Seed Innovations Limited Receipt of remaining £2.4m from sale of Leap
15 April 2024 - 8:00AM
RNS Regulatory News
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
or contact:
Ed McDermott
Lance de Jersey
|
SEED Innovations
Ltd
|
E: info@seedinnovations.co
|
James Biddle
Roland Cornish
|
Beaumont Cornish Limited,
Nomad
|
T: (0)20 7628 3396
|
Isabella Pierre
Damon Heath
|
Shard Capital Partners
LLP
Broker
|
T: (0)20 7186 9927
|
Ana Ribeiro
Isabel de Salis
Isabelle Morris
|
St Brides Partners
Ltd,
Financial PR
|
E: info@stbridespartners.co.uk
|
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.
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END
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