Receipt of remaining £2.4m from sale of Leap

Seed Innovations Limited

15 April 2024

 

15 April 2024 

SEED Innovations Limited 

("SEED" or the "Company")

Receipt of remaining circa £2.4m (€2.76m) from the sale of Leap Gaming

Strengthens cash position to over £6 million

 SEED Innovations Ltd, the AIM-quoted company investment company providing shareholders with exposure to early-stage health, wellness, and medical cannabis companies, to which, in normal circumstances they have limited access to, is pleased to announce that it has received the remaining circa £2.4m (€2.76m) from the sale of its portfolio company Fralis LLC, trading as Leap Gaming.

Leap Gaming was sold in April 2023 (see RNS dated 11 April 2023), with SEED's proceeds of the sale totalling €5.8 million payable in two tranches.  The first tranche of €3 million (£2.7m) was received on completion of the deal and the balance was received on the 12 April 2024.

The Leap Gaming sale has contributed to SEED's strong cash position of over £6m, which remains higher than its market capitalisation.

Commenting on the announcement, Ed McDermott, CEO of Seed said: "With an additional £2.4 million in cash in the bank, our financial position is exceptionally robust. Despite ongoing liquidity challenges in junior stocks, the investment landscape continues to offer compelling opportunities. Accordingly, we are committed to identifying innovative investment opportunities that will benefit our shareholders. Our primary objective is to enhance shareholder value, and we anticipate unveiling several strategic initiatives aimed at achieving this goal in the near future. We are confident that these initiatives will be well-received by our shareholders."

- Ends -

 For further information on the Company please visit:    www.seedinnovations.co   or contact: 

Ed McDermott  Lance de Jersey	SEED Innovations Ltd	E: [e-mail]
James Biddle  Roland Cornish	Beaumont Cornish Limited,  Nomad	T: (0)20 7628 3396
Isabella Pierre  Damon Heath	Shard Capital Partners LLP  Broker	T: (0)20 7186 9927
Ana Ribeiro Isabel de Salis Isabelle Morris	St Brides Partners Ltd,  Financial PR	E: [e-mail]

Notes 

Seed Innovations Ltd is an AIM quoted investment company focused primarily on disruptive high growth life sciences and technology businesses particularly within the medical cannabis arena. The Company's strategy is to identify early-stage opportunities that have an upcoming investment catalyst and grow its portfolio in terms of value whilst limiting the number of investee companies to a level where relevant time can be devoted to each. 

 

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