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Ananda Developments #ANA – DJT Plants’ Cannabis Flower approved for Israel Import
Ananda, which is creating UK-based operations to grow and provide carbon neutral, consistent, high quality medical cannabis for the UK and international markets, announces that the Government of Israel has granted a licence for cannabis flower grown at Ananda’s subsidiary, DJT Plants Limited (“DJT Plants”) to be imported into Israel. The licence is held by Cannasoul Analytics, the research company which will be analysing DJT Plants’ cannabis flower.
The purpose of obtaining an import licence at this early stage is to ensure that DJT Plants has a clear understanding of all requirements for moving cannabis flower, a controlled drug under the UK Government’s Misuse of Drugs Act 1971, from the UK into Israel. The import licence was awarded by Israel’s Department of Pharmaceutical Import and Narcotics at the Ministry of Health, and by the Ministry of Agriculture and Rural Development Plant Protection and Inspection Services. Appropriate licences will be sought under the relevant UK legislation allowing the export of cannabis flower from the UK nearer to the time of export.
In April 2020, Ananda announced that it would be collaborating with Professor Dedi Meiri, the leading global medical cannabis researcher at The Technion in Israel, to carry out detailed molecular analysis of the strains of cannabis which Ananda proposes to grow and stabilise at DJT Plants.
As part of Ananda’s research plan to stabilise 65 strains of medical cannabis and conduct field trials, future cannabis plant material grown by DJT Plants will be sent to Cannasoul Analytics, an Israel-based commercial research company formed by Professor Dedi Meiri, for analysis of cannabinoid, terpene and flavonoid profiles. It is the view of the Directors of Ananda that Israel continues to be at the forefront of global medical cannabis research and that Israel’s experts have the greatest depth of understanding of the cannabis plant at the molecular level.
Ananda’s ultimate ambition is for DJT Plants to transition to commercial growing of medical cannabis. The Board remains encouraged by progress.
Preparation of documentation continues for the acquisition of the 50% of DJT Group Limited not already owned by Ananda. This work includes the drafting of a range of supporting agreements. Further detail on the proposed acquisition is detailed in the Company’s announcement of 8 June, 2021.
Ananda’s CEO, Melissa Sturgess, commented: “We don’t underestimate the complexity of the work required to grow medical cannabis in the UK. The prize, however, is big; both from a patient care and a financial perspective. Delivering the best quality, consistent medical cannabis medicine to UK and international patients is our clear objective. We continue to work in a focused and diligent manner towards achieving our goals.”
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The Directors of the Company accept responsibility for the contents of this announcement.
| ANANDA DEVELOPMENTS PLC Chief Executive Officer Melissa Sturgess Investor Relations |
+44 (0)7463 686 497 ir@anandadevelopments.com |
| PETERHOUSE CAPITAL LIMITED Corporate Finance Mark Anwyl Corporate Broking YELLOW JERSEY PR |
+44 (0)20 7469 0930
+44 (0) 7585 953 660 |
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.
Ananda Developments #ANA – Exercise of Warrants
Ananda announces that 163,369 ordinary shares of 0.2p each in the Company (“Ordinary Shares”) have been issued following the exercise of warrants at 0.45p per share. The proceeds received by the Company will be used for general working capital purposes.
Application will be made for the new Ordinary Shares to be admitted to trading on the Access segment of the AQSE Growth Market and admission is expected to become effective on Tuesday, 31 August 2021.
Following this issue, the Company has 794,665,248 Ordinary Shares in issue, each share carrying the right to one vote.
This figure of 794,665,248 Ordinary Shares may 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 share capital of the Company under the FCA’s Disclosure and Transparency Rules.
