Intuitive Investments Share Discussion Threads

[hastings] 22/9/2021 07:19

Ditto that, very good news and quite likely to be a popular debutant.

[rivaldo] 20/9/2021 12:18

Excellent news - Light Science Technologies have confirmed via AIM that they'll be floating in "early October"....here's the AIM Notice and IIG's own RNS:

[graham10k] 13/9/2021 11:05

Thanks Hastings. Would be good to have an up to date NAV if possible.

[hastings] 12/9/2021 15:46

The IPO is still going ahead, but later due to the various mechanics involved. Nothing to be concerned with, I'll try and get an update when I'm back from hols later next week.

[graham10k] 12/9/2021 15:26

All quiet on the IIG front with as yet, no news on the Light Science Technologies IPO which I understand was due June/July time. Useful dip currently at 18p so maybe worth picking up some more but I do wonder what's going on re. LST. Anyone anything to say?

[rivaldo] 02/7/2021 09:53

Another new investment - this time £100k for 350,000 shares in Midatech (MTPH) at 28.5p (current price 29.5p):



Scotty666, are you still here as regards my post above?

[rivaldo] 04/6/2021 08:16

IIG are on a nice run up at present, continuing this morning.

Scotty666, will you be keeping the very useful list of investments in the thread header post updated? There's been a couple more now, in Electrospinning and Trellus Health PLC. It would also be appreciated if you could tick the boxes to include the fundamentals, i.e the m/cap in particular.

[rivaldo] 02/6/2021 08:10

Yep, that's the first time I've ever seen the phrase "lovely job" in an RNS :o))

Great to see IIG including the table of listed asset values as at 1st June as well as the period end. To achieve a 55% uplift in such a short space of time is commendable (though the markets have been on their side).

I note that Light Science Technologies - a £1m investment - now plans to list on AIM "in the coming months".

[hastings] 02/6/2021 07:06

"Overall a lovely job" I like that!

[hastings] 28/5/2021 16:43

Good spot riv, we should also have LST floating soon too!

[rivaldo] 28/5/2021 15:04

IIG have just announced a £250,000 investment in Trellus Health at the IPO price of 40p for 625,000 shares, so that's an instant £156,000 profit for them given the 63% premium and 65p share price which TRLS is now trading at :o))

[kooper2000] 10/5/2021 21:58

Two of the IIG investments have grown considerably in value while no effect on share price. Polarean Imaging bought at 60p touched 100p today and STX also bought at 30p touched 53 today. I find quite a value in this share. What's the advice of the other members...appreciate any inputs.

Hastings...I read all your research and love each one of your post. I read the IIG one too. Any plans to catch up with management anytime soon?

[rivaldo] 04/5/2021 07:19

All quiet on the LST IPO front at present? Hopefully news soon.

Meanwhile, news today of a whopping £500,000 investment for 4.4% of Electrospinning. This sounds pretty exciting stuff to me and looks a good one (it's also positive imo that David Evans invested back in 2018 so will know the company well):



"The Electrospinning Company offers contract services to design, develop and manufacture nanofibre biomaterials for medical devices. Based on the electrospinning platform technology, they use their expertise and experience to support clients in a range of different therapeutic indications. They supply the first electrospun biomaterial to be incorporated into an FDA-approved medical device."

[hastings] 11/4/2021 09:19

Shouldn't be too long now before we hear of the LST float which could prove extremely popular and provide some nice uplift for IIG.Worth noting that within LST there is already the cash generative and profitable UK circuits business.Https://www.ukcircuits.co.uk/

[40 fathoms] 02/4/2021 09:29

These recent deals are much more like it in my view, in really interesting areas, clean as in no conflicts of interest and in a space where David Evans has a clear and enviable track record. More of this type of deal please. Probably being a bit greedy now but I would like to see fewer larger deals, but it is possible on some of these investments they are anticipating investing in subsequent rounds so keeping some powder dry.

[rivaldo] 01/4/2021 09:07

A rush of new investments here, with three in the last two days. I'm glad to see they're all unquoted since the upside for any winners will be that much greater.

IIG really should have on their web site a list of all their investments which update as they're made, and with links to the investees' web sites.

I'm going to have to start a spreadsheet on all the quoted investments, unless 40 Fathoms can keep his summary posts here going on a regular basis!

Finally, there's a good interview with the Light Science Technologies CEO here - he has ambitious plans, so hopefully that IPO will proceed smoothly and quickly:



"What can we hope to see from LST in the future?

We have our eyes firmly set on the global market. We want to ensure we have an AgTech base here in the UK with our lab and manufacturing facilities, then extend our operations further afield with labs and a manufacturing base in the Far East, covering regions including Singapore, India, China and the Middle East, and also in the Americas."

[hastings] 28/3/2021 10:16

Shouldn't be much longer before we hear of the Light Science Technologies IPO planned for next month.

