Shares in Acceler8 Ventures PLC (LSE:AC8) surged 69% to 135p after the Main Market acquisition company announced a possible all-share offer for Intuitive Investments Group (IIG) and plans to raise approximately £1 million through unsecured convertible loan notes to cover near-term working capital.
The 2026 convertible loan notes will carry an 8% annual interest rate, payable in kind and compounding annually, with automatic conversion on the earlier of completion of the proposed transaction or the third anniversary of issuance.
If the IIG deal proceeds, the notes will convert at 34 pence per AC8 share, a discount of 57.5% to the closing price on the last business day prior to this announcement.
If the transaction does not complete, conversion will occur at a 30% discount to the 20-trading-day volume weighted average price at the third anniversary of issuance.
AC8 is also proposing to amend the terms of convertible loan notes issued in August 2025, reducing their effective conversion price to 28 pence per share if the proposed transaction completes, a 65% discount to the pre-announcement closing price.
Should the deal proceed, AC8 ordinary shareholders would receive bonus shares, resulting in their holding approximately 0.99% of the enlarged group on admission.
Shareholders will vote on the new notes, ratification of the 2025 notes, and amendments to the company's articles at a general meeting on 27 April in St Helier, Jersey.