LONDON - Intuitive Investments Group plc (SFS: IIG), a closed-end investment company specializing in the technology, life sciences, and healthcare sectors, has announced the return of funds and the impending cancellation of shares related to its investee company, Hui10 Inc. ("Hui10"). The board of Hui10 has completed a repayment of RMB 38 million (approximately $5 million) to a prior investor due to the investor's failure to meet certain conditions of the original investment agreement.
Following this repayment, Hui10 has begun the process to reclaim 3,250,254 ordinary shares, each with a nominal value of 10 pence, previously issued to the non-compliant investor. These shares are expected to be cancelled by IIG, although a specific timeline for this action has not been disclosed. This development comes without affecting Hui10's immediate working capital or IIG's cash balance, which remains steady at £1.4 million. After the repayment, Hui10's cash balance is reported to stand at $6.4 million.
IIG has indicated that further details regarding these events will be communicated to the public as they become available. This announcement is based on a press release statement and is intended to inform shareholders and the public of the latest developments within the company.
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