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The Directors of the Company accept responsibility for the contents of this announcement.
| ANANDA DEVELOPMENTS PLC Chief Executive Officer Melissa Sturgess Investor Relations |
+44 (0)7717 573 235 ir@anandadevelopments.com |
| PETERHOUSE CAPITAL LIMITED Corporate Finance Mark Anwyl Corporate Broking |
+44 (0)20 7469 0930 |
Market Abuse Regulation (MAR) Disclosure
Ananda Developments #ANA – Board Change
Ananda announces that Peter Redmond has stepped down as a non-executive Director of the Company with effect from 23 August 2021. Mr Redmond was appointed to the Board of Ananda in June 2019, to represent the interests of URA Holdings plc (“URA”) following URA’s investment in the Company. Following the May 2021 distribution of URA’s interests in Ananda to its shareholders, Mr Redmond has decided to leave the Company to pursue his other business interests.
The Directors of Ananda thank Mr Redmond for his contribution to the Company.
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The Directors of the Company accept responsibility for the contents of this announcement.
| ANANDA DEVELOPMENTS PLC Chief Executive Officer Melissa Sturgess Investor Relations |
+44 (0)7717 573 235 ir@anandadevelopments.com |
| PETERHOUSE CAPITAL LIMITED Corporate Finance Mark Anwyl Corporate Broking |
+44 (0)20 7469 0930 |
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.
Andrew Hore – Quoted Micro 16 August 2021
AQUIS STOCK EXCHANGE
Yooma Wellness Inc (YOOM) has a dual quotation on the Canadian Securities Exchange and obtaining the Aquis quotation is part of the stated strategy to become the largest CBD business in the world. Acquisitions have been made this year and at least three more are lined up. Prior to joining Aquis, Yooma raised £7.46m at 52.32p a share. As well as the cash raised in the placing, there is an option granted to a strategic investor to subscribe £5m for 9.56 million shares. Administrative delays relating to the investor mean that the share issue has not been completed yet. Yooma Wellness says that annualised 2021 sales could be $32m if it makes the expected acquisitions.
Ecotricity has posted its offer document for Good Energy (GOOD), which continues to reject the approach.
Clean Invest Africa (CIA) is in discussions with a potential investor. A fundraising could be secured within weeks. There are also discussions concerning a joint venture. CIA has been hit by Covid-19 measures in South Africa.
Pioneer Media Holdings Inc (PNER) has made an additional investment in connected gaming platform developer Paidia eSports Inc and a new £200,000 investment in Streaks Gaming. Pioneer will own 40% of Paidia. London-based Streaks operates a conversational gaming platform. Users are matched with a personalised digital conversational partner generated by AI. Pioneer will own 16.1% of Streaks.
Sativa Wellness Group Inc (SWEL) increased revenues by 828% in the second quarter of 2021. Revenues in the six months to June 2021, revenues jumped from £733,000 to £4.86m, while the loss reduced from £2.37m to £1.27m. The business is being restructured into three divisions: Goodbody Botanicals, Phytovista and Goodbody Wellness.
Construction of the DJT Plants medical cannabis growing facility started on 4 July. Ananda Investments (ANA) continues to make progress with the purchase of the 50% of DJT it does not own.
Rutherford Health (RUTH) is partnering with genomic and theranostic company OncoDNA, which will enable its patients to obtain genomic testing that can help to secure the most appropriate cancer treatment.
Administrators have been appointed to NQ Minerals (NQMI).
Chris Akers has increased his stake in Oscillate (MUSH) from 3.1% to 9%. Thomas Grant Nominees owns 9.95%. Robert Johnson has a 3% stake in TECC Capital (TEC).
AIM
Drug developer BiVictriX Therapeutics (BVX) has a low capital cost model which outsources the main operations. It has a lead asset called BVX001, which is targeting adult leukaemia. BVX001 has already indicated an anti-tumour effect in animal models. No adverse effects were observed. The £7.5m raised at 20p a share will accelerate the optimisation of BVX001, so it reaches pre-clinical milestones. The share price ended the week at 23.5p.
Marlowe (MRL) has decided not to bid for Restore (RST), which has acquired PRM Green Technologies, which is an IT recycling business. This acquisition will be immediately earnings enhancing.
