Intuitive Investments Group Plc (LSE:IIG) shares traded higher, gaining 12.5% to 193.5p, as it said independent directors would be minded to back a possible all-share takeover by Acceler8 Ventures that values the group at about £600 million and could move the enlarged business onto London’s main market.
If completed, IIG shareholders would own about 99.01% of the combined group on admission, with existing AC8 shareholders holding about 0.99%.
IIG is currently listed on the Specialist Fund Segment and said that structure has limited its access to institutional investors and contributed to a persistent discount to net asset value. The board argued that combining with AC8 would better reflect the group’s operating focus through Hui10.
Acceler8 is also seeking to raise about £1 million gross through new 8% convertible loan notes to fund working capital.