Last checked at 9 May 2023 13:37
09 May 2023
SEED Innovations Limited
("SEED" or the "Company")
Investee Company Update: Yooma Wellness Inc.
SEED Innovations Ltd, the AIM-quoted company investing in fast-growing and industry-leading businesses with a focus on the medical cannabis, health, and wellness space, notes the suspension of trading of its portfolio company, Yooma Wellness Inc.'s ("Yooma"), common shares on the Canadian Securities Exchange and on Aquis.
Yooma anticipates that it will complete the Annual Filings on or before 15 July 2023, and that revocation of the Cease Trade Order and the lifting of the share suspension is expected to occur within a few days after the Annual Filings are made. SEED currently carries its investment in Yooma at £43,000 and expects to write this down to £nil on publication of the annual accounts for the year ended 31 March 2023.
Ed McDermott, SEED's CEO, commented: "It is disappointing to see Yooma's shares suspended from trading on the CSE and Aquis today. Whilst Yooma expects to make its Annual Filings as described above, this follows the widely reported very poor operational performance in recent months. For SEED, over time, Yooma has become an immaterial holding and was already written down as at our last published NAV to £43,000. I'm pleased to say we have since had a number of NAV increasing announcements with other portfolio assets including Northern Leaf and South West Brands. Looking ahead, Yooma will be carried at £nil for the year ended 31 March 2023."
The full announcement is set out without material changes or adjustments.
Yooma Wellness Inc.
('Yooma' or the 'Company' or the 'Group')
Suspension of Trading
Yooma Wellness Inc (CSE: YOOM) (AQSE: YOOM) announces, further to the announcement of 24 April 2023, that its common shares have been suspended from trading today.
The Company anticipates that it will complete the Annual Filings on or before 15 July 2023, and that revocation of the Cease Trade Order and the lifting of the share suspension is expected to occur within a few days after the Annual Filings are made.
The directors of the company accept responsibility for the contents of this announcement.
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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
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James Biddle Roland Cornish | Beaumont Cornish Limited, Nomad | T: (0)20 7628 3396
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Isabella Pierre Damon Heath | Shard Capital Partners LLP Broker | T: (0)20 7186 9927 |
Catherine Leftley Isabelle Morris Max Bennett | St Brides Partners Ltd, Financial PR | E: info@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.