Business
Issuance of New Ordinary Shares
Issuance of New Ordinary Shares.
About this update from Kanabo Group Plc
[{"type":"text","content":"\n\n \n23 May 2023\nKanabo Group plc\n(\"Kanabo\", the \"Company\")\n \nIssuance of New Ordinary Shares to Advisers and Service Providers\n \nKanabo Group plc (LSE: KNB), the patient focused healthcare technology and medicinal cannabis company, announces the issuance of 1,080,247 new ordinary shares to advisers and service providers. Further details can be found below.\nAsserson Shares\nAsserson Law Offices (\"Asserson\") will be issued with 743,055 new ordinary shares (\"Asserson Shares\") at a price of 6.06 pence per share. These shares will be issued as payment for outstanding invoices.\n4LLC Shares\nThe 4th Consulting LLC (\"4LLC\") will receive 5,000,000 shares at a price of 3.01 pence as part of a settlement agreement entered between Kanabo, Luca Longobardi, and 4LLC (\"4LLC Settlement Agreement\"). The shares will be issued for the provision of brokerage services in relation to the acquisition of The GP Service (\"GPS\"). 4LLC will receive their shares in two tranches, with 3,000,000 shares (\"First Tranche\") to be received immediately and the remaining 2,000,000 shares (\"Second Tranche\") to be received within the next three months.\nOf the First Tranche, 337,192 new ordinary shares (\"4LLC Shares\") will be issued by the Company immediately. The remaining 2,662,808 ordinary shares of the First Tranche will be transferred from the shares previously held by Atul Devani, Co-founder of GPS. As announced in September 2022, Mr Devani signed a compromise agreement on leaving the Company under which he returned 25% of the shares received as consideration for the acquisition of GPS. As such, in settlement of the First Tranche the Company will be issuing 337,192 new ordinary shares only.\nIn relation to the Second Tranche, the Company will make an announcement in due course.\nThe 5,000,000 shares are all subject to a simple orderly market agreement. Thereby, recipients of the shares will inform Kanabo or their broker of their intention to dispose of any shares, giving the Company or their broker the opportunity via its broker to place the shares. In the event it is not possible for Kanabo or their broker to place the shares, the seller can dispose of the shares.\nAdmission to trading\nApplication has been made to the London Stock Exchange for the new ordinary shares to be admitted to trading on the Standard ...