REG - Seed Innovations Ltd - Share Buy-Back Programme

Seed InnovationsAnnouncement

19/09/2023 18:00

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RNS Number : 9650M  Seed Innovations Limited  19 September 2023

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) No. 596/2014, as it forms part of UK Domestic
Law by virtue of the European Union (Withdrawal) Act 2018. Upon the
publication of this announcement, this inside information is now considered to
be in the public domain.

19 September 2023

SEED Innovations Limited

("SEED" or the "Company")

Share Buy-Back Programme

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 its intention to commence a share repurchase
programme of Ordinary Shares for up to a maximum of 21,500,000 shares and
£850,000 (the "Programme"), with commencement subject to confirmation of
acceptance by the proposed broker, which is expected shortly.

The Board have determined to undertake the Programme following consultation
with certain key shareholders and having considered the current 56.9% discount
in the share price relative to the Company's last reported NAV along with the
strong cash and receivables of £7.1million as reported on 11 September 2023.

Any purchase of Ordinary Shares made in relation to this announcement will be
carried out on the open market during the period commencing upon confirmation
of appointment of the broker for the Programme and ending not later than 29
February 2024. The Programme will be funded from the Company's existing cash
resources.

The Programme will be conducted within the safe harbour parameters of the
Market Abuse Regulation 596/2014/EU and the Commission Delegated Regulation
2016/1052/EU (each as incorporated into UK domestic law by the European Union
(Withdrawal) Act 2018, including where relevant pursuant to the Market Abuse
(Amendment) (EU Exit) Regulations 2019). Details of all purchases made
pursuant to the Programme will be announced via RNS and published on the
Company's website as required by the Market Abuse Regulations.

Share purchases will take place in open market transactions and may be made
from time to time depending on market conditions, share price, trading volume
and other factors.  The Company is in the process of appointing Shard Capital
to manage the Programme and make market purchases of Ordinary Shares on its
behalf, independently of the Company. The Company will make a further
announcement once the Programme commences.

The shares purchased by the Company will be held in treasury pending
cancellation or re-issue. Shard Capital will be the Company's broker in
relation to the Programme:

 Name of Programme                              2023 - 2024 Share Buy-back Programme
 Purpose of the Programme                       To reduce the capital of the issuer
 Duration of the Programme                      From confirmation of broker appointment to 29 February 2024
 Maximum amount allocated to the Programme      £850,000
 Maximum number of shares to be acquired        Up to 21,250,000 ordinary shares
 Maximum price                                  The lower of:

                                                a)    110% of the average middle market quotations for an Ordinary Share
                                                taken from and calculated by reference to the London Stock Exchange AIM Market
                                                Daily Official List for the five business days immediately preceding the date
                                                on which the Ordinary Share is purchased;

                                                b)    6 pence (£0.06) per Ordinary Share; and

                                                c)    the higher of the last independent trade and the highest current
                                                independent bid on the trading venue where the purchase is carried out.
 Maximum size of purchase on any trading day    20% of the average daily volume of the shares on the trading venue on which
                                                the purchase is carried out, such average daily volume calculated over the 20
                                                trading days preceding the date of purchase.

 

CEO, Ed McDermott commented: "This programme is a reflection of our strong
financial position and our commitment to returning value to our
shareholders.  We have set the maximum price we would pay per share at 6
pence as our goal is to buy back shares below our last stated net asset
value."

 

-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: seed@stbridespartners.co.uk

 Ana Ribeiro        Financial PR

 Isabelle Morris

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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