Seed Innov Share News (SEED)

TRADING UPDATES: PCI-PAL picked by Zoom; Biome in project delays

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:

IN BRIEF: Seed Innovations begins GBP850,000 share buyback

Seed Innovations Ltd - investment firm focusing on early-stage health, wellness and medical cannabis companies - On Friday, says it has begun a share buyback of up to 21.5 million shares, or GBP850,000. The buyback runs from Monday and will end no later than February 29, 2024. The programme will be funded from the company's existing cash resources.

IN BRIEF: Seed Innovations plans to start GBP850,000 buyback

Seed Innovations Ltd - investment firm focusing on early-stage health, wellness and medical cannabis companies - Intends to start share repurchase programme for up to a maximum of 21.5 million shares or GBP850,000. Follows talks between the board and certain key shareholders which considered the current 57% discount in the share price relative to the last reported net asset value. Sets maximum price of 6 pence per share. Chief Executive Ed McDermott comments: "This programme is a reflection of our strong financial position and our commitment to returning value to our shareholders."

UK shareholder meetings calendar - next 7 days

Seed Innovations partially offloads stake in Avextra

(Sharecast News) - Health, wellness and medical cannabis investor Seed Innovations announced a major sale on Monday, offloading 2,900 shares of Germany-based European medical cannabis enterprise Avextra, formerly known as Eurox Group.

Seed Innovations sells most of Avextra interest for EUR2.9 million

(Alliance News) - Seed Innovations Ltd on Monday said it sold most of its interest in Avextra AG, formerly known as Eurox Group, for around EUR2.9 million.

IN BRIEF: Seed cuts value of investment in OTO after fundraise

Seed Innovations Ltd - Guernsey-based wellness and life sciences company - Provides updates from two portfolio companies, Northern Leaf PLC and OTO International Ltd. Says Northern Leaf has been accredited good agricultural and collecting practice by Control Union Medical Cannabis Standard for its cultivation facility in Jersey. Adds supply agreements have been received for initial sales into Germany and Australia, with a number of other supply agreements into various jurisdictions under discussion. Further, says OTO has recently undertaken a fundraise to fund working capital through to the end of 2023. Explains fundraise is at a significant discount to OTO's indicative enterprise value. As a result, Seed is impairing the combined loan and equity position by around 75% in light of both the tough current market conditions and likely needs of OTO to raise further funding in 2024.

Seed upbeat on Northern Leaf, writes down value of SWB

(Sharecast News) - Health, wellness and medical cannabis investor Seed Innovations updated the market on two of its portfolio companies on Friday, being Northern Leaf and OTO International.

TRADING UPDATES: Tintra receives bid approach; NCC trading in line

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:

Agronomics raises investment in alternative palm oil firm Clean Food

(Alliance News) - Agronomics Ltd on Monday said it has invested in Clean Food Group Ltd, a fermentation-derived palm oil company.

Seed Innovations notes investee Clean Food teams up with Alianza Team

(Alliance News) - Seed Innovations Ltd on Tuesday said its investee Clean Food Group announced a strategic collaboration with Alianza Team, a Latin American food production and lipid-based technology company.

Seed Innovations delivers positive news from two portfolio holdings

Seed Innovations Ltd - Guernsey-based wellness and life sciences company - Notes statement from Portage Biotech Inc, in which company holds 0.2% stake. Portage reported it is poised to accelerate accrual in all clinical programs across multiple US cities and abroad. Highlights updated interim data for lead iNKT engager, Port-2, presented at the 2023 ASCO annual meeting which showed early evidence of monotherapy activity with minimal toxicity. Has entered into a clinical collaboration agreement with Merck Inc for the evaluation of Port-2. Further, notes announcement by Little Green Pharma Ltd in which it holds a 2.45% interest. Notes LGP's Desert Flame medicinal cannabis flower product has been granted a marketing authorisation in Poland with the company scheduled to ship its first product from Australia in October.

IN BRIEF: Seed Innovations firm wins USD1.6 million cannabis oil deal

Seed Innovations Ltd - Guernsey-based wellness and life sciences company - Notes announcement released on the Australian Stock Exchange by its portfolio company, Little Green Pharma Ltd, in which the company holds a 2.5% interest. Says Little Green Pharma has been awarded a commercial tender to supply up to USD1.6 million of its CBD50 medical cannabis oils to a French medicinal cannabis trial. Says this trial is until March 2024 and is currently the largest government-led trial in Europe.

TRADING UPDATES: On The Beach rejigs board, names new CEO and CFO

(Alliance News) - The following is a round-up of updates by London-listed companies, issued Friday and not separately reported by Alliance News:

IN BRIEF: Seed Innovation net asset value declines in difficult year

Seed Innovations Ltd - Guernsey-based wellness and life sciences company - Net asset value at March 31 was down 22% to 7.54 pence per share from 9.62p at the same time the previous year. Net loss narrows to GBP836,000 in the year ended March 31, from GBP2.0 million the previous year. Proposes no dividend, unchanged from the previous year. Seed says that the financial year was challenging due to macro-economic and political factors affecting stock market stability, but notes that it is optimistic about delivering sustainable growth in the long term.