14
August 2024
Hellenic Dynamics
Plc
("Hellenic" or the "Company")
Winding-Up Petition and
Related Party Transactions
Hellenic Dynamics plc (LSE: HELD), a
medical cannabis cultivator with a dedicated focus on producing
tetrahydrocannabinol ("THC") dominant strains of medical cannabis
flowers for the fast-growing global medical cannabis
markets, operating a 40,000 square meter cultivation licence
from its 195,506 square meter facility in Northern Greece,
announces the following updates to the Company's announcement of 1
August 2024:
1. Related
Party Transaction with Joseph Colliver
On 13 August 2024, Joseph Colliver
(Non-Executive Director) entered into a related party loan
agreement with the Company. Under the terms of the agreement Joseph
Colliver has loaned the Company £5,000 ("Colliver
Loan"). Given Joseph Colliver is a Director of the Company the Colliver Loan
is deemed a related party transactions under Rule 7.3 of the
Disclosure Guidance and Transparency Rules. The Loan is unsecured,
non-interest bearing and is repayable by no later than
30 September 2024. In the event of default the
Colliver Loan will bear interest at 5% per annum.
The Colliver Loan has been used to pay Hill
Dickinson LLP an immediate instalment in relation to the debt owed,
being the subject of the Petition (defined below).
2. Related
Party Transaction with Filippos Papadopoulos
On 13 August 2024, Filippos
Papadopoulos (Director) entered into a related party cash facility
agreement with the Company's subsidiary Hellenic Dynamics S.A. Under the terms
of the agreement Filippos Papadopoulos has provided
Hellenic Dynamics S.A. with a facility of €11,000 for general
working capital purposes ("Papadopoulos
Facility"). Given Filippos Papadopoulos is a Director of the Company and
President of Hellenic Dynamics
S.A., the Papadopoulos Facility is deemed a
related party transactions under Rule 7.3 of the Disclosure
Guidance and Transparency Rules. The Papadopoulos Facility is
unsecured, non-interest bearing and is repayable as soon as
practically possible by Hellenic Dynamics S.A., but in any event by
no later than 31 October 2024. In the event
of default the Papadopoulos Facility
will bear interest at 5% per annum.
3.
Winding-Up Petition
On 13 August 2024, the Company and
Hill Dickinson LLP agreed a repayment schedule in relation to the
winding-up petition brought against the Company by Hill Dickinson
LLP, in relation to debts owed by the Company of £85,058.83 (plus
interest which has been accruing at a daily rate of £21.29 since
the date of the winding-up petition) ("Petition"). As a result Hill
Dickinson LLP has agreed to instruct its solicitors (Wedlake Bell
LLP) to withdraw the Petition and cease all action against the
Company. The court hearing date scheduled for 28 August 2024 in
relation to the Petition will therefore no longer take
place.
The information contained within
this announcement is deemed to constitute inside information as
stipulated under Article 7 of EU Regulation 596/2014 (which
forms part of domestic UK law pursuant to the European Union
(Withdrawal) Act 2018) . Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
The Directors of the Company accept
responsibility for the content of this announcement.
Enquires:
Hellenic Dynamics Plc
+44
(0)20 3818 7850
Davinder Rai
info@hellenicdynamics.com
Cairn Financial Advisers LLP
Emily Staples / Jo Turner
+44 (0)20 7213 0880
Peterhouse Capital - Brokers
Lucy Williams / Charles Goodfellow
+44 (0)20 7469 0930
Caution regarding forward looking statements
Certain statements in this
announcement, are, or may be deemed to be, forward looking
statements. Forward looking statements are identified by their use
of terms and phrases such as ''believe'', ''could'', "should"
''envisage'', ''estimate'', ''intend'', ''may'', ''plan'',
''potentially'', "expect", ''will'' or the negative of those,
variations or comparable expressions, including references to
assumptions. These forward-looking statements are not based on
historical facts but rather on the Directors' current expectations
and assumptions regarding the Company's future growth, results of
operations, performance, future capital and other expenditures
(including the amount, nature and sources of funding thereof),
competitive advantages, business prospects and opportunities. Such
forward looking statements reflect the Directors' current beliefs
and assumptions and are based on information currently available to
the Directors.