Investment in Ocutec Limited

RNS Number : 5063B
Intuitive Investments Group plc
14 February 2022
 

Intuitive Investments Group plc

("IIG" or the "Company")

Investment in Ocutec Limited

Intuitive Investments Group plc (AIM: IIG) ("IIG" or the "Company"), a closed-end investment company focussed on the life sciences sector, announces an investment of £250,000 to acquire 156,250 new ordinary shares  in Ocutec Limited  ("Ocutec"), representing a 6.04 per cent. interest in Ocutec's enlarged share capital, as part of a £1.36 million fundraising round.

Ocutec has patented technology covering the formulation of novel contact lens products, contact lens comfort solutions and injection moulding technology for rapid manufacturing. Ocutec is based in Glasgow, and has been operating since 2006, having been spun out of the University of Strathclyde. Further information can be found on its website: https://www.ocutec.com/.

According to its unaudited management accounts for the six months to 31 October 2021, Ocutec had no revenue and a loss after tax of £377,386 and, at 31 October 2021, had unaudited net assets of £4,447,137 .

Stewart White, Chairman of IIG's Advisory Panel and a member of the Company's Investment Team, acts as a consultant to Ocutec.

As part of Ocutec's fundraising, Robert Naylor, IIG's CEO, and Malcolm Gillies, IIG's Senior Non-Executive Director, have each personally invested £50,000 giving each of them a 1.21 per cent. interest in Ocutec's enlarged share capital. Accordingly, neither Robert Naylor nor Malcolm Gillies voted as members of the Board approving the Investment.

For further information, please contact:

Intuitive Investments Group plc

www.iigplc.com

David Evans, Executive Chairman

Robert Naylor, CEO

Via Walbrook PR

 

 

SP Angel Corporate Finance LLP - Nominated Adviser

+44 (0) 20 3470 0470

Jeff Keating / David Hignell / Kasia Brzozowska

 


Turner Pope Investments (TPI) Ltd - Broker

+44 (0) 20 3657 0050

Andrew Thacker / James Pope

 

 

 

Walbrook PR Limited - Media & Investor Relations

+44 (0)20 7933 8780 or intuitive@walbrookpr.com

Paul McManus / Sam Allen

+44 (0) 7980 541 893 / +44 (0) 7502 558 258

 

About Intuitive Investments Group plc

Intuitive is an investment 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.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
ACQGPUQWPUPPGUW
UK 100

Latest directors dealings