TIDMIIG

RNS Number : 2901E

Intuitive Investments Group plc

29 June 2023

29 June 2023

Intuitive Investments Group plc

Interim report for the six months to 31 March 2023

Intuitive Investments Group plc (AIM: IIG) ("IIG" or the "Company"), a closed-end investment company focussed on the life sciences sector, announces its interim results for the six months to 31 March 2023.

Financial highlights

 
                             31 March        30 September           31 March       30 September 
                                 2023                2022               2022               2021 
                             GBP9 .42                               GBP12.33 
  Net Assets                  million    GBP12.93 million            million    GBP8.14 million 
                             GBP7 .86                               GBP10.40 
  Investments                 million    GBP11.16 million            million    GBP5.74 million 
                             GBP1 .23 
  Cash                        million     GBP1.55 million    GBP1.91 million    GBP2.57 million 
  NAV per share               1 3.07p              18.00p             18.73p             20.14p 
  % Increase/(decrease) 
   from previous 
   period end               ( 27.38)%             (3.90)%            (6.96)%              2.99% 
 

Highlights

-- Follow-on investment in Yourgene Health plc of GBP150,407 to acquire 50 million shares at a price of 0.3 pence per share. IIG holds 51,584,920 ordinary shares, or 1.62%, of the issued share capital of Yourgene.

-- Reorganisation of investment in Sanondaf, reduction in deferred consideration and adjustment to fair value.

-- Post period end follow-on investment in Light Science Technologies Holdings plc of GBP150,000 to acquire 15 million shares at a price of 1 penny per share. IIG holds 28,280,000 ordinary shares, or 8.49%, of the issued share capital of Light Science Technologies in total.

 
  Intuitive Investments Group plc                 www.iigplc.com 
  Julian Baines, Non-Executive Chairman             Via SP Angel 
   Robert Naylor, CEO 
  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 
 

About Intuitive Investments Group plc

The Company 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 of the Investment Committee, David Evans, to seek to generate capital growth over the long term for shareholders.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR') which has been incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.

Chairman and Chief Executive's Report

We are pleased to present the interim report for Intuitive Investments Group plc, which covers the six months ended 31 March 2023.

Publicly traded investments

Publicly quoted small-cap healthcare companies continue to underperform. We perceive there is a value in the Company's portfolio and the opportunity for high returns if these companies are allowed to successfully develop and commercialise their innovative products or services that meet unmet medical needs. However, without the ability to raise capital, a number are destined to struggle regardless of the quality of their products or services.

We made follow-on investments in Yourgene Health plc ("Yourgene") and, post period end, into Light Science Technology Holdings ("Light Science") of approximately GBP150,000 each. The discounts on these follow-on investments to the share prices where we initially invested were brutal. We originally purchased shares in Yourgene at a price of 15.5 pence and our follow-on investment was at 0.3 pence, a discount of 98%. Similarly Light Science floated at a price of 10 pence per share and our follow-on investment was at 1 penny, a discount of 90%. Of note is the investment in Midatech Pharma plc whereby the company's initial proposed transaction was voted down by shareholders and, as a consequence, the company had to undertake a highly dilutive rescue fundraising, in effect wiping out the existing shareholders' equity. The company has been renamed Biodexa Pharmaceuticals plc.

 
                                         Valuation as at 
                                     31 March    30 September      Unrealised 
                                         2023            2022     gain/(loss) 
                                       GBP           GBP             GBP 
  Evgen Pharma plc                     80,937          65,625          15,312 
  Light Science Technologies 
   Holding plc                        531,200         863,200       (332,000) 
  Microsaic Systems plc                92,160          88,400           3,760 
  Biodexa Pharmaceuticals plc 
   (previously Midatech Pharma 
   plc)                                 1,365          26,250        (24,885) 
  Polarean Imaging plc                 89,583         175,000        (85,417) 
  Shield Therapeutics plc              50,000          75,000        (25,000) 
  Trellus Health plc                   27,625          29,750         (2,125) 
  Yourgene Health plc(.) (bfwd)         4,359          71,321        (66,962) 
  Yourgene Health plc. (follow 
   on investment) (1)                 137,500               -        (12,907) 
                                  -----------  --------------  -------------- 
  Closing fair value                1,014,729       1,394,546       (530,224) 
 

(1) Follow o n investment of GBP 150,407 made on 12 January 2023

Unquoted companies

Our portfolio of unquoted companies has performed reasonably in comparison to the publicly quoted portfolio and continues, in the main, to be held at cost, plus accrued interest if applicable, or at the valuation of the most recent investment round. Momentum Limited has raised additional capital post period end at the same valuation as the round in which IIG participated and therefore there is no increase or decrease in valuation. We are aware of one investee companies currently raising capital which may negatively impact its valuation. Further details of the companies in the unquoted portfolio are contained at the end of this statement.

Reorganisation of investment in Sanondaf, reduction in deferred consideration and adjustment to fair value

As announced on 24 May 2023, the Company has reorganised Touchless Innovation Limited ("Touchless Innovation") and Touch-Less Hygiene UK Limited ("Touch-Less Hygiene") (together the "Touchless Group") which trades under the name Sanondaf and the Board has negotiated a reduction in the deferred consideration payable to the vendors of the business and assets of Sanoserv International Franchising Limited. After careful consideration, the Board is now proposing reducing in the fair value of the Touchless Group.

The board of Touchless Innovation , with the agreement of the board of IIG, moved Touch-Less Hygiene from being a wholly owned subsidiary of Touchless Innovation to beinga wholly owned subsidiary of IIG. Touchless Innovation and Touch-Less Hygiene have different business models. Touchless Innovation is an international franchising business, with master franchise es in 11 countries. Touch-Less Hygiene is a UK market-leading provider of specialist disinfection and decontamination services, with 25 regional sites in the UK and customers that include blue-chip life sciences companies, essential infrastructure firms and the NHS. Given the distinct business models, separating and having distinct management teams will improve both the opportunity for growth and the potential to attract third party funding.

The consideration payable by Touchless Innovation to the vendors included GBP900,000 of deferred consideration payable six months from completion, due on 25 August 2022. In substitution for the GBP900,000 the Boards of IIG and Touchless Innovation agreed to issue the vendors 2,000,000 new ordinary shares of 1 penny each in IIG, as well as allowing the vendors the master franchise for Malta for nine years. The minimum royalty amount under the master franchise agreement is US$5,400 per annum. In addition, the vendors no longer have the right to appoint a director to the Board of Touchless Innovation.

The Touchless Group continues to trade profitably and make significant progress:

-- Touch-Less Hygiene, in selling machines and consumable product alongside the existing extensive franchise network; and

-- Touchless Innovation has an extensive sales pipeline in the US which the Board believe will convert to sales imminently.

For the year ended 30 September 2022 the Touchless Group reported unaudited turnover of GBP1.94 million, profit after tax of GBP142,000, has net assets of GBP2.24 million including cash of GBP423,000. The Board has therefore taken the prudent view to reduce the valuation of the investment in the Touchless Group from GBP6.36 million to GBP3.50 million, split equally for Touchless Innovation and Touch-Less Hygiene Touch-Less Hygiene.

Financial performance

NAV per Ordinary Share at; flotation: 18.78 pence; 30 September 2022: 18.00 pence; 31 March 2023: 13.07 pence. Absent the write down in the Touchless Group the NAV per Ordinary Share would have been 17.05 pence. There are investment losses of GBP3.44 million, comprising unrealised losses of GBP3.49 million, interest income from the convertible loan notes of GBP44,000 and management fee income of GBP12,000. The structure of the Company is purposefully simple, and the administrative costs of the business were GBP193,000 for the period. Overall, the loss for the period was GBP3.51 million.

Outlook

Despite short term headwinds the Board believer there are significant opportunities to restore shareholder value. We look forward to updating you as to our progress in the near term.

Later stage investments

BioQ Pharma Incorporated ("BioQ")

Investment of US$1 million by way of unsecured convertible loan notes and warrants, valued at cost plus accrued interest.

BioQ has raised more than US$30 million in subscription for the CLN and is looking to prepare for a fundraising in the Series E ordinary shares.

BioQ is a commercial-stage, medical device and pharmaceutical company, addressing the infusible drugs market. BioQ's proprietary Invenious(TM) platform comprises a "connect-and-go" drug-device system combination, which can be utilised to improve the delivery of infusible medicines. BioQ's platform includes a bespoke unit-dose delivery solution for infusible drugs, whereby a diluent delivery system and administration line are combined in one self-contained, ready-to-use presentation. The key benefits of the platform include reduced cost and complexity compared to current infusion techniques.

Touchless Innovation Ltd ("Sanondaf")

Investment of GBP1.75 million to acquire the entire issued share capital, held at fair value, for which cost is which is based on Directors' valuation.