Crestchic revenues increased by 44% in the first half of 2021 and Northbridge Industrial Services (NBI) group revenues are 22% ahead at £19.6m. The 2021 pre-tax profit forecast was increased from £2.1m to £2.5m.
Self-storage sites operator Lok’nStore (LOK) is increasing occupancy rates and adding new sites. Self-storage revenues increased by 21% over the year to July 2021, which is well ahead of forecasts. The first half growth rate was 11%. Over the 12-month period, occupancy rates have increased from 69.6% to 85.8%.
Oil and gas producer Southern Energy Corp (SOUC) concentrates on areas with proven low-cost producing assets, with the current focus in Mississippi. The strategy is to grow production through acquisitions. Alberta-based Southern Energy plans to increase production to 25,000 barrels of oil per day over the next two year. This will require larger acquisitions than in the past. No cash was raised, and the shares will continue to be traded on the TSX Venture Exchange. The share price opened at 6.5p on the first day and stayed at that level until the end of the second day when it fell to 5p (4p/6p) and that price was maintained.
Science Group (SAG) has made a bid approach for TP Group (TPG). Science group has acquired a 10.2% stake in TPG, with the shares being acquired for 5p each.
Best of the Best (BOTB) says that there has been a 15% decline average weekly sales of competition entries. finnCap has cut its earnings forecast from 142.4p a share to 53.3p a share. There should still be £12m in cash at the end of April 2022.
Venture Life Group (VLG) says interim revenues were lower this year because of the lack of hand sanitiser sales and lower sales of Dentyl in China. Sales of other products grew. Forecasts have been updated for recent acquisitions. Share issues mean that earnings are expected to be flat at 2.5p a share. The full benefits of the acquisitions will come through in 2022 when earnings are expected to be 4.6p a share.
Verditek (VDTK) has raised £353,000 from its Crowd for Angels bond offering.
MAIN MARKET
Foams manufacturer Zotefoams (ZTF) improved its interim pre-tax profit by 49% to £4m even though it was reduced by currency movements. Footwear generates one-third of revenues. The new manufacturing site in Poland has opened.
Argo Blockchain (ARB) generated revenues of £31.1m from mining 883 bitcoin in the first half of 2021. Although revenues are improving, there will be higher than expected tax and finance charges this year. finnCap has reduced its 2021 earnings estimate from 7.6p a share to 5.6p a share.
Plaza Centers NV (PLAZ) has received a revised proposal from GC Hevron Capital. The company’s assets would be transferred to a trustee of managed for the benefit of bondholders. Hevron would be issued shares equivalent to 74.99% of the enlarged share capital. There will be a NIS 2 million payment to cover creditors. Hevron will then inject a new business, which is part of its investment portfolio, into the shell. The target is a nutritional food technology company.
Danakali (DNK) is cancelling its standard listing on 24 September and retaining its ASX listing.
Mast Energy Developments (MAST) has acquired Pyebridge Power, which owns a 9MW gas-powered standby generation facility, for £2.5m in cash. The site could generate EBITDA of £488,000 a year.
Hawkwing (HNG) is raising £16.5m through the issue of 8% convertible loan notes. They are convertible at 6p a share. The cash will be loaned to ecommerce aggregator Internet Fusion Group to finance two acquisitions – an outdoor lifestyle brand and an online fashion accessories retailer. Hawkwing plans to acquire Internet Fusion for an enterprise value of £115m through an issue of shares at 6p each. Trading in Hawkwing shares remains suspended.
Path Investments (PATH) has agreed to acquire DG Innovate for £32m in shares at 0.6p each. DG is developing electric motor technologies and energy storage systems. There is enhanced drive technology, which is being used to develop lightweight and cost-effective electric motors, and enhanced battery technology, which is developing fully-recyclable, sodium-ion batteries offering greater energy density than current technologies.
Andrew Hore
Ananda Developments #ANA – Update on Medical Cannabis Research Growing Facility
Ananda’s ambition is to be a UK-based grower of carbon neutral, consistent, high quality medical cannabis for domestic and international markets. In 2025, the UK medical cannabis market is expected to be worth £450m and the European market is expected to be worth £2.7bn.
HIGHLIGHTS
- Construction works at DJT Plants Limited’s (“DJT Plants”) medical cannabis research growing facility commenced on 4 July 2021
- Dr Hadar Less, DJT Plants’ Chief Grower, has met the UK based construction team on site
- Preparation of documents continues for the acquisition of the 50% of DJT Group Limited (“DJT Group”) not already owned by Ananda
MEDICAL CANNABIS RESEARCH GROWING FACILITY
Since the last update on 25th June 2021, works have commenced on schedule at the UK based research growing facility site. There has been a post-COVID construction boom and although materials costs have risen since the project was originally scoped it is fully funded from Ananda’s current cash reserves. Once construction is complete, DJT Plants will commence planting its first medical cannabis for its research programme. DJT’s ultimate ambition is to transition to commercial growing of medical cannabis. The Board is highly encouraged by progress to date.
Dr Hadar Less, DJT Plants’ Chief Grower, has spent time on site, met with the construction team and scoped out the job description for the Facility Manager who will be recruited to report directly to him.
Dr Less’ expertise is in plant genetics. He was the Agriculture Division Manager at BOL Pharma, CEO of BOL Agrotech and has experience managing large teams. BOL is one of the largest medical cannabis cultivation and production companies in Israel. Israel has a more mature medical cannabis sector than the UK and has, arguably, a medical cannabis prescribing framework that is most like that in the UK in that patients have to have exhausted other forms of medication to be prescribed cannabis. Dr Less was actively involved in the development of DJT Plants’ successful licence application to the Home Office of the UK Government and his experience is directly applicable to DJT’s immediate research initiatives and ultimate commercial growing ambitions.
Ananda’s CEO Melissa Sturgess commented; “Our team grew medical cannabis under contract for GW Pharmaceuticals, providing a great foundation for our ambitions. The first part of our research plan is to stabilise 65 strains of medical cannabis to add to the body of knowledge about growing in UK conditions. We want to create a scientific and operational platform from which we can move to commercial growing.”
Further updates will be provided as plans progress.
ACQUISITION OF 50% OF DJT GROUP NOT ALREADY OWNED BY ANANDA
A circular containing further information and convening a General Meeting to approve, amongst other things, the acquisition by Ananda of the 50% shareholding in DJT Group not currently owned by Ananda, will be sent to Ananda shareholders as soon as possible. A further announcement will be made at that time.
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The Directors of the Company accept responsibility for the contents of this announcement.
| ANANDA DEVELOPMENTS PLC Chief Executive Officer Melissa Sturgess Investor Relations |
+44 (0)7463 686 497 ir@anandadevelopments.com |
| PETERHOUSE CAPITAL LIMITED Corporate Finance Mark Anwyl Corporate Broking |
+44 (0)20 7469 0930 |
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.
Ananda Developments #ANA – Exercise of Warrants
Ananda announces that 663 ordinary shares of 0.2p each in the Company (“Ordinary Shares”) have been issued following the exercise of warrants at 0.45p per share. The proceeds received by the Company will be used for general working capital purposes.
Application will be made for the new Ordinary Shares to be admitted to trading on the Access segment of the AQSE Growth Market and admission is expected to become effective on Monday, 9 August 2021.
Following this issue, the Company has 794,501,879 Ordinary Shares in issue, each share carrying the right to one vote.
This figure of 794,501,879 Ordinary Shares may 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 share capital of the Company under the FCA’s Disclosure and Transparency Rules.
-Ends-
The Directors of the Company accept responsibility for the contents of this announcement.
| ANANDA DEVELOPMENTS PLC Chief Executive Officer Melissa Sturgess Investor Relations |
+44 (0)7717 573 235 ir@anandadevelopments.com |
| PETERHOUSE CAPITAL LIMITED Corporate Finance Mark Anwyl Corporate Broking |
+44 (0)20 7469 0930 |
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.
Ananda Developments #ANA – Result of Annual General Meeting and TVR
Ananda Developments plc is pleased to announce that all the Resolutions were duly passed at the Annual General Meeting of the Company held today.
In accordance with the Financial Conduct Authority’s Disclosure and Transparency Rules, Ananda announces that the Company has 794,501,216 ordinary shares of 0.2p each in issue, each share carrying the right to one vote.
This figure of 794,501,216 Ordinary Shares may 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 share capital of the Company under the FCA’s Disclosure and Transparency Rules.
-Ends-
The Directors of the Company accept responsibility for the contents of this announcement.
| ANANDA DEVELOPMENTS PLC Chief Executive Officer Melissa Sturgess Investor Relations |
+44 (0)7717 573 235 ir@anandadevelopments.com |
| PETERHOUSE CAPITAL LIMITED Corporate Finance Mark Anwyl Corporate Broking |
+44 (0)20 7469 0930 |
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.
Andrew Hore – Quoted Micro 19 July 2021
AQUIS STOCK EXCHANGE
Good Energy (LON: GOOD) has rejected the bid from rival renewable energy supplier Ecotricity. It believes that the indicative offer of 340p a share in cash is too low even though it is a premium to the previous market price. Management believes that it has a clear strategy for the company. The focus is energy as a service and mobility as a service, particularly through Zap Map. A new tariff, called Green Driver, has been launched offering a choice of off-peak electric vehicle charging periods. The potential bid values Good Energy at nearly £57m. However, Ecotricity already owns 25.06% of Good Energy.
Voyager Life (VOY) has secured a preferred supply deal for its CBD and hemp oil products with independent pharmacy group Inphaserve, which supplies more than 30 independent pharmacies in England and Scotland.
Rogue Baron (SHNJ) reports another record month for its Bin 1301 bar. Sales were $95,000 in June, which is one-third higher than any pre-Covid month.
SulNOx Group (SNOX) has raised £2.59m at 30p a share. The cash will be used to build up the sales capability and finance the hiring of additional management and staff. There will also be further investment in R&D. There are 58 ongoing trials for its emission reduction product.
Hydro Hotel Eastbourne (HYDP) generated interim revenues of £186,000, but it lost £383,000. The hotel has been trading for a limited time in the six months to April 2021. Refurbishment of bathrooms was undertaken during the period. The hotel will fully re-open on 19 July.
Tectonic Gold (TTAU) has reached an agreement with White Prospecting to set up a joint venture to mine gold at the Mount Cassidy project. Tectonic will get a 7.5% gross production royalty. This deal will enable Tectonic to concentrate on Specimen Hill.
BWA Group (BWAP) reports positive sampling results at the 90%-owned Dehane rutile sands project. It is still early days, but the elevated levels of rare earths is a good sign.
Evrima (EVA) had £164,000 in the bank at the end of 2020, while the NAV was £461,000.
Chapel Down Group (CDGP) raised £6.88m at 59.5p a share, which includes £5.45m raised via crowdfunding. NQ Minerals (NQMI) has raised £35,000 at 7p a share. All Star Minerals (ASMO) has raised £257,000 at 0.02p a share and converted £54,000 of liabilities into shares. Ananda Developments (ANA) has raised £350,000 from an issue of convertible loan notes, with a conversion price of 1p a share, and a further £200,000 is committed by investors.
AIM
Building materials sector consolidator SigmaRoc (LSRC) acquiring Finland-based limestone supplier Nordkalk acquired for £402m, including debt. SigmaRoc has raised £260m in a placing at 85p a share, while a retail offer raised £1.6m. A new bank facility will help to fund the deal and £43m of shares will be issued to Rettig Group.
