REG - Seed Innovations Ltd - Investee Company Update: Yooma Wellness Inc.

Seed InnovationsAnnouncement

09/05/2023 13:45

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RNS Number : 8260Y  Seed Innovations Limited  09 May 2023

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.

 

- Ends -

 

- Ends -

 

 

For further information on the Company please
visit:    www.seedinnovations.co (http://www.seedinnovations.com/)
     or contact:

 

  Ed McDermott        SEED Innovations Ltd             E: info@seedinnovations.co 

 Lance de Jersey                                        
 James Biddle         Beaumont Cornish Limited,        T: (0)20 7628 3396

 Roland Cornish       Nomad                             
 Isabella Pierre      Shard Capital Partners LLP       T: (0)20 7186 9927

 Damon Heath          Broker
 Catherine Leftley    St Brides Partners Ltd,          E: info@stbridespartners.co.uk

 Isabelle Morris      Financial PR

 Max Bennett

 

 

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.

 

 

 

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