A blue-riband day for IIG as it signs an agreement with UK investment manager Helikon Investments to provide £30m equity funding in staged payments. With this, IIG has the cash to finance Hui10’s paperless lottery play roll-out. Sir Nigel Rudd, chair of IIG plc, commented that this gives Hui10 the financial resources to deliver at national scale and is a ‘validation of our strategy to invest in platforms with long-term growth potential’. This trails the 4 December agreement with YSEPay to provide Hui10 with a facility to fully cover Hui10's expected growth in real-time settlement for the Lucky World platform, which addressed working capital requirements. Our view is unchanged: IIG shareholders have a considerable opportunity from the asset-light, cash-generative Hui10 business. Our intrinsic valuation of 1,284p is based on a blended valuation of DCF, FCF and peer review.