Energy efficiency as a service provider eEnergy Group (EAAS) has trebled full year estimated revenues to £13.5m. Organic growth was 75% and there was a small pre-tax profit. The smart metering service has been rebranded as MyZeRO and the first combined LightAsAService and smart metering contract has been won. Short-term profit growth is being sacrificed for longer-term growth.
Solid State (SOLI) marginally beat previously upgraded expectations for its figures for the year to March 2021. Revenues dipped slightly to £66.3m, but underlying pre-tax profit was 15% ahead at £5.4m following a reduction in overheads. The total dividend was 16p a share. Computing and communications products did well, but there was a decline in power products revenues. Acquisitions made a small contribution.
Glantus (GLAN) has made its first acquisition since joining AIM, but the software company still remains at a discount to its placing price. The $9.3m acquisition of Technology Insight Corporation led to an earnings up grade for 2022 from 6.4 cents a share to 7.1 cents a share.
Iodine producer Iofina (IOF) says iodine prices are back to pre-pandemic levels at $35-$37/kg. First half production is in line with guidance at 249.4Mt.
Kromek (KMK) had a better second half of the year to April 2021. Manufacturing had been closed in the first half and revenues improved. Full year revenues still fell from £13.1m to £10.4m. There is already 75% visibility over this year’s forecast revenues of £15m. Biodetection equipment for Covid-19 and other airborne viruses will provide a new market for the company. The medical imaging market is recovering.
ULS Technology (ULS) continues to invest in its DigitalMove platform, and it has net cash of £24m to complete its development. More services will be offered on the platform. Conveyancing completions fell last year and revenues declined 18% to £16.9m.
Zoo Digital (ZOO) moved into profit in the year to March 2021. A pre-tax profit of $900,000 was made on revenues of $39.5m with further improvements in profit expected in the next two years. Demand is increasing from subtitling and dubbing services for TV and film back catalogues and Zoo is also adding additional services. Zoo is extending its geographic reach in line with demand from customers.
Chains and transmissions manufacturer Renold (RNO) reported a 13% dip in revenues last year, but underlying pre-tax profit improved by one-fifth to £5.9m – that was due to £2.4m of restructuring costs the year before. Net debt was reduced to £18.4m. The cost base has been cut and efficiency improved through capital investment in facilities. In July, a £11m military contract was won by the torque transmission business.
Personal protection and insurance products provider CPP Group (CPP) says that trading in India has recovered in the past few weeks, but there had been a sharp reduction activity in April and May. The back books continue to generate revenues, although they are declining. Overall trading is in line with expectations.
MAIN MARKET
Standard list shell Hawkwing (HNG) has agreed to acquire ecommerce aggregator Internet Fusion Group, which owns nine speciality retail businesses. It has developed the Reactor platform which brings together retail businesses and brands. Trading in the shares has been suspended.
LED lighting and wiring accessories supplier Luceco (LUCE) has continued to improve its performance in the first half. Interim revenues are expected to be £108m and underlying operating profit of £19m. The second half will be even stronger. Luceco expects full year revenues to be at least one-quarter higher at £220m and underlying operating profit 30% ahead at £39m.
Maternity wear retailer Seraphine Group (BUMP) raised £61m at 295p when it joined the premium list last Friday. The cash will be used to pay off loans and finance growth. The share price started conditional dealings earlier in the week at 305p and subsequently fell back, opening at 280.05p when dealings were unconditional. The share price ended the day at 279.4p
HeiQ (HEIQ) has signed a collaboration agreement with LYCRA and the first product should be launched by the autumn. This will combine freshness and antiviral benefits with LYCRA stretch fabrics.
Nuformix (NFX) expects to develop a phase 1-ready formulation of its NXP002 inhaled treatment for idiopathic pulmonary fibrosis in the next 18 months. This could be a time to seek a partner.
