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	[phone]
Jeff Keating / David Hignell / Kasia Brzozowska
Turner Pope Investments (TPI) Ltd - Broker	[phone]
Andrew Thacker / James Pope
Walbrook PR Limited - Media & Investor Relations	[phone] or [e-mail]
Paul McManus / Sam Allen	[phone] / [phone]

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.

 

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