REG - Seed Innovations Ltd - Interim Results
04/12/2025 07:00
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RNS Number : 1246K Seed Innovations Limited 04 December 2025
Seed Innovations Ltd / AIM: SEED / Sector: Closed End Investments
4 December 2025
SEED Innovations Limited ("SEED" or the "Company")
Interim Results
SEED Innovations Ltd, the AIM-quoted investment company, is pleased to
announce its Interim Results for the six months ended 30 September 2025.
A copy of this announcement and the Interim Results will be available on the
Company's website: www.seedinnovations.co (http://www.seedinnovations.co) .
HIGHLIGHTS
· Adoption of revised investing policy in August 2025,
repositioning SEED to focus on humanoid robotics, artificial intelligence
('AI') and enabling technologies.
· Continued management of existing life sciences and wellness
portfolio, with selective realisations where appropriate.
· Tender Offer launched in August to provide liquidity for
shareholders; limited take-up of 5.7% viewed as a strong endorsement of SEED's
revised strategy.
· Maintained capital discipline with cash of £3.1 million as at 30
September 2025.
· Net Asset Value ('NAV') of £11.2 million at 30 September 2025
(31 March 2025: £11.8 million), or 6.0p per Ordinary Share (31 March 2025:
6.1p).
· Discount to NAV narrowed to c.40% reflecting improved investor
confidence in SEED's repositioning.
· Post period end, Board strengthened with the appointments of Jim
Mellon, Denham Eke, Sir James Bucknall.
· The Company is finalising the appointment of an Adviser, having
identified a highly experienced investment professional with a strong track
record in the space.
CHAIR'S STATEMENT
It is a privilege to have been appointed Chair of SEED Innovations at such a
pivotal time for the Company. I would like to begin by thanking Luke Cairns
for his leadership as Interim Chair over the past several months, during which
the Board made significant progress in reshaping SEED's strategy,
strengthening governance, and positioning the business for long-term growth.
Under Luke's stewardship, the Board set out a clear commitment: to address the
persistent discount to NAV, to act decisively in returning value where
appropriate, and to reset SEED's strategic direction toward sustainable
long-term performance. I am pleased to note that tangible progress has been
made across all these priorities.
While we remain committed to managing our existing life sciences and wellness
portfolio, we were encouraged that shareholders overwhelmingly endorsed the
adoption of the revised investing policy announced in August. This policy
reorients SEED toward high-growth opportunities in humanoid robotics and
associated AI - areas we believe will define the next decade of global
innovation. This shift is not merely thematic; it represents a structural
reset designed to place SEED at the forefront of transformative technologies
where capital efficiency, scalability, and disruptive potential are greatest.
Humanoid robotics refers to robots designed with a human-like form factor and
movement, built to operate in the same spaces as people. Unlike fixed
industrial robots, these machines combine advanced sensors, actuators, and
AI-driven motion planning to move, manipulate objects, and adapt to real-world
environments. The speed and diversity of innovation in this field is
astounding. Within just a few years, prototypes have advanced from stiff,
lab-bound models to robots capable of natural locomotion, dexterous
manipulation, and real-time adaptation to dynamic environments. Some companies
are pursuing general-purpose platforms, while others are tailoring humanoids
to specific industries like manufacturing or logistics. This rapid iteration
reflects not only breakthroughs in hardware and AI but also growing commercial
interest and investment.
For SEED, these developments reinforce our conviction that humanoid robotics
is approaching real-world adoption. Our focus is therefore on backing the
innovators capable of translating breakthroughs into practical, scalable
solutions.
A key element of SEED's strategic reset has been to strengthen the Board,
bringing renewed depth of experience and entrepreneurial drive to the Company.
I am therefore pleased to have joined SEED as Non-Executive Chair, alongside
the appointments of Denham Eke and Sir James Bucknall as Non-Executive
Director and Independent Non-Executive Director respectively. Together with
Finance Director Lance de Jersey and Independent Non-Executive Director Luke
Cairns, the Board now combines continuity with fresh momentum.
