Love Hemp Group PLC Announces Result of General Meeting

Rhea-AI Summary

Love Hemp Group PLC (OTCQB: WRHLF) announced the successful passing of all resolutions at its General Meeting held on March 11, 2021. A total of 86,096,355 ordinary shares will be allotted at 2.5p each as part of the conversion of Convertible Debentures, eliminating approximately £4.5 million in debt. An additional 229,415 ordinary shares were issued for settling fees. The total shares in issue will now stand at 487,766,189, with trading on the AQSE Growth Market expected to commence on March 16, 2021.

Positive

• Eliminated approximately £4.5 million in debt through share issues.
• Successfully passed all resolutions at the General Meeting.
• Plans for trading of new shares expected to commence on March 16, 2021.

Negative

• None.

LONDON, UK / ACCESSWIRE / March 11, 2021 / Love Hemp Group PLC (AQSE:LIFE) (OTCQB:WRHLF), is pleased to announce that all resolutions were duly passed at the General Meeting of the Company held today.

Accordingly, as per the announcement of 19 February 2021, a total of 86,096,355 ordinary shares of 1p each in the Company "(Ordinary Shares") will be allotted at a price of 2.5p per share in relation to the conversion of Convertible Debentures and in exchange for debt.

In addition, the Company has also issued a further 229,415 Ordinary Shares at a price of 2.5p per share for the settlement of fees in lieu of cash.

Application will be made for the 86,325,770 new Ordinary Shares to be admitted to trading on the AQSE Growth Market and admission is expected to become effective, and dealings in the new Ordinary Shares are expected to commence, on 16 March 2021.

Following this issue, the Company's has 487,766,189 Ordinary Shares in issue, each share carrying the right to one vote. The figure of 487,766,189 should be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.

Andrew Male, Chairman and Director of Love Hemp Group, says "With the conversion of the Convertible Debentures that were originally used to finance the Company and the settlement of other liabilities through share issues, we have now eliminated approximately £4.5m in debt.

"This action positions the Group with little to no debt and effectively concludes the housekeeping actions we embarked on some 3 months ago. The change of name to Love Hemp Group plc has helped align the listed company with our operational entity and we look forward to building the brand, product line and overall business going forward in support of Tony Calamita, CEO of Love Hemp Group and co-founder of Love Hemp Ltd."

About Love Hemp
Love Hemp is one of the UK's leading CBD and Hemp product suppliers and has more than 40 product lines, comprising oils, sprays and vapes and a variety of edible and water-based CBD products. Love Hemp has established relationships with over 2,000 stores in the UK, including leading brands such as Sainsbury's, Boots, Ocado and Holland & Barrett.

Love Hemp is positioned to take advantage of the huge opportunities available in the UK and European legal cannabis space, which is set to be the largest in the world within five years.

For further information please contact:

Andrew Male
Chairman & Director
+44 (0) 7926 397 675
andrew@worldhighlife.uk

AQSE Corporate Adviser
Mark Anwyl/Allie Feuerlein
Peterhouse Capital Limited
+44 (0) 20 7469 0930
ma@peterhousecap.com
af@peterhousecap.com

Financial PR
Tim Blythe
Alice McLaren
Madeleine Gordon-Foxwell
+44 (0) 207 318 3205
lovehemp@blytheweigh.com

Financial Advisor
Rupert Fane
H&P Advisory Limited
+44 (0) 20 7907 8500
rf@hannam.partners

For more information on World High Life please visit: www.worldhighlife.uk
www.lovehempgroup.com

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/635015/Love-Hemp-Group-PLC-Announces-Result-of-General-Meeting

FAQ

What did Love Hemp Group announce on March 11, 2021?

On March 11, 2021, Love Hemp Group announced that all resolutions were passed at their General Meeting.

How many shares were issued by Love Hemp Group?

Love Hemp Group issued a total of 86,096,355 ordinary shares and an additional 229,415 ordinary shares.

What is the share price for the newly allotted shares?

The newly allotted shares were issued at a price of 2.5p each.

When will the new shares start trading on the AQSE Growth Market?

The new shares are expected to start trading on March 16, 2021.

How much debt did Love Hemp Group eliminate?

Love Hemp Group eliminated approximately £4.5 million in debt.