Intuitive Investments Group PLC on Tuesday said it has named the experienced Nigel Rudd as its next independent non-executive chair, subject to it moving to a London listing on the Main Market, from its current position in the junior market.

The AIM-listed life sciences investor also announced a general meeting of shareholders on July 28 to consider proposals on changing its investment strategy.

Shares in Intuitive Investments soared 16% to 5.80 pence each in London on Tuesday late-morning.

Intuitive Investments said Rudd’s appointment is subject to the admission of the company to the specialist fund segment of the London Stock Exchange’s Main Market, which is expected around August 8.

Incumbent Non-Executive Chair Julian Baines will step down at this time and become an independent non-executive director, the firm said.

It described Rudd as an ‘experienced’ chair of listed businesses and investor in emerging growth companies and small and medium-sized enterprises.

Rudd has chaired automotive retailer Pendragon PLC, Heathrow airport and engineering firm Invensys PLC, among others.

Intuitive Investments said Rudd was best known for his role at Williams PLC in the 1980s, which he ‘turned into a FTSE 100 company’ and which remained ‘one of the largest industrial holding companies in the UK’ until its demerger in 2000.

Rudd also served on the board for Barclays PLC for more than 12 years, latterly as deputy chair, before retiring in 2008. He is currently a non-executive director at Johannesburg-listed paper and pulp firm Sappi Ltd.

Outgoing Chair Baines said: ‘Sir Nigel has tremendous know-how with growing companies - it is a testament to our ambition that we have been able to attract someone of Sir Nigel’s calibre and experience.’

Also on Tuesday, Intuitive Investments said it would hold a general meeting late this month, seeking approval for a number of proposals supporting a shift in investment strategy towards a portfolio ‘concentrating on fast growing and/or high potential life sciences, healthcare and technology businesses operating predominantly in the UK, continental Europe, the US and Asia-Pacific’.

As a result of these potential changes, Intuitive Investments announced a tender offer for qualifying shareholders, allowing them to realise some or all of their shareholding, under which around 17% of existing issued share capital would be purchased at a price of 5.25 pence each.

If the maximum number of shares is bought under the tender offer, this would result in a £675,000 return to qualifying shareholders.

Intuitive Investments noted that each qualifying shareholder has a basic entitlement to tender just over 46% of the shares they hold.

Around 62% of shareholders and directors have expressed support to vote in favour of the resolutions and retain their current shareholdings, Intuitive Investments said. Therefore, they have also irrevocably decide to not tender their shares under the tender offer.

Intuitive Investments said it considers the resolutions to be proposed at the general meeting ‘to be in the best interests of the company and shareholders’.

Outgoing Chair Baines commented: ‘The board wholeheartedly supports today’s proposals to move IIG to the Main Market and broaden its investment policy to pursue a number of exciting opportunities that lie ahead.’

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