As part of this shift, Ed McDermott and Alfredo Pascual stepped down from the
Board in August. I would like to thank them for their years of service and for
supporting a smooth transition with professionalism and commitment; I wish
them every success in the future.
Notably, the Company is also looking to engage an Adviser, and to this end,
having identified a highly experienced investment professional with a strong
track record in the space, it is currently finalising this appointment.
As we pursue this new investing policy, capital discipline remains central to
SEED's strategy. We remain focused on maintaining a lean cost base and
ensuring that operational efficiency supports our ability to deploy capital
where it matters most. In line with this disciplined approach, we maintain a
robust balance sheet, with cash of approximately £3.1 million as at 30
September, which provides the flexibility to pursue new opportunities under
the revised policy.
Our shareholders are our main priority. Accordingly, in August, we launched a
Tender Offer to provide those wishing to exit with an additional liquidity
opportunity, allowing Eligible Shareholders to realise up to 45% of their
holdings. The limited take-up of just 5.7% was, in our view, a clear vote of
confidence in SEED's renewed focus on robotics and AI as the drivers of
long-term value creation.
SEED's path forward is both ambitious and disciplined. The global landscape
for robotics and associated AI is expanding rapidly, and SEED intends to be a
selective but active investor in companies capable of reshaping industries and
delivering scalable returns. At the same time, we will continue to engage with
our current investee companies to steward value and, where appropriate,
crystallise it for the benefit of shareholders.
We entered the second half of our financial year with a renewed sense of
purpose. While a gap remains between NAV and share price, the progress in
narrowing it to around 40% highlights the opportunity ahead. With a focused
strategy, a strengthened Board, and a disciplined approach to capital
allocation, SEED is well positioned to continue closing that gap and deliver
long-term value for shareholders, an objective your Finance Director and I
share through our personal investments that align us directly with
shareholders.
On behalf of the Board, I would like to thank shareholders for their ongoing
support during this pivotal transition and look forward to keeping you updated
as we execute on our new vision.
Jim Mellon
Non-Executive Chair
INVESTMENT REPORT
The six months under review has marked the beginning of a new chapter for SEED
as we reposition it to focus on the transformative sectors of humanoid
robotics, AI, and enabling technologies. These areas are moving rapidly from
concept to reality, with robots and AI systems now demonstrating practical
applications in industry, services, and everyday life.
Our strategy is to give investors access to this shift by identifying and
backing innovators across the robotics and AI ecosystem, from next-generation
humanoid platforms to the critical components and data systems that support
them. By concentrating capital in these breakthrough technologies, SEED aims
to deliver long-term value while offering shareholders exposure to
opportunities that are normally out of reach for retail investors.
We also remain closely engaged with our current portfolio companies, working
to support their growth and, when the timing is right, realise value for the
benefit of our shareholders.
The NAV of the Company at 30 September 2025 was £11.2 million (31 March 2025:
£11.8 million), or 6.0p per Ordinary Share (31 March 2025: 6.1p per Ordinary
Share).
At 30 September 2025, the Company held equity or debt investments in six
companies, compared to seven at 31 March 2025.
The table below lists the Company's holdings as of 30 September 2025, with
comparisons to 31 March 2025.
Holdings Category Valuations at 31 March 2025 Valuations at 30 September 2025 % of Nav
£'000 £'000
Avextra AG Biotech/Cannabis 3,097 3,230 28.8%
Juvenescence Limited Biotech 2,451 2,355 21.0%
Clean Food Group Ltd Biotech 1,719 1,719 15.3%
Little Green Pharma Biotech/Cannabis 443 477 4.3%
Inveniam Capital Partners, Inc. Fintech 498 479 4.3%
AlphaTON Capital Corp Biotech 12 8 0.1%
Oxford BioDynamics Plc Biotech 119 - 0.0%
Total Investment Value 8,339 8,268 73.7%
Cash and receivables, net of payables and accruals 3,426 2,954 26.3%
Net Asset Value 11.765 11,222 100.0%
Avextra AG (formally Eurox) ('Avextra')
Avextra is a German-based pharmaceutical company dedicated to the development
and manufacture of cannabis-derived medicines across Europe. With vertically
integrated operations, the company is positioned as one of Europe's leading
players in regulated cannabinoid therapeutics. In July 2025, Avextra closed a
follow-on capital raise backed by institutional investors, reinforcing its
financial base for growth.
