Seed Innovations Limited Investee Company Update: Yooma Wellness Inc. (8260Y)

TIDMSEED

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 GBP43,000 and expects to write this down to GBPnil 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 GBP43,000. 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 GBPnil 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.

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For further information on the Company please visit: www.seedinnovations.co or contact:

 
Ed McDermott       SEED Innovations Ltd        E: [e-mail] 
 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: [e-mail] 
 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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May 09, 2023 08:37 ET (12:37 GMT)