5 June 2024
SEED Innovations
Limited
("SEED"
or the "Company")
Completion of Share Buy-Back
Programme
Payment of maiden dividend
of circa. £2 million and £0.51 million Buy-Back
programme
SEED Innovations Ltd, the AIM-quoted
investment company offering exposure to disruptive, high-growth,
life sciences and technology ventures typically inaccessible to
everyday investors, is pleased to announce completion of its Share Buy-Back Programme
(the "Programme") announced via RNS on 19 September 2023 and
extended on 29 February 2024. Since the commencement of the
Programme, the Company has repurchased 19,797,500 shares for a
total consideration of approximately £0.51 million, at an average
price of 2.58p per share. This represented 9.31% of the
issued share capital of the Company (excluding 2,472,446 treasury
shares) when the Programme commenced.
Of the issued share capital of
215,219,841 ordinary shares, the Company now holds a total of
22,269,946 shares in treasury, with the remaining 192,949,895
shares representing the total voting rights in the Company which
may be used by shareholders as the denominator for the calculation
by which they can determine if they are required to notify their
interest in, or a change to their interest in, the Company under
the Financial Conduct
Authority's Disclosure and Transparency
Rules.
The Programme has been conducted
within the safe harbour parameters of the Market Abuse Regulation
596/2014/EU and the Commission Delegated Regulation 2016/1052/EU
(each as incorporated into UK domestic law by the European Union
(Withdrawal) Act 2018, including where relevant pursuant to the
Market Abuse (Amendment) (EU Exit) Regulations 2019). Details of
all purchases made pursuant to the Programme were announced via RNS
and published on the Company's website as required by the Market
Abuse Regulations.
Commenting on the Programme, SEED CEO Ed McDermott
said: "The decision to buy-back some of our shares
was made in light of the disparity between the Net Asset Value
(NAV) and the share price. The result of the share Buy-Back is over
£0.5 million worth of shares bought back and another £2 million
returned to Shareholders by way of the 1p special dividend,
utilising over £2.5 million in total. It is now time to focus on
our existing portfolio and further adding new investments. We
believe these will deliver the returns which will allow us to
reduce further the shares in issue and deliver further dividends in
the future."
-Ends-
For further information on the
Company please visit: www.seedinnovations.co
or contact:
Ed McDermott
Lance de Jersey
|
SEED Innovations Ltd
|
E: info@seedinnovations.co
|
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: seed@stbridespartners.co.uk
|
Notes
Seed Innovations Ltd
SEED Innovations Ltd is an
AIM-quoted investment company offering exposure to disruptive,
high-growth, life sciences and technology ventures typically
inaccessible to everyday investors. Its strategy focuses on
identifying early-stage opportunities with upcoming investment
catalysts, alongside more mature investments providing near-term
liquidity. With a portfolio of such investments and cash reserves,
the company is agile and poised to capitalise swiftly on new
investment opportunities.
Nominated Adviser
Beaumont Cornish Limited ("Beaumont
Cornish") is the Company's Nominated Adviser and is authorised and
regulated by the FCA. Beaumont Cornish's responsibilities as the
Company's Nominated Adviser, including a responsibility to advise
and guide the Company on its responsibilities under the AIM Rules
for Companies and AIM Rules for Nominated Advisers, are owed solely
to the London Stock Exchange. Beaumont Cornish is not acting for
and will not be responsible to any other persons for providing
protections afforded to customers of Beaumont Cornish nor for
advising them in relation to the proposed arrangements described in
this announcement or any matter referred to in it.