Juvenescence Ltd ('Juvenescence')
UK headquartered Juvenescence is advancing a pipeline of medicines targeting
the biological processes of aging, with the aim of extending healthy human
lifespan. Its strategy is to combine cutting-edge science with AI-enabled
discovery to develop therapeutics that can both treat and prevent age-related
conditions. In April 2025, Juvenescence raised US$76 million in a Series B-1
round led by M42. As part of this partnership, a drug development hub was
established in Abu Dhabi to accelerate its AI-enabled therapeutics programmes.
Clean Food Group Limited ('CFG')
CFG is a UK-based food-tech business using fermentation and biotech methods to
create sustainable oils and fats for global food, beauty, and personal care
markets. Its mission is to provide scalable and commercially competitive
alternatives that also reduce environmental impact. CFG continues to scale
rapidly, securing regulatory approval for its CLEAN Oil™ 25 in cosmetics
across the UK, EU, and US, and acquiring a 1 million litre fermentation
facility in Liverpool to accelerate production. The company has already
completed a successful 2-tonne scale run at the site and appointed a new
Managing Director to oversee operations.
Little Green Pharma ('LGP')
LGP, listed on the ASX, is a vertically integrated medical cannabis company
with cultivation, manufacturing, and distribution capabilities serving global
markets. The business has grown rapidly in Europe and Australia, supplying
consistent and high-quality cannabis-based medicines. For the quarter ending
30 September 2025, LGP reported revenue of AU$10.1 million (unaudited), up
over 10% on prior quarter and consistent with record breaking prior
corresponding period. The company also expanded capacity and secured binding
purchase orders, highlighting growing international momentum, and continues to
explore M&A opportunities.
Inveniam Capital Partners ('Inveniam')
Inveniam is a private fintech firm that has built a proprietary data platform,
Inveniam.io, which leverages AI, big data, and blockchain technologies. The
platform is designed to increase transparency and trust in private market
transactions by ensuring the reliability and accessibility of critical data.
AlphaTON Capital Corp (formerly Portage Biotech, Inc) ('ATON')
AlphaTON is a specialised digital asset treasury company focused on building
and managing a strategic reserve of TON tokens and developing the Telegram
ecosystem. Through its legacy business, Portage, it is also advancing
potentially first-in-class therapies that target known checkpoint resistance
pathways to potentially achieve durable treatment response and improve quality
of life for patients.
CONDENSED HALF-YEARLY STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
01 April 2025 to 01 April 2024 to
30 September 30 September
2025 2024
(unaudited) (unaudited)
Notes £'000 £'000
Net realised gain / (loss) on disposal of financial assets at fair value
through
profit and loss 5 20 -
Net unrealised (loss)/gain on revaluation of financial assets at fair value 5 55 (443)
through profit and loss
Total investment (loss)/income 75 (443)
Other income
Bank Interest income 54 73
Total other income 54 73
Expenses
Directors' remuneration and expenses 12 (312) (214)
Legal and professional fees (96) (32)
Other Expenses (76) (75)
Administration fees (20) (20)
Adviser and broker's fees (58) (32)
Total expenses (562) (373)
Net (loss)/profit before losses and gains on foreign currency exchange (433) (743)
Net foreign currency exchange gains/(loss) - (10)
Total comprehensive (loss)/gain for the period (433) (753)
(Loss)/earnings per Ordinary share - basic and diluted 7 (0.23p) (0.39p)
The Company has no recognised gains or losses other than those included in the
results above.
All the items in the above statement are derived from continuing operations.
