Seed Innovations Limited Investee Company Update: Yooma Wellness Inc. (8260Y)
09 May 2023 - 10:37PM
UK Regulatory
TIDMSEED
RNS Number : 8260Y
Seed Innovations Limited
09 May 2023
09 May 2023
SEED Innovations Limited
("SEED" or the "Company")
Investee Company Update: Yooma Wellness Inc.
SEED Innovations Ltd, the AIM-quoted company investing in
fast-growing and industry-leading businesses with a focus on the
medical cannabis, health, and wellness space, notes the suspension
of trading of its portfolio company, Yooma Wellness Inc.'s
("Yooma"), common shares on the Canadian Securities Exchange and on
Aquis.
Yooma anticipates that it will complete the Annual Filings on or
before 15 July 2023, and that revocation of the Cease Trade Order
and the lifting of the share suspension is expected to occur within
a few days after the Annual Filings are made. SEED currently
carries its investment in Yooma at GBP43,000 and expects to write
this down to GBPnil on publication of the annual accounts for the
year ended 31 March 2023.
Ed McDermott, SEED's CEO, commented: "It is disappointing to see
Yooma's shares suspended from trading on the CSE and Aquis today.
Whilst Yooma expects to make its Annual Filings as described above,
this follows the widely reported very poor operational performance
in recent months. For SEED, over time, Yooma has become an
immaterial holding and was already written down as at our last
published NAV to GBP43,000. I'm pleased to say we have since had a
number of NAV increasing announcements with other portfolio assets
including Northern Leaf and South West Brands. Looking ahead, Yooma
will be carried at GBPnil for the year ended 31 March 2023."
The full announcement is set out without material changes or
adjustments.
Yooma Wellness Inc.
('Yooma' or the 'Company' or the 'Group')
Suspension of Trading
Yooma Wellness Inc (CSE: YOOM) (AQSE: YOOM) announces, further
to the announcement of 24 April 2023, that its common shares have
been suspended from trading today.
The Company anticipates that it will complete the Annual Filings
on or before 15 July 2023, and that revocation of the Cease Trade
Order and the lifting of the share suspension is expected to occur
within a few days after the Annual Filings are made.
The directors of the company accept responsibility for the
contents of this announcement.
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- Ends -
For further information on the Company please visit:
www.seedinnovations.co or contact:
Ed McDermott SEED Innovations Ltd E: info@seedinnovations.co
Lance de Jersey
James Biddle Beaumont Cornish Limited, T: (0)20 7628 3396
Roland Cornish Nomad
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Isabella Pierre Shard Capital Partners LLP T: (0)20 7186 9927
Damon Heath Broker
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Catherine Leftley St Brides Partners Ltd, E: info@stbridespartners.co.uk
Isabelle Morris Financial PR
Max Bennett
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Notes
Seed Innovations Ltd
SEED Innovations is an AIM quoted investment company focused
primarily on disruptive high growth life sciences and technology
businesses particularly within the medical cannabis arena. The
Company's strategy is to identify early-stage opportunities that
have an upcoming investment catalyst and grow its portfolio in
terms of value whilst limiting the number of investee companies to
a level where relevant time can be devoted to each.
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