Love Hemp is expected to appoint a new advisor in order to resume trading on the Aquis Stock Exchange (AQSE).
Love Hemp has stated it will be appointing a new AQSE corporate advisor following the resignation of Peterhouse Capital Limited. Peterhouse resigned following the failure of an investor in February 2022 to complete their investment of £1.2m.
Funds from the £2m February fundraise were to go towards general working capital purposes and streamlining the business through various initiatives. The transaction, for which H&P Advisory Limited and Peterhouse Capital Limited acted as brokers, was completed by way of a placing and subscription of 206,000,000 new ordinary shares of 0.1 pence each in the company at a price of 1p per share.
Read more: Love Hemp announces £4.33 revenue for 2021
Love Hemp’s board of directors has now begun an ongoing review of the events that led to the suspension in trading. Following its conclusion, any additional controls that are recommended will be put in place in order to prevent the potential for a similar issue occurring in the future.
Executive chairman and director, Andrew Male, 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.”
A board structure review is also being conducted by its independent non-executive director and two new board positions have been identified as being required. The company has stated it will immediately begin to look for a chief financial officer and another independent non-executive director.
Read more: Love Hemp CBD brand to launch on eBay
The company 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, and the company has stated that its board is committed to ensuring that this review is completed as quickly as possible and will be communicated to shareholders.
Love Hemp has recently seen an expansion to their collaborative trial with Deliver to deliver CBD products which started in January. The trial was originally only available in the Croydon area of South London but is now being extended to six new areas including Manchester. The brand was also recently one of the first to list on eBay’s UK platform, featuring Love Hemp’s sprays, drops and edibles.
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