Touchless Innovation is an international licensing and franchising business, with master franchise agreements in ten countries. Sanondaf licenses the brands, know-how and intellectual property of specialist disinfection and decontamination technology.

Touch-Less Hygiene Ltd ("Touch-Less Hygiene")

Investment of GBP1.75 million to acquire the entire issued share capital, held at fair value, which is based on Directors' valuation.

Touch-Less Hygiene is a market-leading provider of specialist disinfection and decontamination services and has 25 regional sites in the UK. Treatments are non-corrosive, contain no toxic ingredients and Sanondaf's application methods ensure they are not harmful to people, animals or the environment. It is safe for use in all settings, including operating theatres, critical care units, and is CASA (Civil Aviation Safety Authority) approved. Sanondaf's disinfection formula has proven efficacy against pathogens, included, viruses, mould, bacteria and fungi. Customers include the blue-chip life sciences companies, essential infrastructure firms and the NHS. Touchless Hygiene holds a master franchise agreement from Touchless Innovation Ltd to operate in the UK.

Series A and B investments

Axol Bioscience Ltd ("Axol")

Investment of GBP249,092 in A ordinary shares, held at fair value, for which cost is deemed the most appropriate basis of measurement. The company undertook a fundraising in April 2022 at the same valuation as IIG's investment.

Axol produces high quality human cell products, particularly in relation to pluripotent stem cell and critical reagents such as media and growth supplements, which are sold to medical research and drug discovery organisations. Axol also provides contract research for example customising cell lines for customers, such as reprogramming and differentiation. The Chairman of Axol is Jonathan Milner, who was previously deputy chairman of Abcam plc.

CardiNor AS ("CardiNor")

Investment of GBP112,891 in ordinary shares, held at fair value, for which cost is deemed the most appropriate basis of measurement.

CardiNor has made excellent progress particularly with the amount of money raised, which includes:

-- Elisa test CE marked with clear route to market in the Europe and next generation magnetic test being developed.

-- RuO in the US, but distribution deal done with IBL and talking to Labcorp. Going for full FDA approval.

Valuation is 80 million NOK (c.GBP7.0 million). CardiNor is a Norwegian biotech company established in June 2015 to commercialise the development of secretoneurin ("SN"), an important new biomarker for cardiovascular disease ("CVD"). SN is the only biomarker shown to be associated with biological processes linked to cardiomyocyte handling. This unique biological function explains why SN presents as an independent and strong predictor of mortality in all major patient cohorts, including ventricular arrhythmia, acute heart failure, acute respiratory failure patients with CVD and severe sepsis. CardiNor has completed development of a research assay based on immunoassay technology to measure SN in blood and the assay is under further clinical development, allowing it to obtain a CE mark.

The Electrospinning Company Ltd ("TECL")

Investment of GBP500,000 in ordinary shares, held at fair value, for which cost is deemed the most appropriate basis of measurement.

Held at cost, TECL is trading in line with management expectations. TECL has a technology platform built around the process of electrospinning, a technique for production of micro and nano-fibre biomaterials from a variety of natural and synthetic polymers, and a suite of post-processing technologies to convert the biomaterials into medical device components. The core business is the sale of product development and manufacturing services to medical device companies. TECL is also using its know-how to develop proprietary materials for targeted out-licensing opportunities, aiming to capture more of the end-market value created by its innovations and expertise.

Micrima Ltd ("Micrima")

Investment of GBP229,636 by way of convertible loan note held at fair value, for which cost is deemed the most appropriate basis of measurement.

Micrima specialises in radiofrequency technology to improve early diagnosis of breast cancer and measure breast density. Micrima continues to make progress, but has suffered delays in its commercial launch and as a consequence is looking to refocus on breast density measurement.

Momentum Bioscience Ltd ("Momentum")

Investment of GBP125,000 in preferred A ordinary shares, held at fair value, for which cost is deemed the most appropriate basis of measurement. Momentum undertook an additional subscription in September 2022 at the same valuation as IIG's investment.

