A golden opportunity for Pristine Capital to make a real estate acquisitions. Watch the interview here.

Less Ads, More Data, More Tools Register for FREE
Sponsored Content
Sponsored Content

Pin to quick picksSeed Regulatory News (SEED)

Share Price Information for Seed (SEED)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 1.60
Bid: 1.50
Ask: 1.70
Change: 0.00 (0.00%)
Spread: 0.20 (13.333%)
Open: 1.60
High: 1.60
Low: 1.60
Prev. Close: 1.60

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Investee Company Update: Northern Leaf

13 Mar 2024 14:30

RNS Number : 7431G
Seed Innovations Limited
13 March 2024
 

13 March 2024

SEED Innovations Limited

("SEED" or the "Company")

Investee Company Update: Northern Leaf

 

SEED Innovations Ltd, the AIM-quoted investment company providing shareholders with exposure to early-stage health, wellness, and medical cannabis companies to which in normal circumstances they have limited access to, notes that its portfolio company, Northern Leaf plc ("Northern Leaf"), a Jersey based medical cannabis producer, has announced the signing of binding heads of terms for an all-share merger with Voyager Life plc ("Voyager"), a Scottish health and wellness group formulating, manufacturing and supplying high-quality Cannabidiol, hemp seed oil and hemp-related products.

 

The Company owns 1,236,331 ordinary shares in Northern Leaf representing c.0.55% of Northern Leaf's issued share capital. As at the last balance sheet date, the Company's interest in Northern Leaf was valued at £444,000 (as at 30/9/2023), subsequently revalued to £13,000 per the Company's RNS of 22 December 2023. Based on the terms of the merger as outlined below, SEED would carry its interest in Voyager at c.£5,000 based on the preliminary consideration; such interest to be held in Voyager shares traded on the Aquis Stock Exchange.

 

The following excerpt from the announcement, which was released by Voyager publicly on the Aquis Stock Exchange is set out without any material changes.

 

Voyager Life plc

Proposed merger with Northern Leaf

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 signed heads of terms with Northern Leaf plc ("Northern Leaf") for a merger of the two companies (the "Merger").

The Merger would value the enlarged group at in excess of £5 million, based on Voyager's current share price of 11 pence and assuming that the deferred consideration is settled in full. The deferred consideration is described in more detail below and, at its upper end, is based on potential revenues by Northern Leaf of over £5 million by no later than 31 March 2025.

Based in Jersey, Channel Islands, Northern Leaf is a cultivator and processor of pharmaceutical-grade medical cannabis flower. The Merger will be effected through the acquisition of the entire issued capital of Northern Leaf in consideration by the issue of new Voyager ordinary shares ("New Voyager Shares"). The transaction will create the first vertically integrated cannabis company in the British Isles with both pharmaceutical and health & wellness operations. From its two bases in Scotland and Jersey, the enlarged group will have multiple revenue streams and will comprise:

· 100,000 square feet of state-of-the-art indoor growing facilities

· GACP and GMP accredited facility

· Pharmaceutical customers in the UK and overseas

· VoyagerCann's manufacturing facility - both Voyager products and white label

· Three consumer brands - Voyager, Ascend Skincare and Infused Amphora

· Retail through online portals and Voyager's three own stores

· Wholesale of health & wellness products throughout the UK

Terms of the Merger

The Merger comprises a total consideration of up to 33,900,000 New Voyager Shares and includes a preliminary element, a loyalty element, and deferred performance-based consideration:

(i) Preliminary consideration: 10,000,000 New Voyager Shares issued pro rata to shareholders of Northern Leaf

(ii) Loyalty consideration: up to 2,000,000 New Voyager Shares issued to shareholders of Northern Leaf who remain on the shareholder register for six months after completion in proportion to their current shareholdings in Northern Leaf

(iii) Deferred consideration: up to 21,900,000 New Voyager Shares issued pro rata to shareholders of Northern Leaf subject to Northern leaf achieving annual revenues by no later than 31 March 2025 of:

· not less than £2.0 million - 10,950,000 New Voyager Shares

· more than £5.0 million - a further 10,950,000 New Voyager Shares 

New Voyager Shares will vest on a straight line basis for revenue in between the £5.0 million upper and £2.0 million lower limits.

Voyager announcement Ends

The announcement in full can be accessed from the following link: https://www.aquis.eu/stock-exchange/announcements/4513123

-Ends-

For further information on the Company please visit: www.seedinnovations.co or contact: 

Ed McDermott

Lance de Jersey

SEED Innovations Ltd

E: info@seedinnovations.co 

 

James Biddle

Roland Cornish

Beaumont Cornish Limited,

Nomad

T: (0)20 7628 3396

 

Isabella Pierre

Damon Heath

Shard Capital Partners LLP

Broker

T: (0)20 7186 9927

Ana Ribeiro/ Isabelle de Salis /Isabelle Morris

 

St Brides Partners Ltd,

Financial PR

E: seed@stbridespartners.co.uk

Notes

Seed Innovations Ltd

SEED Innovations is an AIM quoted investment company focused primarily on disruptive high growth life sciences and technology businesses particularly within the medical cannabis arena. The Company's strategy is to identify early-stage opportunities that have an upcoming investment catalyst and grow its portfolio in terms of value whilst limiting the number of investee companies to a level where relevant time can be devoted to each.