CONDENSED STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2025
30 September 2025 31 March 2025
(unaudited)
Notes £'000 £'000
Non-current assets
Financial assets at fair value through profit or loss 5 8,268 8,339
8,268 8,339
Current assets
Cash and cash equivalents 3,083 3,407
Other receivables 24 43
3,107 3,450
Total assets 11,375 11,789
Current liabilities
Payables and accruals (153) (24)
(153) (24)
Net assets 11,222 11,765
Financed by
Share capital 11 1,880 1,929
Other distributable reserve 9,342 9,836
11,222 11,765
Net assets per Ordinary share 10 5.97 6.10
CONDENSED HALF-YEARLY STATEMENT OF CHANGES IN EQUITY
AS AT 30 SEPTEMBER 2025
Other
Share Capital distributable Total
reserve
£'000 £'000 £'000
Balance as at 1 April 2025 1,929 9,836 11,765
Total comprehensive income for the period - (433) (433)
Ordinary Share buyback (49) (61) (110)
Balance as at 30 September 2025 1,880 9,342 11,222
Balance as at 1 April 2024 2,020 11,584 13,604
Total comprehensive loss for the period - (753) (753)
Ordinary Share buyback (91) (116) (207)
Dividend payment - (1,998) (1,998)
Balance as at 30 September 2024 1,929 8,717 10,646
CONDENSED HALF YEARLY STATEMENT OF CASHFLOWS
AS AT 30 SEPTEMBER 2025
Notes 1 April 2025 to 30 September 2025 (unaudited) 1 April 2024 to 30 September 2024 (unaudited)
£'000 £'000
Cash flows from operating activities
Total comprehensive (loss)/income for the period (433) (753)
Adjustments for:
Unrealised loss/(gain) on fair value adjustments on financial assets at 5 (55) 443
FVTPL (20) -
Realised loss/(gain) on disposal of financial assets at FVTPL 5
Foreign exchange movement - 10
Changes in working capital:
(Increase)/decrease in other receivables and prepayments 19 2,404
Decrease in other payables and accruals 130 (7)
Net cash outflow from operating activities (359) 2,097
Cash flows from financing activities
Ordinary Share buyback (110) (207)
Dividend - (1,998)
Net cash inflow/(outflow) from financing activities (110) (2,205)
Cash flows from investing activities
Acquisition of financial assets at fair value through profit or loss 5 - (250)
Disposal of financial assets at fair value through profit or loss 5 145 -
Net cash inflow/(outflow) from investing activities 145 (250)
(Decrease)/Increase in cash and cash equivalents (324) (358)
Cash and cash equivalents brought forward 3,407 3,885
(Decrease)/Increase in cash and cash equivalents (324) (358)
Foreign exchange movement - (10)
Cash and cash equivalents carried forward 3,083 3,517
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
1. General Information
SEED Innovations Limited (the "Company") is an authorised closed-ended
investment scheme. The Company is domiciled and incorporated as a limited
liability company in Guernsey. The registered office of the Company is Suite
8, Upper House, 16-20 Smith Street, St. Peter Port, Guernsey GY1 2JQ.
The Company's objective is set out in its Investing Policy which can be found
at https://seedinnovations.co/about/investing-policy and as detailed on page 8
of these financial statements.
The Company's Ordinary Shares are quoted on AIM, a market operated by the
London Stock Exchange and is authorised as a Closed-ended investment scheme by
the Guernsey Financial Services Commission (the "GFSC") under Section 8 of the
Protection of Investors (Bailiwick of Guernsey) Law, 2020 and the Authorised
Closed-Ended Investment Schemes Guidance and Rules 2021.
2. Statement of Compliance
These condensed half-yearly financial statements, which have not been
independently reviewed or audited by the Company auditors, have been prepared
in accordance with International Accounting Standard 34: Interim Financial
Reporting. They do not include all of the information required for full annual
financial statements and should be read in conjunction with the audited
financial statements for the year ended 31 March 2025.
The unaudited condensed half-yearly financial statements were approved by the
Board of Directors on 03 December 2025.
