LONDON: Intuitive Investments Group plc (IIG) has received a possible all-share offer from Acceler8 Ventures plc (AC8) that values the technology investment company at approximately 600 million pounds, the two firms said on Wednesday, in a deal aimed at moving the enlarged group to London’s main market.
The proposed transaction would see IIG shareholders receive 2.6052 new AC8 ordinary shares for each IIG share, based on an exchange ratio agreed in principle by the independent directors of both companies. The offer values IIG’s fully diluted share capital at roughly 600 million pounds, excluding AC8’s issued and to-be-issued shares.
Under the terms being discussed, IIG shareholders would end up holding about 99.01% of the combined group’s issued ordinary share capital on admission to the Equity Shares (Commercial Companies) category of the Financial Conduct Authority’s Official List, with AC8’s existing shareholders retaining just 0.99% following a proposed bonus issue.
The move would see the combined entity trade on the London Stock Exchange’s main market, a shift IIG’s board believes is necessary to address what it called a “fundamental undervaluation” of the company’s long-term prospects.
“IIG has historically traded at a significant discount to its net asset value,” the company said, adding that its current listing on the Specialist Fund Segment provided only limited access to institutional investors compared with the main market’s ESCC category.
The vast majority of IIG’s value – more than 99% as of September 30, 2025 – comes from its holding in Hui10 Inc., a technology partner driving digital transformation in the Chinese lottery sector through paperless play.
Giles Willits, who serves as both chief executive of IIG and a non-executive director of AC8, has been cited by the boards as a key asset in the combination, alongside his team’s operational and public market expertise.
For AC8, the offer aligns with its investment focus on high-growth software and technology assets and would allow it to satisfy its initial acquisition requirement under UK Listing Rule 13.4.
The independent directors of IIG, excluding Willits due to his dual role, have indicated they would recommend the offer if a firm proposal is made on the terms set out.
AC8 has obtained irrevocable undertakings from certain Hui10 management members representing approximately 24.59% of IIG’s issued ordinary share capital – or 59,035,785 shares – to vote in favour of the scheme of arrangement that would implement the deal.
In a separate announcement on Wednesday, AC8 confirmed plans to raise roughly 1 million pounds through the issue of 8% unsecured convertible loan notes due 2026 to support its working capital requirements.
The proposed offer remains subject to a Rule 2.7 firm offer announcement by July 31, 2026, and there can be no certainty that a formal offer will ultimately be made, the companies cautioned.
An offer period has now commenced in respect of IIG under the UK Takeover Code.