Momentum is developing a revolutionary rapid diagnostic test for patients suspected of sepsis, an infection of the blood stream resulting in symptoms including a drop in a blood pressure, increase in heart rate and fever. Momentum's SepsiSTAT(R) system enables reporting of the presence or absence and 'pan gram identification' of viable organisms in just two hours, helping direct the right antimicrobials. The system also provides a pure concentrate of growing organisms for further analysis. Faster testing in suspected sepsis patients can reduce mortality, accelerate hospital discharge, lower hospital costs, and reduce the incidence of antimicrobial resistance. SepsiSTAT(R) is a diagnostic test that runs from a sample of whole blood before any culturing steps are taken and is currently being studied in clinical practice with highly encouraging early results indicating competitive sensitivity versus the current standard of care. Over 120 million blood tests for sepsis are run annually representing a market potential of over GBP1 billion.

Ocutec Ltd ("Ocutec")

Investment of GBP250,000 in ordinary shares, held at fair value, for which cost is deemed the most appropriate basis of measurement. Post period Ocutec completed a fundraising of GBP1.2 million. The price was GBP2.00 per ordinary share which compares to a price of GBP1.60 per ordinary share at the time of the Company's investment. Therefore, there is a post period end unrealised gain of GBP62,500, based on most recent funding 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.

PneumoWave Ltd ("PneumoWave")

Investment of GBP904,124 in new ordinary shares, held at fair value, for which last investment round is deemed the most appropriate basis of measurement.

IIG invested GBP100,000 by way of convertible loan notes which converts at a 15% discount to the Series A and GBP350,000 in the pre-series A funding round. The Series A round has completed leading to an increase in valuation of GBP454,124.

PneumoWave, which was incorporated in February 2018, is developing an innovative remote respiratory monitoring platform comprising a small, chest-worn biosensor and AI-driven data analysis/alerting software for the early detection, prediction, and prevention of adverse events in respiratory patients, both in hospitals and at home. In 2020, PneumoWave was awarded Breakthrough Medical Device designation from the U.S. Food and Drug Administration for the development of the device, which is designed to monitor breathing in real-time to a clinical standard of care.

The specially designed wireless biosensor is one of the smallest available and transmits data to the cloud using a data hub or smartphone, alerting the patient, their household members, doctor, nurse, or emergency services where life-threatening changes occur. PneumoWave's technology will be able to accurately monitor large numbers of patients in any location at any time.

Intuitive Investments Group Plc

Statement of Comprehensive Income

For the 6 months to 31 March 2023

 
                                              6 months to          6 months           Year to 
                                                 31 March                to      30 September 
                                                     2023          31 March              2022 
                                                Unaudited              2022           Audited 
                                                                  Unaudited 
                                                  GBP'000           GBP'000           GBP'000 
 
  Investment income 
  Finance income                                       44                99               148 
  Gains on realised investments                         -                76                76 
  Unrealised gains/(losses) 
   due to FX                                         (96)                                 166 
  (Losses)/Gains on investments 
   at fair value                                  (3,395)             (889)           (1.493) 
  Management Fees                                      12                18                30 
                                           --------------    --------------    -------------- 
                                                  (3,435)             (696)           (1,073) 
 
  Administrative expenses                           (193)             (195)             (494) 
                                           --------------    --------------    -------------- 
  (Loss)/Profit before tax                        (3,628)             (891)           (1,567) 
 
  Corporation tax                                     114               174               409 
                                           --------------    --------------    -------------- 
  (Loss)/Profit for the period                    (3,514)             (717)           (1,158) 
 
  Other Comprehensive Income                            -                 -                 - 
                                           --------------    --------------    -------------- 
  Total comprehensive income 
   for the period                                 (3,514)             (717)           (1,158) 
 
 
  Total comprehensive income 
   attributable to the owners 
   of the company                                 (3,514)             (717)           (1,158) 
 
 
  (Loss) per share 
  Basic - pence                     3              (4.9)p           (1.49)p           (2.01)p 
  Diluted - pence                                  (4.9)p           (1.49)p           (2.01)p 
 
 
 
 
 
 

Intuitive Investments Group Plc

Statement of Financial Position

As at 31 March 2023

 
                                   Notes             As at             As at             As at 
                                                  31 March          31 March      30 September 
                                                      2023              2022              2022 
                                                 Unaudited         Unaudited           Audited 
  ASSETS                                           GBP'000           GBP'000           GBP'000 
  Non-current assets 
  Investments                        4               7,863            10,398            11,160 
  Deferred tax asset                                   352                94               238 
                                            --------------    --------------    -------------- 
                                                     8,215            10,492            11,398 
                                            --------------    --------------    -------------- 
  CURRENT ASSETS 
  Trade and other receivables                           22                43                24 
  Cash and cash equivalents                          1,233             1,911             1,553 
                                            --------------    --------------    -------------- 
                                                     1,255             1,954             1,577 
                                            --------------    --------------    -------------- 
  TOTAL ASSETS                                       9,470            12,446            12,975 
 
