Shares of Intuitive Investments Group have surged 10% following the company’s announcement of a plan to return up to £675,000 ($868,050) to shareholders through a tender offer. Additionally, the company has appointed Nigel Rudd as its next chairman.
Share Price Increase
At 0717 GMT on Tuesday, shares were trading at £0.055, up 0.5 pence from the previous close.
Tender Offer Details
Intuitive Investments Group, a life sciences-focused investment company, intends to purchase approximately 17.4% of its issued share capital through a tender offer. The offer price will be set at £0.0525 per share, representing a 4.8% premium to Monday’s closing price of £0.05.
Nigel Rudd’s Appointment
Nigel Rudd is set to take on the role of chairman, effective around August 8. Julian Baines, the current Nonexecutive Chair, will step down and transition into an independent nonexecutive director position.
Experience and Expertise
Rudd brings a wealth of experience to his new position, having served as chairman for various notable companies, including Pendragon, Alliance Boots, Heathrow, and Meggit. He also served on the board of Barclays Bank for over 12 years, ultimately retiring as deputy chairman in 2008.