax received -
------------
Net cash outflow from operating activities (192,804)
Cash flows from investing activities
Purchase of investments 5 (3,480,873)
------------
Net cash (outflow)/inflow from investing
activities (3,480,873)
------------
Cash flows from financing activities
Net proceeds from share issues 7,577,053
------------
Net cash inflow from financing activities 7,577,053
------------
Increase/(decrease) in cash and equivalents 3,903,376
Cash and cash equivalents at beginning -
of year
------------
Cash and cash equivalents at end of
year 3,903,376
Intuitive Investments Group Plc
Notes to the Half Yearly Report
For the period to 31 March 2021
1. General Information
Intuitive Investments Group Plc is a com pany incorp orated and
d omiciled in England and Wales. The com pany is listed on the AIM
market of the Lo nd on Stock Exchange (ticker: IIG).
The 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 group's statutory financial statements
for the period ended 30 September 2021 will be prepared under
International Financial Reporting Standards ("IFRS").
Copies of the annual statutory accounts and the Half Yearly
report can be found on the Company's website at
http://www.iigplc.com/.
2. Basis of preparation and significant accounting policies
The principal accounting policies applied in the preparation of
the financial information are set out below. These policies have
been consistently applied.
Basis of preparation
The financial information of the Company has been prepared in
accordance with International Financial Reporting Standards (IFRS),
International Accounting Standards (IASs) and International
Financial Reporting Interpretations Committee (IFRIC)
interpretations (collectively 'IFRS') as adopted for use in the
European Union and as issued by the International Accounting
Standards Board and with those parts of the Companies Act 2006
applicable to companies reporting under IFRS.
The preparation of financial statements in conformity with IFRS
requires the use of certain critical accounting estimates. It also
requires management to exercise its judgement in the process of
applying the accounting policies and making any estimates. Changes
in assumptions may have a significant impact on the financial
statements in the period the assumptions changed. Board of
Directors believe that the underlying assumptions are appropriate
and that the financial statements are fairly presented. The Board
of Directors believes, there are no areas involving a higher degree
of judgement or complexity, or areas where assumptions and
estimates are significant to the financial statements, and
therefore, these financial statements have limited disclosures.
Intuitive Investments Group Plc
Notes to the Half Yearly Report
For the period to 31 March 2021
Significant accounting policies
Financial Assets held at Fair Value through Profit and Loss
Investments Financial assets designated as at fair value through
profit or loss ("FVPL") at inception are those that are managed and
whose performance is evaluated on a fair value basis, in accordance
with the documented investment strategy of the Company. Information
about these financial assets is provided internally on a fair value
basis to the Company's key management.
The Company's investment strategy is to invest cash resources in
venture capital investments as part of the Company's long-term
capital growth strategy. Consequently, all investments are
classified as held at fair value through profit or loss. All
investments are measured at fair value on the whole unit of account
basis with gains and losses arising from changes in fair value
being included in the Statement of Comprehensive Income as gains or
losses on investments held at fair value. Transaction costs on
purchases are expensed immediately through profit or loss.
Redemption premiums are designed to protect the value of the
Company's investment. These are accrued daily on an effective rate
basis and included within the capital valuation of the investment
(and thus classified under "Gains on investments held at fair
value" in the Statement of Comprehensive Income).
Although the Company holds more than 20 per cent of the equity
of certain companies, it is considered that the investments are
held as part of the investment portfolio, and their value to the
Company lies in their marketable value as part of that portfolio.
These investments are therefore not accounted for using equity
accounting, as permitted by IAS 28 'Investments in associates' and
IFRS 11 'Joint arrangements' which give exemptions from equity
accounting for venture capital organisations. Under IFRS 10
"Consolidated Financial Statements", control is presumed to exist
when the Company has power over an investee (whether or not used in
practice); exposure or rights; to variable returns from that
investee, and ability to use that power to affect the reporting
entities returns from the investees.
