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Intuitive Investments Group PLC - London-based life sciences investor - Announces the proposed reorganisation of Touchless Innovation Ltd and Touch-Less Hygiene UK Ltd and the reduction in the consideration payable to the vendors of Sanoserv International Franchising Ltd. Decides to move Touch-Less Hygiene from being a wholly owned subsidiary of Touchless Innovation to being a wholly owned subsidiary of IIG. Explains Touchless Innovation and Touch-Less Hygiene have different business models. Touchless Innovation believes that separating and having distinct management teams, will improve both the opportunity for growth and the potential to attract third party funding. Further, says Touchless Innovation adjusts deferred consideration payable to vendors of Sanoserv. Agrees to issue to the vendors 2 million new shares instead of paying GBP900,000. The shares will be admitted for listing on AIM on May 30.
Current stock price: 5.50 pence, down 4.4% in London on Wednesday
12-month change: down 59%
By Jeremy Cutler, Alliance News reporter
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