Love Hemp Group PLC Announces Update Regarding Suspension & Feb 2022 Fundraise

Rhea-AI Summary

Love Hemp Group PLC (OTCQB: WRHLF) announced a temporary suspension of trading on the Aquis Exchange after Peterhouse Capital Limited resigned as Advisors. The company is currently in discussions to appoint a new advisor. Additionally, one investor from a recent subscription failed to pay for 120 million Ordinary Shares, leading to their cancellation. However, the company assures that this shortfall has not affected operations, and it maintains sufficient working capital. An operational strategy update is expected soon regarding its market move.

Positive

• Company maintains sufficient working capital despite investor shortfall.
• Continued improvements and streamlining of operations.

Negative

• Trading suspended due to advisor resignation.
• Investor default on subscription may impact investor confidence.

LONGDON, ENGLAND / ACCESSWIRE / May 3, 2022 / Love Hemp Group PLC (AQSE:LIFE) (OTCQB:WRHLF), the brand-led consumer goods company focused 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.

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.

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/699940/Love-Hemp-Group-PLC-Announces-Update-Regarding-Suspension-Feb-2022-Fundraise

FAQ

Why was Love Hemp Group PLC's trading suspended on the Aquis Exchange?

Trading was suspended due to the resignation of Peterhouse Capital Limited as Advisors to Love Hemp Group.

What happened with the recent subscription announced by Love Hemp Group PLC?

One investor failed to pay for their subscription of 120 million Ordinary Shares, leading to their cancellation.

How does the investment shortfall affect Love Hemp Group PLC?

The company stated that the shortfall has not impacted its operations and it has sufficient working capital.

What updates can we expect from Love Hemp Group PLC?

Love Hemp Group is expected to provide a strategy and operational review update, including plans for moving to the main market.