REG - Seed Innovations Ltd - Receipt of remaining £2.4m from sale of Leap

Seed InnovationsAnnouncement

15/04/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240415:nRSO5275Ka&default-theme=true

RNS Number : 5275K  Seed Innovations Limited  15 April 2024

15 April 2024

SEED Innovations Limited

("SEED" or the "Company")

 

Receipt of remaining circa £2.4m (€2.76m) from the sale of Leap Gaming

 

Strengthens cash position to over £6 million

 

 SEED Innovations Ltd, the AIM-quoted company investment company providing
shareholders with exposure to early-stage health, wellness, and medical
cannabis companies, to which, in normal circumstances they have limited
access to, is pleased to announce that it has received the remaining circa
£2.4m (€2.76m) from the sale of its portfolio company Fralis LLC, trading
as Leap Gaming.

 

Leap Gaming was sold in April 2023 (see RNS dated 11 April 2023), with SEED's
proceeds of the sale totalling €5.8 million payable in two tranches.  The
first tranche of €3 million (£2.7m) was received on completion of the deal
and the balance was received on the 12 April 2024.

 

The Leap Gaming sale has contributed to SEED's strong cash position of over
£6m, which remains higher than its market capitalisation.

 

Commenting on the announcement, Ed McDermott, CEO of Seed said: "With an
additional £2.4 million in cash in the bank, our financial position is
exceptionally robust. Despite ongoing liquidity challenges in junior stocks,
the investment landscape continues to offer compelling opportunities.
Accordingly, we are committed to identifying innovative investment
opportunities that will benefit our shareholders. Our primary objective is to
enhance shareholder value, and we anticipate unveiling several strategic
initiatives aimed at achieving this goal in the near future. We are confident
that these initiatives will be well-received by our shareholders."

- 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
 Ana Ribeiro         St Brides Partners Ltd,          E: info@stbridespartners.co.uk

 Isabel de Salis     Financial PR

 Isabelle Morris

 

Notes

Seed Innovations Ltd 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.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCFXLLFZZLLBBX