REG - Hellenic Dynamics - Update on Petition and Related Party Transactions

Hellenic DynamicsAnnouncement

14/08/2024 07:00

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RNS Number : 3324A  Hellenic Dynamics PLC  14 August 2024

14 August 2024

 

Hellenic Dynamics Plc

 

("Hellenic" or the "Company")

 

 

Winding-Up Petition and Related Party Transactions

 

Hellenic Dynamics plc (LSE: HELD), a medical cannabis cultivator with a
dedicated focus on producing tetrahydrocannabinol ("THC") dominant strains of
medical cannabis flowers for the fast-growing global medical cannabis
markets, operating a 40,000 square meter cultivation licence from
its 195,506 square meter facility in Northern Greece, announces the following
updates to the Company's announcement of 1 August 2024:

 

 

1.     Related Party Transaction with Joseph Colliver

On 13 August 2024, Joseph Colliver (Non-Executive Director) entered into a
related party loan agreement with the Company. Under the terms of the
agreement Joseph Colliver has loaned the Company £5,000 ("Colliver Loan").
Given Joseph Colliver is a Director of the Company the Colliver Loan is deemed
a related party transactions under Rule 7.3 of the Disclosure Guidance and
Transparency Rules. The Loan is unsecured, non-interest bearing and is
repayable by no later than 30 September 2024. In the event of default the
Colliver Loan will bear interest at 5% per annum. The Colliver Loan has been
used to pay Hill Dickinson LLP an immediate instalment in relation to the debt
owed, being the subject of the Petition (defined below).

 

 

2.     Related Party Transaction with Filippos Papadopoulos

On 13 August 2024, Filippos Papadopoulos (Director) entered into a related
party cash facility agreement with the Company's subsidiary Hellenic Dynamics
S.A. Under the terms of the agreement Filippos Papadopoulos has provided
Hellenic Dynamics S.A. with a facility of €11,000 for general working
capital purposes ("Papadopoulos Facility"). Given Filippos Papadopoulos is a
Director of the Company and President of Hellenic Dynamics S.A., the
Papadopoulos Facility is deemed a related party transactions under Rule 7.3 of
the Disclosure Guidance and Transparency Rules. The Papadopoulos Facility is
unsecured, non-interest bearing and is repayable as soon as practically
possible by Hellenic Dynamics S.A., but in any event by no later than 31
October 2024. In the event of default the Papadopoulos Facility will bear
interest at 5% per annum.

 

 

3.     Winding-Up Petition

On 13 August 2024, the Company and Hill Dickinson LLP agreed a repayment
schedule in relation to the winding-up petition brought against the Company by
Hill Dickinson LLP, in relation to debts owed by the Company of £85,058.83
(plus interest which has been accruing at a daily rate of £21.29 since the
date of the winding-up petition) ("Petition"). As a result Hill Dickinson LLP
has agreed to instruct its solicitors (Wedlake Bell LLP) to withdraw the
Petition and cease all action against the Company. The court hearing date
scheduled for 28 August 2024 in relation to the Petition will therefore no
longer take place.

 

The information contained within this announcement is deemed to constitute
inside information as stipulated under Article 7 of EU Regulation 596/2014
(which forms part of domestic UK law pursuant to the European Union
(Withdrawal) Act 2018) . Upon the publication of this announcement, this
inside information is now considered to be in the public domain.

 

The Directors of the Company accept responsibility for the content of this
announcement.

 

Enquires:

 

Hellenic Dynamics Plc
                                   +44 (0)20 3818 7850

Davinder Rai
 
info@hellenicdynamics.com

 

Cairn Financial Advisers LLP

Emily Staples / Jo Turner
 
+44 (0)20 7213 0880

 

Peterhouse Capital - Brokers

Lucy Williams / Charles Goodfellow
 
                +44 (0)20 7469 0930

 

 

Caution regarding forward looking statements

 

Certain statements in this announcement, are, or may be deemed to be, forward
looking statements. Forward looking statements are identified by their use of
terms and phrases such as ''believe'', ''could'', "should" ''envisage'',
''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect",
''will'' or the negative of those, variations or comparable expressions,
including references to assumptions. These forward-looking statements are not
based on historical facts but rather on the Directors' current expectations
and assumptions regarding the Company's future growth, results of operations,
performance, future capital and other expenditures (including the amount,
nature and sources of funding thereof), competitive advantages, business
prospects and opportunities. Such forward looking statements reflect the
Directors' current beliefs and assumptions and are based on information
currently available to the Directors.

 

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