  EQUITY 
  Shareholders' Equity 
  Called up share capital            5                 721               658               721 
  Deferred shares                                       48                48                48 
  Share premium                                     12,619            11,631            12,619 
  Other reserves                                       144               144               144 
  Accumulated deficit                              (4,111)             (156)             (597) 
                                            --------------    --------------    -------------- 
  Total Equity                                       9,421            12,325            12,935 
                                            --------------    --------------    -------------- 
  LIABILITIES 
  Current liabilities 
  Trade and other payables                              49                30                40 
  Non current liabilities 
  Deferred tax liabilities                               -                91                 - 
                                            --------------    --------------    -------------- 
  TOTAL LIABILITIES                                     49               121                40 
                                            --------------    --------------    -------------- 
                                            --------------    --------------    -------------- 
  TOTAL EQUITY AND LIABILITIES                       9,470            12,446            12,975 
 
      Net asset value per share                     13.07p            18.73p            18.00p 
 

Intuitive Investments Group Plc

Statement of Changes in Equity

For 6 months to 31 March 2023

 
                            Called        Deferred             Share           Other        Retained             Total 
                                up          Shares           Premium        Reserves        Earnings            Equity 
                             Share 
                           Capital 
                           GBP'000         GBP'000           GBP'000         GBP'000         GBP'000           GBP'000 
 
  Balance at 30 
   September 
   2021                        404              48             6,986             144             561             8,143 
 
  Loss for the 
   period                        -               -                 -               -           (717)             (717) 
  Issued share 
   during 
   the period                  254               -             4,645               -               -             4,899 
 
                      ------------    ------------    --------------    ------------    ------------    -------------- 
  Balance at 31 
   March 
   2022                        658              48            11,631             144           (156)            12,325 
 
  Loss for the 
   period                        -               -                 -               -           (441)             (441) 
  Issued share 
   during 
   the period                   63               -               988               -               -             1,051 
 
                      ------------    ------------    --------------    ------------    ------------    -------------- 
  Balance at 30 
   September 
   2022                        721              48            12,619             144           (597)            12,935 
 
 
  Loss for the 
   period                        -               -                 -               -         (3,514)           (3,514) 
 
                      ------------    ------------    --------------    ------------    ------------    -------------- 
  Balance at 31 
   March 
   2023                        721              48            12,619             144         (4,111)             9,421 
                      ------------    ------------    --------------    ------------    ------------    -------------- 
 

Intuitive Investments Group Plc

Statement of Cash Flows

For the 6 months to 31 March 2023

 
                                             Notes        6 Months        6 Months          Year to 
                                                                to              to     30 September 
                                                          31 March        31 March             2022 
                                                              2023            2022          Audited 
                                                         Unaudited       Unaudited 
                                                           GBP'000         GBP'000          GBP'000 
 
  Profit/(loss) before tax from 
   continuing operations                                   (3,628)           (890)          (1,567) 
 
  Adjusted by: 
  Interest income                                             (44)            (45)             (93) 
  Gain on disposal                                               -               -             (74) 
  Fair value movement                                        3,491        888                 1,326 
                                                      ------------    ------------     ------------ 
                                                             (181)            (47)            (408) 
 
  Changes in working capital 
  (Increase)/decrease in trade and 
   other receivables                                             2               -               18 
  (Decrease)/increase in trade and 
   other payables                                                9             (4)                7 
                                                      ------------    ------------     ------------ 
  Net cash outflow from operating 
   activities                                                (170)            (51)            (383) 
 
  Cash flows from investing activities 
 
  Purchase of investments                      4             (150)         (1,350)          (1,450) 
  Proceeds from sale of investments                              -             138              212 
                                                      ------------    ------------     ------------ 
  Net cash (outflow)/inflow from 
   investing activities                                      (150)         (1,212)          (1,238) 
                                                      ------------    ------------     ------------ 
  Cash flows from financing activities 
  Net proceeds from share issues                                 -             607              607 
                                                      ------------    ------------     ------------ 
  Net cash inflow from financing 
   activities                                                    -             607              607 
                                                      ------------    ------------     ------------ 
 
  Increase/(decrease) in cash and 
   equivalents                                               (320)           (656)          (1,014) 
 
  Cash and cash equivalents at beginning 
   of period                                                 1,553           2,567            2,567 
                                                      ------------    ------------     ------------ 
  Cash and cash equivalents at end 
   of period                                                 1,233           1,911            1,553 
 
 
   1.    General Information 

Intuitive Investments Group Plc is a com pany incorp orated and d omiciled in England and Wales. The com pany is listed on the AIM market of the Lo nd on Stock Exchange (ticker: IIG).

