IN BRIEF: Seed Innovations plans tender offer, new investment policy

Seed Innovations Ltd - investor in life science and technology companies - Calls annual general meeting for August 13, at which the company will ask shareholders to approve a tender offer for up to 45% of its existing shares and a change in investment policy. Seed Innovations proposes to focus future investments on robotics and artificial intelligence. It says the tender offer and new investment policy follow the board's review of options to "reinvigorate the company with a view to narrowing the continually disproportionate discount of its share price" to net asset value, which it reported as 6.10 pence per share as of March 31.

Seed said it has been discussing this with former chair Jim Mellon, who recently increased his stake to above 18%. Mellon will return to the board as non-executive chair. Late last month, Ian Burns left as chair, replaced by Non-Executive Director Luke Cairns as interim chair. Cairns will remain on the board as senior independent director. At the same time, Chief Executive Officer Ed McDermott and Alfredo Pascual, executive director for Investment Research, both will leave the board and company.

Current stock price: 2.12 pence, up 8.5% in London on Friday morning

12-month change: up 24%

By Tom Waite, Alliance News editor

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