Intuitive Investments plots reverse takeover agreement with Acceler8
Intuitive Investments Group PLC on Wednesday said it has agreed a possible reverse takeover deal with acquisition vehicle Acceler8 Ventures PLC valuing the firm at £600 million.
Shares in Manchester, England-based Intuitive Investments which invests in technology and life science companies rose 16% to 200.00 pence each in London on Wednesday morning. Acceler8 Ventures shares more than doubled to 189.00p.
Under the agreement, shareholders in Intuitive Investments will receive 2.6052 Acceler8 Ventures shares for each one in IIG held.
On the basis of the middle market closing price per Acceler8 Ventures ordinary share on Tuesday, the possible offer values IIG at around £600 million on a fully diluted basis.
IIG said the possible agreement constitutes a reverse takeover under the City Code on Takeovers & Mergers.
The enlarged group will seek admission to the Equity Shares (Commercial Companies) category of the Official List and to trading on the London Stock Exchange’s Main Market. Acceler8 Ventures currently trades on the LSE’s Main Market.
Reflecting the ‘strategic value’ of Acceler8 Ventures to shareholders of IIG in achieving admission to the ESCC, it is anticipated that there will be a proposed issue of bonus shares to AC8’s shareholders such that IIG will hold 99% of the combined group.
IIG believes that the current listing category on the Specialist Fund Segment of the London Stock Exchange provides more limited access to institutional investors, which has resulted in a ‘perceived fundamental undervaluation’ of its long-term prospects.
Also on Tuesday, Acceler8 Ventures said it was raising £1.0 million through the issue of unsecured convertible loan notes with an interest rate of 8% per annum.
The CLNs will be issued in order to raise funds to support AC8’s working capital requirements.
AC8 and IIG have until May 6 to agree a formal transaction.
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