The Company does not hold more than 50 per cent of the equity of
any of the companies within the portfolio. The Company does not
control any of the companies held as part of the investment
portfolio. It is not considered that any of the holdings represent
investments in subsidiary undertakings. Valuation of Investments
Unquoted investments are valued in accordance with IFRS 13 "Fair
Value Measurement" and, using the International Private Equity and
Venture Capital (IPEVC) Valuation Guidelines ("the Guidelines")
updated in December 2018. Quoted investments are valued at market
bid prices. A detailed explanation of the valuation policies of the
Company is included below. Initial measurement the best estimate of
the initial fair value of an unquoted investment is the cost of the
Investment. Unless there are indications that this is
inappropriate, an unquoted investment will be held at this value
within the first three months of investment.
Subsequent measurement based on the IPEVC Guidelines we have
identified six of the most widely used valuation methodologies for
unquoted investments. The Guidelines advocate that the best
valuation methodologies are those that draw on external, objective
market-based data in order to derive a fair value.
Intuitive Investments Group Plc
Notes to the Half Yearly Report
For the period to 31 March 2021
Unquoted Investments
Valuation methodologies:
-- sales multiples. An appropriate multiple, given the risk
profile and sales growth prospects of the underlying company, is
applied to the revenue of the company. The multiple is adjusted to
reflect any risk associated with lack of marketability and to take
account of the differences between the investee company and the
benchmark company or companies used to derive the multiple.
-- earnings multiple. An appropriate multiple, given the risk
profile and earnings growth prospects of the underlying company, is
applied to the maintainable earnings of the company. The multiple
is adjusted to reflect any risk associated with lack of
marketability and to take account of the differences between the
investee company and the benchmark company or companies used to
derive the multiple.
-- net assets. The value of the business is derived by using
appropriate measures to value the assets and liabilities of the
investee company.
-- discounted cash flows of the underlying business. The present
value of the underlying business is derived by using reasonable
assumptions and estimations of expected future cash flows and the
terminal value, and discounted by applying the appropriate
risk-adjusted rate that quantifies the risk inherent in the
company.
-- discounted cash flows from the investment. Under this method,
the discounted cash flow concept is applied to the expected cash
flows from the investment itself rather than the underlying
business as a whole.
-- price of recent investment. This may represent the most
appropriate basis where a significant amount of new investment has
been made by an independent third party. This is adjusted, if
necessary, for factors relevant to the background of the specific
investment such as preference rights and will be benchmarked
against other valuation techniques.
In line with the IPEVC guidelines the Price of Recent Investment
will usually only be used for the initial period following the
round and after this an alternative basis will be found. Due to the
significant subjectivity involved, discounted cash flows are only
likely to be reliable as the main basis of estimating fair value in
limited situations. Their main use is to support valuations derived
using other methodologies and for assessing reductions in fair
value. One of the valuation methods described above is used to
derive the gross attributable enterprise value of the company. This
value is then apportioned appropriately to reflect the respective
debt and equity instruments in the event of a sale at that level at
the reporting date.
Intuitive Investments Group Plc
Notes to the Half Yearly Report
For the period to 31 March 2021
Quoted Investments
Quoted investments are valued at active market bid price. An
active market is defined as one where
transactions take place regularly with sufficient volume and
frequency to determine price on an ongoing basis.
Share capital
Ordinary shares are classified as equity.
Incremental costs directly attributable to the issue of new
ordinary shares or options are shown in equity as a deduction, net
of tax, from the proceeds.
Critical accounting estimates and judgments
The Company makes certain judgements and estimates which affect
the reported amount of assets and liabilities. Critical judgements
and the assumptions used in calculating estimates are continually
evaluated
and are based on historical experience and other factors,
including expectations of future events that are believed to be
reasonable under the circumstances.
In the process of applying the Company's accounting policies,
which are described above, the Directors do not believe that they
have had to make any assumptions or judgements that would have a
material effect on the amounts recognised in the financial
information.
Financial risk management
The directors constantly monitor the financial risks and
uncertainties facing the company. They are confident that suitable
policies are in place and that all material financial risks have
been considered.
Interest risk
The Company is not exposed to significant interest rate risk as
it has limited interest bearing liabilities at the year end.
