DEAL DONE. #IIG.L AC8.L

The wait is over acolytes! The definitive Rule 2.7 firm intention announcement has just dropped for Intuitive Investments Group (IIG.L) and Acceler8 Ventures (AC8.L). The corporate plumbing we referred to in our last IIG note is now complete and the reverse takeover is officially a go.

Here is a summary of today's milestone RNS and exactly what it means for shareholders:

1. The AC8 Reverse Takeover explained

• The Swap: IIG shareholders will receive 2.6797 New AC8 Shares for every 1 IIG share held.

• The Valuation Baseline: Based on AC8’s pre-offer benchmark of 80p, this mathematically pegs IIG’s fully diluted market cap at approximately £600 million.

• IIG shareholders will own 99.01% of the newly enlarged group. Legacy AC8 shell holders are left with 0.99%, fully accounting for a conditional bonus issue rewarding them for providing the listing architecture.

• No Dilution Surprises: The fully diluted figure ($279.8\{m}$ shares) captures the acceleration and capture of all outstanding warrants and the Management Incentivisation Plan (MIP) straight into the Scheme.

2. The Structural Unlock (Why this is a Game-Changer)

This is the pure liquidity catalyst we've been tracking. Moving onto the Main Market’s premium Equity Shares (Commercial Companies) (ESCC) category does two massive things:

• Death of the Fund Discount: As a closed-end fund on the SFS, IIG was forced by IFRS rules to apply a punishing 33.5% discount to the fair value of Hui10. Post-merger, Hui10 becomes a fully consolidated operating subsidiary. The fund discount is dead; the market must now value this on pure operational metrics.

• Institutional Floodgates: The ESCC listing structure clears the regulatory hurdle for institutional funds that were legally barred from touching the illiquid Specialist Fund Segment. It also makes it easier for international investors to join the shareholder register.

3. Immediate Market Dynamics

• No Trading Suspension: Per UKLR 13.4.8(G), trading stays live on both tickers today.

• The Price Gap: If you multiply AC8's baseline 80p by the 2.6797 ratio, you get an implied IIG price of ~214p. With IIG recently trading closer to 300p, expect some near-term arbitrage volatility. However, because AC8 shares are not suspended, the valuation gap can close from both sides—meaning AC8 can scale up to reflect the true weight of Hui10's explosive exponential GTV trajectory.

• Ironclad Deal Certainty: AC8 has locked up 45.58% in irrevocable undertakings from major IIG shareholders (including Sir Nigel Rudd and core management). Crucially, these commitments remain binding even if a higher competing offer emerges.

• No Near-Term Overhang: Core insiders representing 30.14% of the combined business have signed strict 12-month hard lock-ins.

The Bottom Line

It’s good to see that the operational tiger we have by the tail is finally getting the premium Main Market stripes it deserves. The bridge between China’s traditional lottery and its digital future is now fully funded, structurally clean, and heading straight for prime-time institutional visibility. Hopefully this will also go some way to satisfying the pundits who have been critical about the availability of financial information under the IIG investment vehicle structure.

The prospectus drops around July 13th, with full admission expected by mid-August.

#IIG #AC8 #SmallCaps #AsymmetricUpside

The original thesis can be found here: