Business
Update on Petition and Related Party Transactions
Update on Petition and Related Party Transactions.
About this update from Hellenic Dynamics Plc
[{"type":"text","content":"\n\n14 August 2024\n \nHellenic Dynamics Plc\n \n(\"Hellenic\" or the \"Company\")\n \n \nWinding-Up Petition and Related Party Transactions\n \nHellenic 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:\n \n \n1. Related Party Transaction with Joseph Colliver\nOn 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).\n \n \n2. Related Party Transaction with Filippos Papadopoulos\nOn 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....