Love Hemp Group PLC - Update Regarding Suspension & Feb 2022 Fundraise
RNS Number : 1645K
Love Hemp Group PLC
03 May 2022
 

3 May 2022

 

Love Hemp Group PLC

("Love Hemp", the "Group", or the "Company")

 

Update Regarding Suspension and February 2022 Fundraise

Love Hemp Group PLC (AQSE: LIFE) (OTCQB: WRHLF), the brand-led consumer goods company focussed on CBD health and wellness solutions, announces that the Aquis Exchange this morning temporarily suspended the trading in shares of Love Hemp.

The reason for the suspension is that Peterhouse Capital Limited have resigned as Advisors to the Company. The Company is presently in discussions to appoint a new Advisor and expects to announce new advisors shortly.

The Company also announces that one of the investors in the subscription announced on 8 February 2022 has failed to make payment for the ordinary shares of 0.1 pence each in the Company ("Ordinary Shares") comprised in their subscription.

The investor originally subscribed £1.2m for 120,000,000 Ordinary Shares at a price of 1p per share.

These Ordinary Shares will be cancelled, and the revised issued share capital of the Company will be announced once cancellation is complete. Presently the Company is looking at the most cost effective and efficient way to affect the cancellation.

This shortfall in the fundraise has not impacted the operations of the Company following the recent restructuring and the Board of Directors is satisfied that the Company continues to have sufficient working capital for its present requirements.

Love Hemp continues to improve and streamline its operations and will issue an update about its strategy and operational review, including a timing update on the planned move to the main market, in the near future.

-ENDS-

 

For further information please visit: www.lovehempgroup.com or contact:

 

Love Hemp Group

Andrew Male
Chairman & Director

 

+44 (0) 7926 397 675

andrew.male@lovehempgroup.com

 

Financial PR

Tim Blythe/Madeleine Gordon-Foxwell

BlytheRay

 

+44 (0) 207 138 3204

lovehemp@blytheray.com

 

About Love Hemp Group

Love Hemp Group is a brand-led consumer goods company focussed on health and wellness solutions for consumer use cases including sleep, pain, anxiety, stress and recovery. The Company is a pioneer in the UK-based premium high-quality CBD market, with over 40 products including oils, edibles, sprays, cosmetics and topicals. The Company's range of products are sold online across 70 websites and in over 2,000 stores including some of the biggest retailers in the UK, such as Holland & Barrett, Boots and Ocado. Listed on the Aquis Stock Exchange (AQSE: LIFE) the Company recently changed its name to Love Hemp Group plc, from World High Life, to better reflect its focus on supporting the "best in class" CBD brand as it embarks on a wider expansion of its core business and offering.

 

Market Abuse Regulation (MAR) Disclosure

The information contained within this announcement is deemed by the Company to constitute inside information. Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

 

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