1
August 2024
Hellenic Dynamics
Plc
("Hellenic" or the "Company")
Winding-Up
Petition
Hellenic Dynamics plc (LSE: HELD), a
medical cannabis cultivator with a dedicated focus on producing
tetrahydrocannabinol ("THC") dominant strains of medical cannabis
flowers for the fast-growing global medical cannabis
markets, operating a 40,000 square meter cultivation licence
from its 195,506 square meter facility in Northern Greece,
announces that it has today received a copy of a winding-up
petition brought against it by Hill Dickinson LLP, the Company's
legal advisers, in relation to debts owed by the Company of
£85,058.83 (plus interest which has been accruing at a daily rate
of £21.29 since the date of the winding-up petition) ("Petition").
The Petition which has been brought pursuant to section 122(1)(f)
of the Insolvency Act 1986 is dated 16 July 2024. The Petition has
been filed with the court and the Company's hearing date is
scheduled for 28 August 2024.
The Company has been informed that
in order to prevent this action it must make payment in full
immediately, so the court proceedings can be withdrawn and all
action ceased. Until such payment is received proceedings will
continue accordingly.
In order to be in a position to make
full payment the Company is relying on receipt of the €1 million
long-term loan announced on 22 April 2024 which is now due by
mid-August 2024 and before the scheduled court hearing date of 28
August 2024.
The Company is in contact with Hill
Dickinson LLP and Wedlake Bell LLP (solicitors to Hill Dickinson
LLP in relation to this matter) regarding the Petition and will
update the market in due course.
The information contained within
this announcement is deemed to constitute inside information as
stipulated under Article 7 of EU Regulation 596/2014 (which
forms part of domestic UK law pursuant to the European Union
(Withdrawal) Act 2018) . Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
The Directors of the Company accept
responsibility for the content of this announcement.
Enquires:
Hellenic Dynamics Plc
+44 (0)20 3818 7850
Davinder Rai
info@hellenicdynamics.com
Cairn Financial Advisers LLP
Emily Staples / Jo Turner
+44 (0)20 7213 0880
Peterhouse Capital - Brokers
Lucy Williams / Charles Goodfellow
+44 (0)20 7469 0930
