Acquisition of Amphora Health Ltd30 Jan 2024 07:20
Acquisition of Amphora Health Ltd
Voyager, the health and wellness group formulating, manufacturing and supplying high-quality Cannabidiol (CBD), hemp seed oil and hemp-related products, is pleased to announce that it has acquired Amphora Health Ltd (“Amphora”), owner of the Amphora and Infused Amphora brands which comprise a range of CBD oils, vapour products and accessories.
The consideration payable for Amphora will be satisfied through the issue of 416,666 new ordinary shares of £0.01 each in Voyager at a price of 12 pence per share (approximately £50,000) in aggregate to Amphora’s shareholders. In addition, a further 416,666 new ordinary shares at a price of 12 pence per share may be issued in the event, inter alia, that sales of Amphora or Infused Amphora branded products exceed £100,000 over the 24 month period from completion.
Nick Tulloch, Chief Executive Officer and Founder of Voyager, said: “We are delighted to be adding into the Voyager group the well respected Amphora brands. A 4.7 (excellent) rating on Trustpilot is testament to the quality of the products. This acquisition achieves two objectives for us. Importantly, it provides us with 23 products validated on the FSA’s novel foods list, thereby further opening up the UK market for our ingestible CBD products. Just as significantly, it brings us into the potentially lucrative vape market with four established formulations.
“In both cases, we will aim to bring manufacturing of Amphora products into our VoyagerCann manufacturing facility, thereby lowering the cost of production and enhancing margins. “It is also important to note, as has been the case with many of our operations, this acquisition has been achieved at very low cost. Several of our competitors have spent considerable sums on novel foods compliance and product development. The opportunity to combine Amphora’s business with ours at a modest price is expected to be beneficial for all shareholders.”
RKB