In the wake of positive interim results (6 June), IIG has raised £9,583,740 via a placing of 9,583,740 shares. The proceeds will accelerate the nationwide roll-out of Hui10’s platform in China. Sir Nigel Rudd, IIG Non-Executive Chair, subscribed for 140,000 shares. Prudently, for now we reflect the dilutive effect (FY25E EPS -3.6p vs -3.5p prior), but as the funds are deployed the operational effect should lead to earnings upgrades. Since October 2023, IIG has raised c.£20m to support the roll-out of Hui10, as the opportunity is substantial: a TAM of 1.1bn Chinese adults gives Hui10 a dramatic scale-up opportunity to grow revenue, earnings and cash very quickly through digitising the Chinese lottery user experience. IIG shareholders have a considerable opportunity from the asset-light, cash-generative Hui10 business.