Apollon Formularies Plc 28 day due diligence extension for Asset sale
21 March 2023 - 11:00PM
UK Regulatory
TIDMAPOL
21 March 2023
Apollon Formularies Plc
Apollon agrees a 28 day extension to complete final Due Diligence in order to
conclude the proposed Asset sale to Global Hemp Group
Apollon Formularies plc (AQSE: APOL, "Apollon" or the "Company"), a UK based
international medical cannabis pharmaceutical company trading on the AQSE
Growth Market, that is licenced to research, develop, process, and sell medical
cannabis therapeutic products that include legal medical cannabis to treat
various illnesses under medical supervision, announces that it has extended
the due diligence period by 28 days to Global Hemp Group in order to facilitate
final parts of the process which is expected to conclude the previously
announced Asset sale by the 28 of April 2023, subject to Shareholder approval
at the General Meeting on 11 April 2023. The agreed extension will allow for
the final inspection of Apollon's facilities in Jamaica.
As part of this process, Stephen Barnhill Jnr has stepped down from his current
role as non-board Chief Operating Officer of Apollon to join Global Hemp Group
as its interim Chief Executive Officer. He will be instrumental in helping to
complete the current process.
The directors of the Company accept responsibility for the contents of this
announcement.
ENDS
For additional information, please visit www.apollon.org.uk or contact:
Apollon Formularies
Tel: +44 771 1980 221
Stene Jacobs stene@apollon.org.uk
Peterhouse Capital Limited (Corporate Adviser)
Tel: +44 207 220 9795
Guy Miller gm@peterhousecapital.com
BlytheRay (Financial PR/IR-London)
Tel: +44 207 138 3204
Tim Blythe tim.blythe@blytheweigh.com
Megan Ray megan.ray@blytheweigh.com
About Apollon and Apollon Jamaica
Apollon Formularies plc is an international medical cannabis company
headquartered in the United Kingdom. Apollon Formularies Jamaica Limited is a
pharmaceutical company incorporated and operating in the Commonwealth of
Jamaica. Apollon Jamaica is licensed by the Jamaican government's Cannabis
Licensing Authority (CLA) to cultivate, perform research and development,
process, and sell medical cannabis therapeutic products that include legal
medical cannabis in order to treat various illnesses under medical supervision.
Apollon and Apollon Jamaica are parties to a Commitment Agreement whereby
Apollon is entitled to 95% of Apollon Jamaica's Net Profits, and per a Stock
Pledge Agreement that includes Stephen D. Barnhill, M.D., Apollon is to be
assigned the entire 49% equity interest of Apollon Jamaica held by Dr.
Barnhill, which is the maximum interest in a medical cannabis company allowed
to be held by a non-Jamaican, upon the CLA approving the assignment.
END
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