REG - Seed Innovations Ltd - Completion of share buy-back programme

Seed InnovationsAnnouncement

05/06/2024 07:00

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RNS Number : 1144R  Seed Innovations Limited  05 June 2024

 

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
(http://www.seedinnovations.com/) or contact:

 Ed McDermott                                   SEED Innovations Ltd         E: info@seedinnovations.co

 Lance de Jersey
 James Biddle                                   Beaumont Cornish Limited,    T: (0)20 7628 3396

 Roland Cornish                                 Nomad
 Isabella Pierre                                Shard Capital Partners LLP   T: (0)20 7186 9927

 Damon Heath                                    Broker
 Ana Ribeiro/ Isabel de Salis /Isabelle Morris  St Brides Partners Ltd,      E: seed@stbridespartners.co.uk

                                                Financial PR

 

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.

 

 

 

 

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