Love Hemp Group PLC Announces Notice of General Meeting

Rhea-AI Summary

Love Hemp Group PLC (OTCQB: WRHLF) announced a General Meeting (GM) on 4 February 2022, to adopt the 2021 annual accounts and discuss a significant reduction in the company's net assets, resulting in a serious loss of capital. Directors must address this issue in accordance with the Companies Act 2006, although shareholders will not vote on this agenda item during the GM. Meeting details and related documents will be available shortly on the company's website.

Positive

• None

Negative

• Company's net assets are now less than half of its called-up share capital, indicating a serious loss of capital.
• Shareholders are not eligible to vote on the agenda item addressing the loss of capital.

LONDON, UK / ACCESSWIRE / January 7, 2022 / Love Hemp Group PLC (AQSE:LIFE)(OTCQB:WRHLF), the brand-led consumer goods company focussed on CBD health and wellness solutions, gives notice that a General Meeting ("GM") will be held on 4 February 2022 at 10 am at 48 Warwick Street, London, W1B 5AW. At the meeting, resolutions will be proposed to receive and adopt the 30 June 2021 annual accounts and to approve the reduction of the share premium account of the Company as part of the implementation of a Share Incentive Plan.

In addition, during the course of the preparation of the Company's financial results, the Board became aware that the value of the Company's net assets is now less than half of its called-up share capital. In accounting terms, this is described as a "serious loss of capital", as a result of which the Directors are required, pursuant to section 656(1) of the Companies Act 2006, to call a General Meeting to consider whether any, and if so, what, steps should be taken to address it. Accordingly, this matter will be addressed with Shareholders at the GM. Shareholders should note that they are not eligible to vote on this agenda item and will not be invited to do so at the GM. It Is for discussion only and relates to a technical accounting outcome.

Copies of the Notice of GM, together with the Form of Proxy and the Annual Report will be posted to shareholders and will be available to view on the Company's website shortly at www.lovehempgroup.com.

The Directors of the Company accept responsibility for the contents of this announcement.

-ENDS-

For further information please visit: www.lovehempgroup.comor contact:

Love Hemp Group Andrew Male Chairman & Director	+44 (0) 7926 397 675 andrew@lovehempgroup.com
Financial Advisor Rupert Fane H&P Advisory Limited	+44 (0) 20 7907 8500 rf@hannam.partners
AQSE Corporate Adviser Mark Anwyl Peterhouse Capital Limited	+44 (0) 20 7469 0930 ma@peterhousecap.com
Financial PR Tim Blythe/Alice McLaren/Madeleine Gordon-Foxwell Blytheweigh	+44 (0) 207 138 3204 lovehemp@blytheweigh.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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

SOURCE: Love Hemp Group PLC

View source version on accesswire.com:
https://www.accesswire.com/681456/Love-Hemp-Group-PLC-Announces-Notice-of-General-Meeting

FAQ

What is the date of the Love Hemp Group General Meeting?

The Love Hemp Group General Meeting is scheduled for February 4, 2022.

What is the significance of the serious loss of capital reported by Love Hemp Group?

The serious loss of capital indicates that the company's net assets are less than half of its called-up share capital, requiring the directors to address this issue at the General Meeting.

Will shareholders be able to vote on the loss of capital issue at the General Meeting?

No, shareholders are not eligible to vote on the loss of capital issue during the General Meeting.

Where can I find the notice for the Love Hemp Group General Meeting?

The notice and related documents will be posted to shareholders and available on the company’s website.

What stock symbol is associated with Love Hemp Group?

The stock symbol for Love Hemp Group is WRHLF.