3. Significant Accounting Policies
These unaudited condensed half-yearly financial statements have adopted the
same accounting policies as the last audited financial statements, which were
prepared in accordance with International Financial Reporting Standards
("IFRS"), issued by the International Accounting Standards Board,
interpretations issued by the IFRS Interpretations Committee and applicable
legal and regulatory requirements of Guernsey Law and reflect the accounting
policies as disclosed in the Company's last audited financial statements,
which have been adopted and applied consistently.
The Company has adopted all revisions and amendments to IFRS issued by the
IASB, which may be relevant to and effective for the Company's financial
statements for the annual period beginning 1 April 2025. No new standards or
interpretations adopted during the period had an impact on the reported
financial position or performance of the Company.
4. Critical Accounting Estimates and Judgements
The preparation of financial statements in conformity with IFRS requires the
Board to make judgements, estimates and assumptions that affect the
application of accounting policies and the reported amounts of assets and
liabilities, income and expenses. The estimates and associated assumptions are
based on historical experience and various other factors that are believed to
be reasonable under the circumstances, the results of which form the basis of
making the judgements about carrying values of assets and liabilities that are
not readily apparent from other sources. Actual results may differ from these
estimates.
The Board makes estimates and assumptions concerning the future. The resulting
accounting estimates will, by definition, seldom equal the related actual
results.
The Directors believe that the underlying assumptions are appropriate and that
the financial statements are fairly presented. Estimates and assumptions that
have a significant risk of causing a material adjustment to the carrying
amounts of assets and liabilities within the remaining financial year are
outlined below:
Judgements
Going concern
After making reasonable enquiries, and assessing all data relating to the
Company's liquidity, the Directors have a reasonable expectation that the
Company has adequate resources to continue in operational existence for the
foreseeable future and do not consider there to be any threat to the going
concern status of the Company. For this reason, they continue to adopt the
going concern basis in preparing the financial statements.
Assessment as an investment entity
In determining the Company meeting the definition of an investment entity in
accordance with IFRS 10, it has considered the following:
· the Company has raised the commitments from a number of investors
in order to raise capital to invest and to provide investor management
services with respect to these private equity investments;
· the Company intends to generate capital and income returns from
its investments which will, in turn, be distributed to the investors; and
· the Company evaluates its investment performance on a fair value
basis, in accordance with the policies set out in these financial statements.
Although the Company met all three defining criteria, management has also
assessed the business purpose of the Company, the investment strategies for
the private equity investments, the nature of any earnings from the private
equity investments and the fair value model. Management made this assessment
in order to determine whether any additional areas of judgement exist with
respect to the typical characteristics of an investment entity versus those of
the Company. Management have therefore concluded that from the assessments
made, the Company meets the criteria of an investment entity within IFRS 10.
Part of the assessment in relation to meeting the business purpose aspects of
the IFRS 10 criteria also requires consideration of exit strategies. Given
that the Company does not intend to hold investments indefinitely, management
have determined that the Company's investment plans support its business
purpose as an investment entity.
The Board has also concluded that the Company meets the additional
characteristics of an investment entity, in that: it holds more than one
investment; the investments will predominantly be in the form of equities,
derivatives and similar securities; it has more than one investor and the
majority of its investors are not related parties.
Estimates and assumptions
Fair value of securities not quoted in an active market.
The Company may value positions by using its own models or commissioning
valuation reports from professional third-party valuers. The models used in
either case are based on valuation methods and techniques generally recognised
as standard within the industry and in accordance with International Private
Equity and Venture Capital Valuation (IPEV) Guidelines. The inputs into these
models are primarily revenue or earnings multiples and discounted cash flows.
The inputs in the revenue or earnings multiple models include observable data,
such as the earnings multiples of comparable companies to the relevant
portfolio company, and unobservable data, such as forecast earnings for the
portfolio company. In discounted cash flow models, unobservable inputs are the
projected cash flows of the relevant portfolio company and the risk premium
for liquidity and credit risk that are incorporated into the discount rate. In
some instances, the cost of an investment is the best measure of fair value in
the absence of further information. Models are calibrated by back-testing to
actual results/exit prices achieved to ensure that outputs are reliable, where
possible.