About Northern Leaf Limited

Northern Leaf is a medical cannabis cultivator based in Jersey that, in December 2020, was granted the first UK commercial high THC medical cannabis license since UK based GW Pharmaceuticals (NASDAQ:GWPH) in 1998. The Company is leading the development of a new industry for the British Isles, creating centres of excellence, using state-of-the-art tracking systems and robust policies and procedures to ensure the highest levels of quality from seed to sale.

With a secure operational facility already built in Jersey where the favourable climate and sunshine hours contribute to a comparably lower cultivation cost, Northern Leaf will grow commercial quantities of medical cannabis for the rapidly growing European market, including the key markets of the UK, Germany, and Israel. For more information about Northern Leaf, please visit https://www.northern-leaf.com/.

 

 

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
UPDEALDDFFLLEFA
Date   Source Headline
20th Nov 202310:18 amRNSInvestee Company Update: Little Green Pharma Ltd
20th Nov 20237:00 amRNSTransaction in Own Shares & TVR
15th Nov 20231:47 pmRNSTransaction in Own Shares & TVR
15th Nov 20237:00 amRNSTransaction in Own Shares & TVR
14th Nov 20237:00 amRNSTransaction in Own Shares & TVR
13th Nov 20231:01 pmRNSInvestee Company Update: Little Green Pharma Ltd
8th Nov 20237:00 amRNSTransaction in Own Shares & TVR
3rd Nov 20237:05 amRNSTransaction in Own Shares & TVR
2nd Nov 20231:16 pmRNSTransaction in Own Shares & TVR
2nd Nov 202311:42 amRNSHolding(s) in Company
31st Oct 202311:27 amRNSInvestee Company Update: Little Green Pharma Ltd
30th Oct 20237:00 amRNSIn-person Shareholder Event in London
27th Oct 20237:00 amRNSTransaction in Own Shares & TVR
24th Oct 202312:30 pmRNSHolding(s) in Company
24th Oct 20237:00 amRNSTransaction in Own Shares & TVR
23rd Oct 20237:00 amRNSTransaction in Own Shares & TVR
20th Oct 20237:00 amRNSTransaction in Own Shares & TVR
19th Oct 20237:00 amRNSTransaction in Own Shares & TVR
18th Oct 20237:00 amRNSTransaction in Own Shares & TVR
17th Oct 20237:00 amRNSTransaction in Own Shares & TVR
16th Oct 20237:00 amRNSTransaction in Own Shares & TVR
13th Oct 202312:01 pmRNSTransaction in Own Shares & TVR
12th Oct 20237:00 amRNSTransaction in Own Shares & TVR
11th Oct 20237:00 amRNSTransaction in Own Shares & TVR
10th Oct 202311:37 amRNSTransaction in Own Shares & TVR
9th Oct 20237:00 amRNSTransaction in Own Shares & TVR
6th Oct 20238:06 amRNSTransaction in Own Shares & TVR
5th Oct 20235:23 pmRNSTransaction in Own Shares & TVR
4th Oct 20237:00 amRNSTransaction in Own Shares & TVR
3rd Oct 20233:40 pmRNSTransaction in Own Shares & TVR
20th Sep 202311:00 amRNSResult of AGM
19th Sep 20236:00 pmRNSShare Buy-Back Programme
13th Sep 20235:34 pmRNSHolding(s) in Company
11th Sep 20237:00 amRNSPartial Sale of Avextra:60% Premium to Entry Point
8th Sep 202312:15 pmRNSInvestee Company Updates: Northern Leaf & OTO
7th Sep 202310:40 amRNSInvestee Company Update: Little Green Pharma Ltd
1st Sep 20237:01 amRNSNotice of AGM & Investor Presentation
1st Sep 20237:00 amRNSAppointment of Executive Director
16th Aug 202311:00 amRNSInvestee Company Update: Little Green Pharma Ltd
14th Aug 20237:15 amRNSInvestee Company Update: Clean Food Group
8th Aug 20237:00 amRNSClean Food Group Update: Strategic Collaboration
3rd Aug 20237:00 amRNSInvestee Company Update: Portage Biotech Inc
3rd Aug 20237:00 amRNSInvestee Company Update: Little Green Pharma Ltd
28th Jul 20231:46 pmRNSInvestee Company Update: Little Green Pharma Ltd
12th Jul 20231:10 pmRNSInvestee Company Update: Little Green Pharma Ltd
30th Jun 20232:38 pmRNSInvestee Company Update: Little Green Pharma Ltd
27th Jun 20237:00 amRNSFinal Results
12th Jun 20238:07 amRNSPortfolio Company Update: Northern Leaf Limited
1st Jun 20237:00 amRNSInvestee Company Update: Little Green Pharma Ltd
17th May 202312:50 pmRNSInvestee Company Update: Avextra

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Track Your Investments

Register for FREE

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.