Love Hemp Group PLC Announces Temporary Suspension

Rhea-AI Summary

Love Hemp Group PLC has provided an update on the suspension of its shares by the Aquis Stock Exchange (AQSE) due to an investigation stemming from the resignation of its Corporate Advisor. The company has reached a settlement with AQSE, agreeing to pay a fine of £70,000 related to a breach of AQSE regulations. Following this resolution, Love Hemp anticipates resuming discussions with a new Corporate Advisor and plans to lift the trading suspension shortly. The company expressed its commitment to improving governance and thanked shareholders for their patience during this period.

Positive

• Settlement with AQSE allows for further discussions with a new Corporate Advisor.
• Resolutions may lead to the lifting of the trading suspension soon.

Negative

• £70,000 fine imposed for breach of AQSE rules.

Suspension of Shares Update

LONDON, UK / ACCESSWIRE / August 25, 2022 / Love Hemp Group PLC (AQSE:LIFE)(OTCQB:WRHLF), the brand-led consumer goods company focused on CBD health and wellness solutions, gives an update regarding the suspension of its shares by the Aquis Stock Exchange ("AQSE").

As part of an ongoing confidential AQSE investigation following the suspension of its shares on 3 May 2022 due to the resignation of its Corporate Advisor, the Company announces that it has reached a settlement with AQSE on the contents of a Disciplinary Notice by the AQSE as a result of its confidential investigation. The Company has also agreed to a Settlement Agreement with the AQSE which includes publication of the Disciplinary Notice and a fine for breach of the AQSE Rulebook.

The fine is in the amount of £100,000 and the AQSE has offered a discount for early settlement, and the Company has agreed to pay the sum of £70,000 to AQSE to resolve this matter.

The AQSE Disciplinary Notice and findings of the confidential investigation can be found on the following link; https://www.aquis.eu/aquis-stock-exchange/rules-and-regulations/market-notices/

As a consequence of the settlement, Love Hemp can progress discussions with its proposed new AQSE Advisor and expects to update the market shortly on the timing of when the trading suspension will be lifted.

The Company will make an announcement in the near future in respect of the shares referred to in its announcement of 3 May 2022.

Graham Mullis, Chairman of Love Hemp Group commented:

"On behalf of the Board, we regret that Love Hemp has found itself in this position however I am pleased the Company has been able to resolve the situation with AQSE and looks forward to appointing a new Corporate Advisor and lifting the trading suspension shortly. The Company has strengthened its Board, improved governance and controls and takes its responsibilities seriously as a publicly traded company. I would like to thank shareholders for their patience during this period and I very much look forward to communicating in due course the exciting plans the Company has for building shareholder value."

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

Love Hemp Group
+44 (0) 203 968 6643
Tony Calamita investor.relations@lovehempgroup.com

About Love Hemp Group

Love Hemp Group is a brand-led consumer goods company focused 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 is 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 offers.

Market Abuse Regulation (MAR) Disclosure

This 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/713448/Love-Hemp-Group-PLC-Announces-Temporary-Suspension

FAQ

What caused the suspension of shares for WRHLF?

The shares for WRHLF were suspended due to an investigation following the resignation of its Corporate Advisor.

What was the settlement amount regarding the AQSE investigation for WRHLF?

The settlement amount was £70,000 after a fine of £100,000 was agreed upon.

When can WRHLF expect to lift the trading suspension?

Love Hemp Group expects to update the market shortly on the timing of when the trading suspension will be lifted.