Models use observable data, to the extent practicable. However, areas such as
credit risk (both own and counterparty), volatilities and correlations require
management to make estimates. Changes in assumptions about these factors could
affect the reported fair value of financial instruments. The sensitivity to
unobservable inputs is based on management's expectation of reasonable
possible shifts in these inputs, taking into consideration historical
volatility and estimations of future market movements.
The determination of what constitutes 'observable' requires significant
judgement by the Company. The Company considers observable data to be market
data that is readily available, regularly distributed or updated, reliable and
verifiable, not proprietary, and provided by independent sources that are
actively involved in the relevant market.
5. Investments designated at fair value through profit or loss
A reconciliation of the opening and closing balances of assets designated at
fair value through profit or loss classified as Level 1 is shown below:
30 September 2025 31 March 2025
£'000 £'000
Fair value of investments brought forward 575 548
Purchases during the period/year - 375
Disposals proceeds during the period/year (145) (337)
Realised gains/(losses) on disposals 20 87
Net unrealised change in fair value 35 (98)
Fair value of investments carried forward 485 575
A reconciliation of the opening and closing balances of assets designated at
fair value through profit or loss classified as Level 3 is shown below:
30-Sep-25 31-Mar-25
£'000 £'000
Fair value of investments brought forward 7,763 6,773
Purchases during the period/year - -
Disposals proceeds during the period/year - -
Realised gains/(losses) on disposals - -
Net unrealised change in fair value 20 990
Fair value of investments carried forward 7,783 7,763
During the period there were no transfers between the
levels.
The valuations used to determine fair values are validated and periodically
reviewed by experienced personnel, in most cases this validation and review is
undertaken by members of the Board of Directors, however professional
third-party valuation firms may be used for some valuations and the Company
also has access to a network of industry experts by virtue of the personal
networks of the directors and substantial shareholders. The valuations
prepared by the Company or received from third parties are in accordance with
the International Private Equity and Venture Capital Valuation Guidelines. The
valuations, when relevant, are based on a mixture of:
· Market approach (utilising EBITDA or Revenue multiples, industry
value benchmarks and available market prices approaches);
· Income approach (utilising Discounted Cash Flow, Replacement Cost
and Net Asset approaches);
· Price of a recent transaction when transaction price/cost is
considered indicative of fair value; and
· Proposed sale price.
6. Segmental Information
In accordance with IFRS 8: Operating Segments, it is mandatory for the Company
to present and disclose segmental information based on the internal reports
that are regularly reviewed by the Board in order to assess each segment's
performance and to allocate resources to them.
Operating segments are reported in a manner consistent with the internal
reporting used by the chief operating decision-maker. The chief operating
decision-maker, who is responsible for allocating resources and assessing
performance of the operating segments, has been identified as the Board as a
whole. The Board is responsible for the Company's entire portfolio and
considers the business to have a single operating segment. Asset allocation
decisions are based on a single, integrated investment strategy, and the
Company's performance is evaluated on an overall basis.
7. (Loss)/Earnings per Ordinary Share
The loss per Ordinary Share of -0.23p (30 September 2024: -0.39p loss per
ordinary share) is based on the loss for the period of £433,000 (30 September
2024: loss £753,000) and on a weighted average number of 192,381,204 Ordinary
Shares in issue during the period (30 September 2024: 194,676,570 Ordinary
Shares).
There are no dilutive effects on earnings per Ordinary Share.
8. Dividends
The Directors do not propose an interim dividend for the period ended 30
September 2025 (30 September 2024: £Nil).
9. Tax effects of other comprehensive income
The Income Tax Authority of Guernsey has granted the Company exemption from
Guernsey income tax under the Income Tax (Exempt Bodies) (Guernsey)
(Amendment) Ordinance, 2012 and the income of the Company may be distributed
or accumulated without deduction of Guernsey income tax. Exemption under the
above mentioned Ordinance entails payment by the Company of an annual fee of
£1,600. It should be noted, however, that interest and dividend income
accruing from the Company's investments may be subject to withholding tax in
the country of origin.
