Love Hemp Group plc, the brand-led consumer goods company focused on CBD health and wellness solutions, is pleased to provide a corporate update.
Love Hemp confirms it has today paid the fine imposed by the Aquis Stock Exchange (“AQSE”) on 25 August 2022. The fine was for £100,000 and AQSE offered a discount for an early settlement of £70,000 to resolve the matter which the Company has taken.
Since the suspension on AQSE was first announced on 3 May 2022, the Company has worked diligently with AQSE during its confidential investigation as well as identifying and working with a proposed new AQSE Advisor. The Company continues to work with that firm to complete its client take-on procedure and will update the market as soon as this is completed and their appointment is confirmed at which point the Directors anticipate that the suspension in the shares will be lifted.
As a consequence of the suspension, the Company has been unable to make sufficient progress in its proposed move to the Standard Segment of the London Stock Exchange. The Financial Conduct Authority has therefore recently confirmed to the Company that the review of its application has lapsed due to the passage of time. The Board understands this will be disappointing news for shareholders but reaffirms this does not preclude the Company progressing any new or dual market listing for the Company in the future. In the meantime, the Company continues to focus on building its infrastructure, strengthening its controls and driving increased trading performance which must be its current priority.
As part of the Company’s priority to strengthen the Board and management, it is pleased to announce the appointment of Robert Smyth as Chief Financial Officer with immediate effect. Robert joins the business as part of the executive management team and will be appointed as a director of the Company subject to completion of the requisite regulatory procedures and a further announcement will be made once these have been completed.
Robert’s professional background covers a wide range of commercial sectors, including Life Sciences (OBS Medical), Healthcare (SmithKline Beecham plc) and Energy (Regal Petroleum plc) and he brings significant financial and plc experience to Love Hemp having been on the main board of multiple AIM quoted businesses, including leading the floatation of KP Renewables plc. He is a Chartered Accountant, having trained with EY in London, and a Chartered Director. He holds a degree in Economics from Cardiff University and an MBA from the School of Management at the University of Bath.
Graham Mullis, Non-Executive Chairman comments:
“The Company continues to make progress at both corporate and operational levels and we look forward to seeing Love Hemp trading again on AQSE. I am also delighted to congratulate Robert in his appointment as CFO following the Company’s extensive search during these past few months. Robert has the experience, both financial and managerial to make a significant impact to the running and planned growth of the business. We also believe his experience and skills will complement our entrepreneurial CEO, Tony Calamita, well.”
“We understand shareholders may be disappointed with the cessation of the listing process to the Standard Market of the LSE but we would like to reassure shareholders that the Company is developing exciting plans both corporately and operationally which it looks forward to sharing in the future.”
Robert Smyth, Chief Financial Officer commented:
“I am delighted to be joining Love Hemp and be part of such a dynamic and entrepreneurial management team. I believe Love Hemp is at an exciting stage in its life-cycle and is positioned to do well in the rapidly expanding CBD market. I look forward to contributing to its growth and success.”