Love Hemp Group PLC Announces Update Regarding Trading Suspension
Love Hemp Group PLC (OTCQB: WRHLF) has announced a temporary suspension of trading in its shares due to the resignation of its AQSE Corporate Advisor, Peterhouse Capital Limited. This follows an investor's failure to complete a £1.2 million investment from a February 2022 placing. The company is actively seeking a new advisor and is conducting a review of its Board structure, with plans to appoint a Chief Financial Officer and an independent non-executive Director. The Board aims to enhance governance and accelerate profitable sales growth.
- The Board is actively seeking a new AQSE Corporate Advisor to resume trading.
- Initiatives are underway for a Board structure review to enhance governance and controls.
- Trading suspension due to the resignation of the corporate advisor.
- An investor failed to complete a £1.2 million investment, impacting liquidity.
LONDON, UK / ACCESSWIRE / May 9, 2022 / Love Hemp Group PLC (AQSE:LIFE)(OTCQB:WRHLF), the brand-led consumer goods company focussed on CBD health and wellness solutions, wishes to provide an update on the temporary suspension of the trading in shares of Love Hemp.
As previously announced, the reason for the suspension is that Peterhouse Capital Limited ("Peterhouse") has resigned as the AQSE Corporate Advisor and the Company needs to appoint a new AQSE Corporate Advisor in order that trading can recommence on the AQSE Exchange. Love Hemp is in discussions with a new AQSE Corporate Advisor and expects to update the market with an appointment soon.
Peterhouse resigned following the update by the Company that an investor in the February 2022 placing had failed to complete their investment of £1.2 million.
The Board of Directors has commenced an ongoing review of the events that led to the suspension in trading and following the conclusion of that review will put in place any additional controls that are recommended by such review in order to prevent the potential for a similar issue occurring in the future.
In addition, the Board is undertaking a Board structure review being conducted by its independent non-executive Director. Two new Board positions have been identified as being required and a search will commence immediately for a Chief Financial Officer and another independent non-executive Director. Any other Board changes will be communicated once the review is complete.
As previously announced on 4 February 2022, Love Hemp is also part way through an operational review and strategic review with the objective to accelerate profitable sales growth, as well as imposing additional rigour and governance on its operations and financial performance. The Board is committed to ensuring that this review is completed as quickly as possible and will be communicated to shareholders.
Andrew Male, Executive Chairman and Director commented; "The board are committed to protecting Love Hemp's "best in class" brand reputation and the current Board, strategic and operational review will ensure this is achieved. The Board believes Love Hemp has significant growth opportunities and our review is designed to support this growth and enhance long term shareholder value."
For further information please visit: www.lovehempgroup.com or contact:
Love Hemp Group | +44 (0) 7926 397 675 |
Financial PR | +44 (0) 207 138 3204 |
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.
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SOURCE: Love Hemp Group PLC
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https://www.accesswire.com/700579/Love-Hemp-Group-PLC-Announces-Update-Regarding-Trading-Suspension
FAQ
What caused the trading suspension for Love Hemp Group (WRHLF)?
When will trading for Love Hemp Group (WRHLF) resume?
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What is the impact of the £1.2 million investment failure on Love Hemp Group (WRHLF)?