[40 fathoms] 20/3/2021 00:52

Estimated NAV - 19th March

(with the exception of the advisors line (guesstimate) all come from company)

Cash Raised from Placement (after costs): 7,461,000
(minus) 3 Months of Directors fees : 40,000
(minus) 3 Months of Advisors (NOMAD/Broker/Auditor/Legal/ PR): 35,000
Profit/loss on unlisted investments : 0 (this is assuming a sale today)
Profit/loss on POLX : 21,000
Profit/loss on STX : 24,700
Profit/loss on YGEN : 17,696
Profit/Loss on KMK: 24,402
Profit/Loss on EVG: 500
Profit/Loss on MSYS: 320,000

This gives us a quick and dirty NAV (I am assuming no liabilities) of 7,794,298.
There are 40,420,000 shares in issue. So we get an NAV per share of 19.28p

The main reason for this is the cost of placing. You immediately saw a 5% reduction in the NAV as raised cash was paid out to brokers etc. When they publish the accounts or NAV this will have been amortised and will then be depreciated over the life of the fund. So the published NAV will be higher than my 19.28p but that is the current "cash" value.

Current share price is 22.6p. So the premium to the "cash" NAV is 17%. In time most listed funds with this structure will trade at a 10% to 20% discount to the cash NAV.

[40 fathoms] 20/3/2021 00:16

I can see your logic in the way you are looking at this. I have had a 5 min stab at the current NAV which I will post below just to give a sense of "cash valuation" vs current share price. there are many costs that will have been paid out in cash that can be amortised across the life of the fund or across the year. I hope it is helpful and I wish you well.

[gadolinium64] 19/3/2021 14:34

I agree that the absence of regular NAV statements makes it difficult to evaluate, but by my reckoning all of the listed investments (with the exception of Evgen) are currently showing a slight profit, and in the case of Microsaic it is quite substantial (> 100%). The unlisted ones are obviously harder to assess, but eventual IPOs could give them an immediate uplift.

Yes, you could recreate most of the portfolio yourself on a DIY basis, but unless you are talking about weighting your whole pf towards AIM pharma/health stocks (in which case you are probably already a specialist, and IIG would indeed be a redundant addition), then the cumulative transaction costs (for a small allocation) would be significantly higher.

Don't get me wrong, I haven't put big money in IIG, but see it as a useful means of gaining some additional exposure to a sector with a seemingly lottery-like success rate. It's still early days, and until it gains a bit of word of mouth reputation the share price is likely to lag the NAV; let's see how things look in a year's time.

[40 fathoms] 19/3/2021 13:06

I should say I rate David Evans. But his skill to my mind is in building innovative operating business not passive stock investing. Last point on costs. If you buy this on market there will be @ 3 pct bid/ask spread. So that is another 6% cost on a round trip investment. When you add up all of the costs is a very expensive way to get diversification when you can very easily do it yourself.

[40 fathoms] 19/3/2021 12:51

GAD64 I ask you this what is the current NAV of IIG ? Is it higher or lower than the current share price ? If so by how much ? We can guess but it makes it hard to know if the current share price represents good value for a normal investor. On a cash basis so ignoring the capitalisation of listing costs and other certain other annualised running costs I calculate the current NAV to be below 19p per share. I am not happy to pay 22p for that “easy” diversification and pay away 20pct of the upside for something you could do yourself. However if you move in to areas where I can not just chuck an order in to the market and replicate what they are doing then I am happy to pay.

[40 fathoms] 19/3/2021 12:41

You are right but you should understand that IIG is not an investment trust. It is a closed ended investment company. There are significant difference in both structure and law.

As to the largest investments being non listed. Both are heading towards an AIM IPO as an exit. So if things go well they will not be unlisted for long.

[gadolinium64] 19/3/2021 11:46

The complaint about holding mostly listed shares could be made against any investment trust - surely the attraction is in offering one exposure to a variety of high-risk companies, instead of having to bet everything on one of them.

Also, it should be noted that IIG's two biggest investments so far - Light Science and BioQ - are still unlisted companies.

[40 fathoms] 18/3/2021 23:10

Live Wire, To be fair to them with respect to POLX, IIG has only been listed for a short while and may not have been in a position to take advantage of the lower prices at that time. I think an interesting area for them to focus on and one where I would gladly pay for the chairmans experience would be on partnering with other AIM listed entities on spin-outs or carve-outs. Almost every (small/mid cap) life science / biotech / drug development company on AIM is capital constrained and almost everyone has one or two programs or IP that is starved of focus and investment. When I look at the deals that get done in this space, typically, they will not be properly priced if they can find a capital partner for development. I would think the chairman undoubted talent and experience would be well matched to look at providing capital for the development of these programs. That is something I would be quick to sign up to and would then agree that the additional cost and fees of IIG are well worth the opportunity.