There were no tax effects arising from the other comprehensive income
disclosed in the Statement of Comprehensive Income (30 September 2024: £Nil).
10. Net Assets per Ordinary Share
The net asset value per Ordinary Share is based on the net assets attributable
to equity shareholders of £11,222,000 (31 March 2025: £11,765,000) and on
187,967,077 Ordinary Shares (31 March 2025: 192,949,895 Ordinary Shares) in
issue at the end of the period.
11. Share Capital, Warrants, Options, Treasury shares and Other
distributable reserves
30-Sep-25 31-Mar-25
Authorised: £'000 £'000
1,910,000,000 Ordinary Shares of 1p (2024:
1,910,000,000 Ordinary Shares) 19,100 19,100
100,000,000 Deferred Shares of 0.9p (2024: 900 900
100,000,000 Deferred Shares)
20,000 20,000
Allotted, called up and fully paid:
187,967,077 Ordinary Shares of 1p (31
March 2025: 192,949,895 Ordinary (i)
1,880 1,929
Nil Deferred Shares of 0.9p (2024: Nil)
(ii) - -
Treasury Shares:
Nil Treasury Shares of 1p
(31 March 2025: 22,269,946) - 223
(iii)
(i) Ordinary Shares
During the period ended 30 September 2025 4,982,818 Ordinary shares were
bought by the Company as part of a Tender Offer (31 March 2025: 9,083,000 via
an 'on market' share buyback programme).
(ii) Deferred Shares
There was no issue of shares during the period ended 30 September 2025 (31
March 2025: Nil).
(iii) Directors' Authority to Allot Shares
The Directors are generally and unconditionally authorised to exercise all the
powers of the Company to allot relevant securities. The Directors may
determine up to a maximum aggregate nominal amount of 200% of the issued share
capital during the period until the following Annual General Meeting. The
Guernsey Companies Law does not limit the power of Directors to issue shares
or impose any pre-emption rights on the issue of new shares.
(iv) Shares held in Treasury
All 27,252,764 Ordinary Shares held as Treasury shares were cancelled in the
period (31 March 2025: 22,269,946).
12. Related Parties
Lance De Jersey
Mr De Jersey, Finance Director of the Company held 1,400,000 (0.74%) Ordinary
Shares (2024: 1,400,000 (0.2%)) in the Company as at 30 September 2025 and at
the date of signing of this report.
Mr De Jersey is entitled annual remuneration of £106,000 (2024: £106,000).
Luke Cairns
Mr Cairns is entitled to an annual remuneration of £40,000 effective 1
November 2025 (2024: £36,000).
Jim Mellon
Mr Mellon is entitled to an annual remuneration of £50,000 from the date of
his appointment.
Mr Mellon holds 41,721,908 ordinary shares in the Company (of which 22,782,115
shares are held directly and 18,939,793 via Galloway Limited, of which Mr
Mellon is beneficial owner). In aggregate his holding represents 22.20% of the
issued share capital of the Company.
Denham Eke
Mr Eke is entitled to an annual remuneration of £40,000 from the date of his
appointment.
Mr Eke does not hold any shares in the Company but is a director of Galloway
Limited (beneficially owned by Jim Mellon) which owns 18,939,793 ordinary
shares in the Company, representing 10.08% of the issued share capital.
Sir James Bucknall
Sir James Bucknall is entitled to an annual remuneration of £30,000 from the
date of his appointment.
Ian Burns
Mr Burns is the legal and beneficial owner of Smoke Rise Holdings Limited,
which at the date of his resignation held 1,674,024 (0.87%) Ordinary Shares
(2024: 1,674,024 (0.87%)) in the Company.
Mr Burns resigned on 20 June 2025 and received £9,000 as a pro rata portion
of his annual remuneration of £36,000.
