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Pin to quick picksSeed Share News (SEED)

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Seed Innovations partially offloads stake in Avextra

Mon, 11th Sep 2023 11:40

(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.

The AIM-traded firm said the sale represented 56.4% of Seed's total holdings in Avextra, bringing in a gross amount of €2.9m (£2.45m).

Seed still held 2,242 shares in the company, amounting to 3% of Avextra's shares on a fully-diluted basis.

The board said the sale proceeds of €2.9m was a significant 62% return on Seed's initial investment made during 2021 and 2022.

Post-sale, Seed's cash position was poised to be around £4.6m, with additional cash receivables anticipated from the sale of another entity, Leap Gaming, which could amount to around £2.5m.

The combined cash and receivables, totaling £7.1m, made for a 38.9% increase over Seed's market capitalisation, which stood at about £5.11m as at 8 September.

As of the last publication, Seed's net asset value had valued Avextra at £4.44m, based on a per-share price of €980.

The recent sale, pegged at €1,000 per share, indicated a 2% premium to the earlier price per share.

Thus, the value of Seed's remaining shares in Avextra was about €2.24m, or around £1.9m.

"The opportunity arose for a partial exit of our Avextra holding and the board agreed that generating another £2.45m via a premium asset sale was the right decision," said Seed's chief executive officer Ed McDermott.

"The sale represents a 60% premium to our entry point which is pleasing, especially when prevailing market conditions are accounted for.

"We remain supportive shareholders of Avextra and appreciate the progress they continue to make along with their focus on meeting the needs of patients and healthcare professionals across Europe."

McDermott said that, as an agile fund that could adapt to movements in markets, Seed was looking to speed up the investment cycle and, where appropriate, seek full or partial exits within as close to a 24-month timeframe as possible.

"Current market conditions have created strong opportunities for investment companies with cash and, with the board's broad network and access to investment opportunities, we intend to utilise our cash and cash receivables balance of some £7.1m to invest in fast moving enterprises with excellent upside potential."

At 1119 BST, shares in Seed Innovations were up 16.01% at 2,79p.

Reporting by Josh White for Sharecast.com.

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11 Apr 2023 10:47

IN BRIEF: Seed Innovations completes sale of Leap Gaming

Seed Innovations Ltd - AIM-listed investor in the medical cannabis, health, and wellness space - Confirms completion of the sale of portfolio company Fralis LLC, which trades as Leap Gaming. Expects the second tranche of sale proceeds of EUR2.8 million to be received in April next year. Intends to use the proceeds received for making further investments.

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24 Mar 2023 14:16

IN BRIEF: Seed Innovations says portfolio firm completes placement

Seed Innovations Ltd - AIM-listed investor in the medical cannabis, health, and wellness space - Says its portfolio firm Little Green Pharma Ltd has completed a placement worth USD5 million from from new and existing investors. Says the funds will be used to repay balance of loan note with Canopy Growth Corp and for working capital and costs of offer. Little Green Pharma says, under the placement, it will issue new shared at USD0.18 per share, representing a 5.3% discount to the last price of USD0.19 per share on Tuesday.

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TRADING UPDATES: Foresight Solar Fund NAV up in 2022, raises dividend

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IN BRIEF: Seed Innovations discusses convertible loan note repayment

Seed Innovations Ltd - AIM-listed investor in the medical cannabis, health, and wellness space - Says it is in discussions with its portfolio company South West Brands, with Seed requesting full repayment as the convertible loan note it provided South West Brands in October 2021 has matured. At this time, Seed made a GBP150,000 investment in South West Brands via a 12-month, 8% CLN maturing in October last year. This was extended until mid-January, as announced in mid-November. In total, Seed says it has GBP500,000 invested via several CLNs valued at GBP543,000 as at September 30.

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15 Feb 2023 19:27

Seed Innovations highlights ethics approval at Little Green Pharma

(Alliance News) - Seed Innovations Ltd highlighted on Monday progress for an anti-depressant therapy by a firm in which it holds a significant stake.

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Seed Innovations sees Yooma become immaterial on disappointing outlook

(Alliance News) - Seed Innovations Ltd on Monday said that its investee Yooma Wellness Inc has become an immaterial holding.

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9 Feb 2023 13:00

IN BRIEF: Seed Innovations investee exports medical cannabis to UK

Seed Innovations Ltd - Guernsey-based investment company focused on the medical cannabis, health and wellness sector - Notes that its portfolio company Avextra has exported standardised cannabis extracts manufactured in its German facility to its distribution partner in the UK. Says this is a significant milestone that validates the regulatory pathway for medical cannabis products from Germany.

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Seed Innovations subsidiary hails key psychedelics ruling in Australia

(Alliance News) - Seed Innovations Ltd on Monday touted the implications of a regulation change for its portfolio company, Little Green Pharma Ltd, as Australia stands to become the first market in the world to recognise psychedelics as medicines.

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16 Jan 2023 17:43

IN BRIEF: Seed Innovations hails Little Green's "record" cash receipts

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12 Dec 2022 21:54

TRADING UPDATES: Seed Innovations loss widens; Atome launches offer

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

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Seed Innovations to cash in as investee Leap agrees acquisition

(Sharecast News) - Medical cannabis, health and wellness investor Seed Innovations announced on Wednesday that the unitholders of portfolio company Fralis, trading as Leap Gaming, have entered into a conditional agreement for the sale of the remainder of Leap to existing unitholder IMG Arena, based on an enterprise value of €14m.

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Seed Innovations sells remainder of Leap Gaming to IMG Arena

(Alliance News) - Seed Innovations Ltd on Wednesday said the unit holders of portfolio company Fralis LLC - which trades as Leap - have agreed to sell Leap to an existing unit holder IMG Arena US LLC, based on an enterprise value of EUR14 million.

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LONDON BRIEFING: Stocks called flat on mixed news from China

(Alliance News) - Stocks in London were set to start flat on Wednesday, as weak economic data from China pointed to a "deep malaise" in the global economy, though this was offset by news that Asia's largest economy will loosen its strict zero-Covid measures.

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5 Dec 2022 21:40

TRADING UPDATES: Sancus returns GBP1.6 million; Versarien's UK loan

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Seed Innovations subsidiary secures second cannabis deal in Denmark

(Alliance News) - Seed Innovations Ltd on Friday said that its portfolio company, Little Green Pharma Ltd, has signed a second deal worth EUR3 million over two years to supply bulk medicinal cannabis from Denmark to Germany.

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