Andrew Hore
Ananda Developments #ANA – Issue of Equity
Ananda announces that 96,890 ordinary shares of 0.2p each in the Company (“Ordinary Shares”) have been issued following the exercise of warrants at 0.45p per share. The proceeds receivable by the Company will be used for general working capital purposes.
Application will be made for the new Ordinary Shares to be admitted to trading on the Access segment of the AQSE Growth Market and admission is expected to become effective on Thursday, 22 July 2021.
Following this issue, the Company has 794,501,216 Ordinary Shares in issue, each share carrying the right to one vote.
This figure of 794,501,216 Ordinary Shares may 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 share capital of the Company under the FCA’s Disclosure and Transparency Rules.
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The Directors of the Company accept responsibility for the contents of this announcement.
| ANANDA DEVELOPMENTS PLC Chief Executive Officer Melissa SturgessInvestor Relations Jeremy Sturgess-Smith |
+44 (0)7717 573 235 ir@anandadevelopments.com |
| PETERHOUSE CAPITAL LIMITED Corporate Finance Mark Anwyl Allie FeuerleinCorporate Broking Lucy Williams Duncan Vasey |
+44 (0)20 7469 0930 |
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.
Ananda Developments #ANA – Issue of Convertible Loan Notes
Ananda announces that the Company has raised £350,000 (gross) and received firm commitments for a further £200,000 (gross) of convertible loan notes (“CLNs”). The CLNs will be convertible into ordinary shares in the Company (“Ordinary Shares”) at a price of 1p per share and will have a fixed life of 2 years. The CLNs bear interest at a rate of 12.5% per annum, which will be rolled up and satisfied by the issue of Ordinary Shares at the end of the 2-year term.
The subscribers are all currently shareholders of the Company.
The proceeds from the issue of CLNs will be used by Ananda’s 50% owned subsidiary DJT Plants Limited (“DJT Plants”) to fund a larger than originally contemplated footprint for its medical cannabis field trials, to fit out the facility with lab equipment, and to secure the long-term services of key technical personnel. DJT Plants was awarded a licence to grow >0.2% THC cannabis for research purposes by the UK Government Home Office in May 2021.
Melissa Sturgess, CEO of Ananda, commented “We believe we have the opportunity to become a significant participant in the medical cannabis sector by supplying UK grown carbon neutral, consistent and high quality flower and oils to the UK and international markets. There is much work to be done and the team is focused on delivering on this vision. Conducting strain stabilisation and field trials research is the first, and possibly the most important, part of the plan.”
Charles Morgan (Chairman of the Company) and Melissa Sturgess (Chief Executive Officer of the Company) have each subscribed for £125,000 of CLNs. In light of their existing interests in the Company, Charles Morgan and Melissa Sturgess have undertaken not to convert any CLNs and have agreed that no Ordinary Shares will be issued to them by way of interest payment, unless such exercise or issue is otherwise permitted by the City Code on Takeovers and Mergers.
DJT Plants is a wholly owned subsidiary of DJT Group Limited, which is owned 50/50 by Ananda’s wholly owned subsidiary, Tiamat Agriculture Limited, and Anglia Salads Limited. On 8 June 2021, Ananda announced that non-binding Heads of Terms had been agreed for the proposed acquisition by Ananda of the 50% shareholding in DJT Plants not currently owned by Ananda. A circular containing further information and convening a General Meeting to approve that acquisition will be sent to Ananda shareholders as soon as possible. A further announcement will be made at that time.
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The Directors of the Company accept responsibility for the contents of this announcement.
| ANANDA DEVELOPMENTS PLC Chief Executive Officer Melissa Sturgess Investor Relations |
+44 (0)7463 686 497 ir@anandadevelopments.com |
| PETERHOUSE CAPITAL LIMITED Corporate Finance Mark Anwyl Allie Feuerlein Corporate Broking |
+44 (0)20 7469 0930 |
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.