Love Hemp Group PLC - Directorate Change
RNS Number : 3211N
Love Hemp Group PLC
20 January 2023
 

 

20 January 2023

 

Love Hemp Group plc

("Love Hemp" or the "Company")

Directorate Changes

Love Hemp Group PLC (AQSE: LIFE) (OTCQB: WRHLF), the brand-led consumer goods company focussed on CBD health and wellness solutions, is pleased to provide a Board director update.

Following the recent completion of the strategic refinancing of the business, and as announced on 14 December 2022, both Graham Mullis, non-executive Chairman and Anthony Dyer, interim CFO have completed their transition periods and have now stepped down from the Board with immediate effect.

The Board is pleased to announce the appointment of Fahmeeda Khan, as the interim Financial Director and Board director, with immediate effect.

There is no further information regarding Fahmeeda Khan that is required to be disclosed pursuant to Rule 4.9 of the AQSE Growth Market Access Rulebook.

Love Hemp expects to announce further appointments to the Board shortly.

Love Hemp is also pleased to announce the group of strategic investors that provided the £1,500,000 have agreed to increase the binding secured loan by £100,000 The secured debt is now a total of £1,600,000 with a term of five years. The loan as previously announced will accrue interest at an annual interest rate of 20% and is payable upon redemption on or before the maturity date of 2027. The first year of the loan is interest-free.  In addition, a redemption premium is payable of 20% of the total capital if the loan is repaid within the first year, 50% if paid within two years, and 300% is payable if the loan is repaid after the second anniversary.

 

Tony Calamita, CEO, commented:

"We thank Graham and Anthony for their support and guidance during what has been a very challenging time for the business, and we wish them well in their future endeavours. We welcome Fahmeeda to the Board who brings a wealth of financial experience to the Company and we look forward to working with her as the Company progresses to the next stage of its development".

 

--ENDS--

 

The Directors of Love Hemp Group plc take responsibility for the content of this announcement.

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

 

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

 

Love Hemp Group                                           +44 (0) 203 968 6643

Tony Calamita, CEO                                         investor.relations@lovehempgroup.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.

 

 

 

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