18 Sep 2018 07:00
18 September 2018
Spinnaker Opportunities Plc
("Spinnaker" or "the Company")
Business Strategy and Appointments of Director and Strategic Consultant
Spinnaker Opportunities Plc (LON: SOP), the standard listed cash shell established to make a material acquisition in the energy or industrial sectors is pleased to make three key announcements:
· An enlarged strategic focus to include analysis of opportunities in the cannabis processing industry;
· The appointment of Alan Hume as a Director
· The appointment of Peterhouse Capital as Strategic Consultant to the Company, effective immediately
Strategic Focus
Following a period of intensive discussions with key stakeholders, regulators and other interested parties, the Board of Directors has resolved to enlarge the investment focus of the Company to include, in addition to the energy and industrial sectors, an analysis of investment opportunities in the cannabis processing industry.
The Directors are confident that there are numerous attractive, near term investment opportunities within both private and public businesses that undertake legal cannabis processing in jurisdictions that are internationally recognised as having well-developed and reputable laws and regulations that govern this sector.
It was stated in the Interim Results statement issued on September 5, that the Company is currently engaged in due diligence of a high graded opportunity in a topical sector. The Company can confirm that this opportunity, which is one of several that the Company is evaluating, involves the extraction and wholesaling of high purity Cannabidiol (CBD) oils from industrial hemp for clients in non-medicinal health and well-ness businesses.
At this stage, there can be no assurance that this opportunity, or any that the Company is currently evaluating, will lead to any transaction, but in any event, together with Peterhouse Capital and other stakeholders of the Company, the Directors are motivated and committed to concluding a suitable acquisition against the background of this extended investment horizon.
Appointment of Director
Alan Hume, a Fellow of Chartered Institute of Management Accountants, is appointed a Director of the Company with immediate effect.
Mr Hume has been working with the company as an advisor to the Board since admission in May 2017. Together with the Directors, he has been closely engaged with the due diligence mentioned above and the Company now has a considerable body of relevant expertise.
Before joining Spinnaker, Mr Hume has held the position of Chief Financial Officer at several companies and has served on the Boards of two companies listed on the London Stock Exchange as well as holding senior positions in a number of private companies.
One other current directorship is held by Mr Hume with Pharis Energy Ltd. He has held this position since June 2018. The only other directorship held in the last five years was with London Green (194-199) Management Ltd. Mr Hume resigned from this position in May 2016. These companies are currently private, as they were at the time of Mr Hume's engagement.
Mr Hume holds 400,000 shares in the Company representing approximately 1.4% of the issued capital. Following his appointment, the total holdings of Directors will be 7,600,120 shares, representing approximately 25.9% of the issued share capital.
Appointment of Strategic Consultant
Peterhouse Capital have been appointed as Strategic Consultant to the Company, effective immediately.
Summarising developments, Andy Morrison, Chairman of Spinnaker stated:
"I am pleased to welcome Alan Hume to our Board. His experience of London markets as well as the knowledge of the legal, regulatory and financial aspects of the cannabis processing industry is particularly helpful to the Board. Alan's knowledge complements our existing expertise in the commercial and technical aspects of speciality chemical processing and the business of bringing companies to the public market.
"I am also delighted to be working with Peterhouse Capital who have established a leading advisory and capital raising position for cannabis-related quoted stocks in London. They are well placed to help the Company secure a transaction and develop a business of true value and return to investors."
Enquiries
Spinnaker Opportunities Plc
Contact through Blytheweigh (see below)
Andy Morrison / Alan Hume
Peterhouse Capital (Strategic Consultant)
Tel: +44 (0)20 7469 0930
Guy Miller / Martin Lampshire
SI Capital (Joint Broker)
Tel: +44 (0)1483 413 500
Nick Emerson / Greg Mahoney
Blytheweigh (Financial PR)
Tel: +44 (0)20 7138 3204
Tim Blythe / Julia Tilley / Simon Woods