The financial information set out in this Half Yearly report does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The Company statutory financial statements for the period ended 30 September 2022, prepared under UK-Adopted International Financial Reporting Standards ("IFRS"), have been filed with the Registrar of Companies. The auditor's report on those financial statements was unqualified and did not contain statements under Sections 498(2) and 498 (3) of the Companies Act 2006.

Copies of the annual statutory accounts and the Half Yearly report can be found on the Company's website at http://www.iigplc.com/ .

   2.    Basis of preparation 

This Half- Yearly report has been prepared using the historical cost convention, on a going concern basis and under IFRS. The interim financial statements have been prepared in accordance with the accounting policies set out in the Annual Report and Accounts for the year ended 30 September 2022.

   3.    Earnings per Share 

Basic earnings per share is calculated by dividing the earnings attributable shareholders by the weighted average number of ordinary shares outstanding during the period.

Reconciliations are set out below:

 
                                    6 Months      6 Months 
                                          to            to          Year to 
                                    31 March      31 March     31 September 
                                        2023          2022             2022 
                                   Unaudited     Unaudited          Audited 
 
  Basic 
 
  Earnings attributable to 
   ordinary shareholders         (3,514,054)     (716,516)      (1,158,483) 
 
  Weighted average number of 
   shares                         72,064,551    48,046,357       57,724,661 
 
  Earnings (Loss) per-share 
   - pence                          (4.90) p      (1.49) p         (2.00) p 
 
 
  Diluted 
 
  Earnings attributable to 
   ordinary shareholders         (3,514,054)     (716,516)      (1,158,483) 
 
  Weighted average number of 
   shares                         72,064,551    48,046,357       57,724,661 
 
  Earnings (Loss) per-share 
   - pence                          (4.90) p      (1.49) p          (2.01)p 
 
 

As at 31 March 2023 there were 1,962,500 (2022: 1,962,500) outstanding share warrants.

   4.    Investments 
 
  Cost                                      GBP'000 
 
 
  At 30 September 2021                        5,737 
 
  Additions during 6 months to 31 
   March 2022                                 5,642 
  Disposals                                   (138) 
  Accrued interest                               44 
  Change in fair value                        (887) 
                                       ------------ 
  At 31 March 2022                           10,398 
 
  Additions during 6 months to 30 
   September 2022                             1,151 
  Accrued interest                               49 
  Change in fair value                        (438) 
 
                                       ------------ 
  At 30 September 2022                       11,160 
 
  Additions during 6 months to 31 
   March 2023                                   150 
  Accrued interest                               44 
  Change in fair value                      (3,491) 
 
                                       ------------ 
  At 31 March 2023                            7,863 
 
 
 
   5.    Share Capital 

Issued share capital comprises:

 
                             6 months          6 months             Year to 
                                   to                to     to 31 September 
                          to 31 March       to 31 March                2022 
                                 2023              2022             Audited 
                            Unaudited         Unaudited 
                              GBP'000           GBP'000             GBP'000 
  Ordinary shares 
   of 1p each                     721               658                 721 
                       --------------    --------------      -------------- 
                                  721               658                 721 
 
 

There were no shares issued during the period.

   6.    Post balance sheet events 

On 1 April 2023 Ocutec Limited completed a fundraising of GBP1.2 million. The price was GBP2.00 per ordinary share which compares to a price of GBP1.60 per ordinary share at the time of the Company's investment. Therefore there is an unrealised gain of GBP62,500, based on most recent funding round.

On 26 April 2023 a follow-on investment in Light Science Technologies Holdings plc of GBP150,000 was made to acquire 15 million shares at a price of GBP0.01 per share. IIG holds 28,280,000 ordinary shares of Light Science Technologies in total.

On 30 May 2023 2,000,000 shares of 1 penny each in the Company were issued at a value of GBP0.055 per share in settlement of the GBP900,000 deferred consideration payable as part of the acquisition of Touchless Innovation.

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