RNS10 Jan 2022 06:25
RNS Number : 8299X
Love Hemp Group PLC
07 January 2022
7 January 2022
Love Hemp Group PLC
("Love Hemp" or the "Company")
Notice of General Meeting
Love Hemp Group PLC (AQSE: LIFE) (OTCQB: WRHLF), the brand-led consumer goods company focussed on CBD health and wellness solutions, gives notice that a General Meeting ("GM") will be held on 4 February 2022 at 10 am at 48 Warwick Street, London, W1B 5AW. At the meeting, resolutions will be proposed to receive and adopt the 30 June 2021 annual accounts and to approve the reduction of the share premium account of the Company as part of the implementation of a Share Incentive Plan.
In addition, during the course of the preparation of the Company's financial results, the Board became aware that the value of the Company's net assets is now less than half of its called-up share capital. In accounting terms, this is described as a "serious loss of capital", as a result of which the Directors are required, pursuant to section 656(1) of the Companies Act 2006, to call a General Meeting to consider whether any, and if so, what, steps should be taken to address it. Accordingly, this matter will be addressed with Shareholders at the GM. Shareholders should note that they are not eligible to vote on this agenda item and will not be invited to do so at the GM. It Is for discussion only and relates to a technical accounting outcome.
Copies of the Notice of GM, together with the Form of Proxy and the Annual Report will be posted to shareholders and will be available to view on the Company's website shortly at www.lovehempgroup.com.
The Directors of the Company accept responsibility for the contents of this announcement.