Ed McDermott
Mr McDermott held 5,605,000 (2.91%) Ordinary Shares (2024: 6,130,000 (3.18%))
in the Company at 30 September 2025 and at the date of signing this report.
Mr Mc Dermott resigned on 13 August 2025. Mr McDermott was entitled to an
annual remuneration of £160,000 (2024: £160,000) and pension contributions
amounting to 1.1% of salary.
Alfredo Pascual
Mr Pascual resigned on 13 August 2025. Mr Pascual was entitled to an annual
remuneration of €106,000 (£92,500) (2024: €106,000 (£88,500)) per annum.
The Company entered into formal compromise agreements with Mr McDermott and Mr
Pascual following their resignations on 13 August 2025. In accordance with the
terms of these agreements, the directors remain entitled to receive their
contractual salary and associated benefits up to the agreed termination date
of 13 February 2026, subject to continued adherence to the terms of the
agreements.
The full cost of salaries to the 13 February 2026 has been recognised in the
period and an expense of £93,331 has been included within the Statement of
Comprehensive Income, with a corresponding liability of £112,306 recorded
within payables and accruals in the Statement of Financial Position at the
period end.
30 September 2025 30 September 2024
Directors' Directors'
Remuneration Remuneration
£'000 £'000
Ian Burns 9 18
Ed McDermott 152 81
Lance De Jersey 54 53
Luke Cairns 18 18
Alfredo Pascual 79 44
312 214
13. Capital Management Policy and
Procedures
The Company's capital structure is derived solely from the issue of Ordinary
Shares.
The Company does not currently intend to fund any investments through debt or
other borrowings but may do so if appropriate. Investments in early stage
assets are expected to be mainly in the form of equity, with debt potentially
being raised later to fund the development of such assets. Investments in
later stage assets are more likely to include an element of debt to equity
gearing. The Company may also offer new Ordinary Shares as consideration as
well as cash, thereby helping to preserve the Company's cash for working
capital and as a reserve against unforeseen contingencies including, for
example, delays in collecting accounts receivable, unexpected changes in the
economic environment and operational problems.
The Board monitors and reviews the structure of the Company's capital on an ad
hoc basis. This review includes:
· The need to obtain funds for new investments, as and when they
arise;
· The current and future levels of gearing;
· The need to buy back Ordinary Shares for cancellation or to be
held in treasury, which takes account of the difference between the net asset
value per Ordinary Share and the Ordinary Share price;
· The current and future dividend policy; and
· The current and future return of capital policy.
The Company is not subject to any externally imposed capital requirements.
14. Events after the Financial Reporting Date
Effective 26 November 2025 Jim Mellon has been appointed Non-Executive Chair,
while Denham Eke and Sir James Bucknall have been appointed as Non-Executive
Director and Independent Non-Executive Director respectively. Luke Cairns,
Interim Chair, reverts to his previous role as Independent Non-Executive
Director.
ENDS
For further information please visit: www.seedinnovations.co or contact:
Lance de Jersey SEED Innovations Ltd info@seedinnovations.co
James Biddle Beaumont Cornish Limited (0)20 7628 3396
Roland Cornish Nomad
Isabella Pierre Shard Capital Partners LLP (0)20 7186 9927
Damon Heath Broker
Ana Ribeiro St Brides Partners Ltd seed@stbridespartners.co.uk
Isabel de Salis Financial PR
Seb Weller
Nominated Adviser Statement
Beaumont Cornish Limited ("Beaumont Cornish"), is the Company's Nominated
Adviser and is authorised and regulated in the United Kingdom by the Financial
Conduct Authority. Beaumont Cornish's responsibilities as the Company's
Nominated Adviser, including a responsibility to advise and guide the Company
on its responsibilities under the AIM Rules for Companies and AIM Rules for
Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont
Cornish is not acting for and will not be responsible to any other person for
providing the protections afforded to customers of Beaumont Cornish nor for
advising them in relation to the transaction and arrangements described in the
announcement or any matter referred to in it.
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. END IR BSBDDCXGDGUX
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