Credit risk
The Company is not exposed to significant credit risk as it did
not make any credit sales during the year.
Liquidity risk
Liquidity risk is the risk that Company will encounter
difficulty in meeting these obligations associated with financial
liabilities.
The responsibility for liquidity risks management rest with the
Board of Directors, which has established appropriate liquidity
risk management framework for the management of the Group's short
term and long-term funding risks management requirements.
During the period under review, the Company has not utilised any
borrowing facilities.
Intuitive Investments Group Plc
Notes to the Half Yearly Report
For the period to 31 March 2021
The Company manages liquidity risks by maintaining adequate
reserves and reserve borrowing facilities by continuously
monitoring forecast and actual cash flows, and by matching the
maturity profiles of financial assets and liabilities.
Capital risk
The Company's objectives when managing capital are to safeguard
the ability to continue as a going concern in order to provide
returns for shareholders and benefits to other stakeholders and to
maintain an optimal capital structure to reduce the cost of
capital.
4 . Earnings per Share
Basic earnings per share is calculated by dividing the earnings
attributable shareholders by the weighted average number of
ordinary shares outstanding during the period.
Reconciliations are set out below:
Period to
31 March
2021
Unaudited
Basic
Earnings attributable to ordinary
shareholders 324,838
Weighted average number of shares 40,419,200
Earnings (Loss) per-share - pence 0.80p
Diluted
Earnings attributable to ordinary
shareholders 324,838
Weighted average number of shares 42,381,700
Earnings (Loss) per-share - pence 0.77p
As at 31 March 2021 there were 1,962,500 outstanding share
warrants.
Intuitive Investments Group Plc
Notes to the Half Yearly Report
For the period to 31 March 2021
5 . Investments
Cost GBP
At 11 June 2020 -
Additions during the period 3,480,873
Revaluation at 31 March 2021 452,201
------------
Carrying amount
At 31 March 2021 3,933,074
6. Share Capital
Issued share capital comprises:
Period to
to 31 March
2021
Unaudited
GBP
Ordinary shares of 1p
each
40,669,200 406,692
--------------
406,692
During the period to 31 March 2021 the company issued ordinary
shares of GBP0.01 each listed, as follows:
Date issued Price Type Number
07/12/2020 GBP0.01 Deferred 250,000
07/12/2020 GBP0.20 Placing 40,419,200
--------------
40,669,200
Intuitive Investments Group Plc
Notes to the Half Yearly Report
For the period to 31 March 2021
7. Post balance sheet events
On 1 April 2021 the company made an investment of GBP350,000 to
acquire ordinary shares in Altair Medical Ltd, a company which is
developing an innovative remote respiratory monitoring platform
comprising a small, chest-worn biosensor and AI-driven data
analysis/alerting software for the early detection, prediction and
prevention of adverse events in respiratory patients, both in
hospitals and at home.
On 6 April 2021 the company made an investment of GBP250,000 to
acquire new ordinary shares in Polearan Imaging Inc, a company
operating in the high-resolution medical imaging market. This
investment was announced via RNS on 17 March 2021 but was
conditional on successful completion of a general meeting of
Polearan Inc on 6 April 2021.
On 9 April 2021, the company issued 22,624 shares of 1p each in
the company to Julian Baines, a member of the Company's investment
Advisory Panel, at Julian's request in lieu of his annual Advisory
Panel fee for the year to 14 December 2021 of GBP5,000.
On 4 May 2021 the company made an investment of GBP500,000 to
acquire new ordinary shares in The Electrospinning Company Limited,
a company who has developed a platform 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.
On 1 June 2021 the company made an investment of GBP250,000 to
acquire new ordinary shares in Trellus Health, a company which is
commercialising the provision of digital chronic condition
management solutions for employers and health plans that utilise
the scientifically validated GRITT(TM) resilience-based methodology
and a proprietary HIPAA-compliant technology platform called
TrellusElevate(TM) to coordinate and deliver care remotely via
telemedicine.
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END
IR FFFIVRDILIIL
(END) Dow Jones Newswires
June 02, 2021 02:00 ET (06:00 GMT)
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