TIDMVOY
RNS Number : 6556E
Voyager Life PLC
03 July 2023
3 July 2023
Voyager Life plc
("Voyager" or the "Company")
Operations update
Voyager, the health and wellness company manufacturing and
supplying high-quality Cannabidiol (CBD), hemp seed oil and
hemp-related products, is pleased to provide the following update
on its operations.
Highlights:
-- Expiry of longstop date for acquisition of Polish CBD extraction and manufacturing facility
-- Confirmation of first manufactured products' orders from major customers
-- Cash balance of c. GBP 787,000 as at 3 July 2023
Termination of acquisition of Polish CBD extraction and
manufacturing facility
On 1 January 2023, Voyager assumed operational control of the
extraction and manufacturing facility in Poland, which was acquired
from Goodbody Health Limited ("Goodbody") on 16 December 2022. As
announced at the time, legal title was expected to pass following
the conclusion of certain Polish registration requirements. Legal
advice received at the time indicated that this process would be a
formality, taking around two to three months, but in fact it
remains ongoing and without any certainty of timing for conclusion.
The longstop date under the sale and purchase agreement ("SPA"),
which had already been extended once, expired on 30 June 2023.
Regrettably it has become apparent in negotiations over the past
weeks that Voyager and Goodbody are some way apart in their
proposed terms for a further longstop extension. The open ended
approval process has created some uncertainties for both parties
around full access to the assets that are subject to the
transaction: in Voyager's case, the facility itself where the land
and buildings are freehold, and in Goodbody's case, the cash held
in escrow. This has frustrated both parties' plans for future
development. Although compromises have been proposed, an equitable
solution has not been found.
The parties have therefore agreed to terminate the SPA and
operating control of the facility has returned to Goodbody.
Customers
In its announcement on 18 May 2023, Voyager outlined five
examples of potential new customers for its manufacturing division,
VoyagerCann, which the Company believes could have a very
significant effect on its revenue. Only one of these customers was
fully dependant on the Polish facility. Of the other four, Voyager
is pleased to announce that one has now confirmed its first order
with the Company and a second, which is the largest of the examples
given, has indicated that it expects to be in a position to
commission VoyagerCann's services in the autumn of this year.
Discussions with the other two remain ongoing. In addition to these
examples, since its last announcement, VoyagerCann has received and
manufactured its largest single order to date. With a total value
of around GBP25,000, the order was made in Scotland for delivery to
a European customer.
Each of these customer opportunities is for the formulation and
manufacture of products under their brands and, if successful,
VoyagerCann anticipates regular re-orders of those products in line
with the customers' sales to end customers. VoyagerCann has also
begun to take steps to upgrade its manufacturing facility in
Scotland to include food products which will expand its scope to
fulfil both these and other orders.
Funding position
Following the termination of the SPA, Voyager has applied to the
escrow agents for the GBP500,000 that was placed in escrow at the
start of the year to be returned to the Company. Voyager's cash
balance at the opening of business on 3 July 2023, including the
escrow, was approximately GBP787,000 meaning that the Company is
funded for the next 12 months based on its current operations.
The Polish facility had been loss making for the first six
months of the year so relinquishing that business has provided
greater funding capacity for the expansion of Voyager's core UK
operations.
In addition to the above, Voyager has an outstanding claim for
an employment grant for around GBP3,000 and has also been preparing
an R&D tax claim which, if successful, would be settled to the
Company in cash.
With the termination of the SPA, the GBP1.0 million convertible
loan notes with a 7.5 per cent. annual coupon will no longer be
issued.
Nick Tulloch, Chief Executive Officer and Founder of Voyager,
said: "Whilst relinquishing the Polish facility is a
disappointment, we have always adhered to the principle of
conservative management and the ongoing uncertainties of the Polish
approval process, coupled with the challenges of operating the
facility optimally without full ownership, leave us in no doubt
that this is the right decision.
"CBD isolate and distillate prices remain under pressure and so
the true value of the facility was in the ability to extend its
capabilities to finished products. These are predominantly designed
in Scotland and we have scope to expand our facility there to
address all customer requirements. Alongside this, tightening of
requirements by European couriers in recent months has made the
transport of CBD out of Poland more difficult than earlier in the
year.
"Through these challenges in the industry, we continue to see
considerable opportunities for growth, both organic and
acquisitive, and our low-cost vertically integrated model coupled
with a stock market listing makes us an attractive partner. As
always, we remain cautious in our approach but, despite this
setback, we remain confident that we have the right business model
to succeed in our ambition to be a leading European CBD
company."
This announcement contains inside information for the purposes
of the UK Market Abuse Regulation and the Directors of the Company
are responsible for the release of this announcement.
Caution regarding forward looking statements
Certain statements in this announcement, are, or may be deemed
to be, forward looking statements. Forward looking statements are
identi ed 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 re ect the Directors' current beliefs
and assumptions and are based on information currently available to
the Directors.
S
Enquiries:
Voyager Life plc Tel: +44 (0) 1738 317
693
Nick Tulloch, CEO
http://voyagerlife.uk
nick@voyagerlife.uk
Cairn Financial Advisers LLP (AQSE Tel: +44 (0) 20 7213
Corporate Adviser) 0880
Ludovico Lazzaretti/Liam Murray
Stanford Capital Partners LLP (Broker)
Patrick Claridge +44 (0) 203 3650 3650
Bob Pountney +44 (0) 203 3650 3651
John Howes +44 (0) 203 3650 3652
Notes to Editors:
About Voyager
Voyager was founded in 2020 and is based in Perth, Scotland. The
Company's primary objective is the formulation, manufacture and
supply of high quality CBD and hemp seed oil products although it
also produces several other complementary products, the majority of
which are manufactured from the hemp plant. Its product categories
include a pet range which has rapidly developed into one of the
Company's best sellers. The Company sells online, through third
party stores and in its own stores which are located in St Andrews,
Edinburgh and Dundee. The Company has two principal retail brands:
Voyager, focused on health & wellness and petcare, and Ascend
Skincare, its beauty range. Voyager products are currently
available from Cornwall to Shetland in over 150 online and
brick-and-mortar outlets.
The Company's philosophy of plant-based health and wellness is
embodied in its mission statement and hashtag of "Choose you". With
an experienced team and a product line created in line with the
UK's regulatory regime, Voyager aims to become the trusted brand in
this increasingly popular health and wellness space.
Through Voyager's bespoke skincare product creation and
development division , voyagerCann , the Company also offers a full
turnkey service to other CBD, skincare and cosmetics brands
assisting them in developing and launching new products with a
manufacturing and distribution facility in Scotland.
Website and social media links:
Voyager:
https://voyagercbd.com/
https://www.instagram.com/voyagercbd/
https://twitter.com/voyagercbd
https://www.linkedin.com/company/voyager-cbd/
https://www.facebook.com/voyagercbd/
voyagerCann:
https://voyagercann.com/
https://www.instagram.com/voyagercann/
https://twitter.com/voyagercann/
https://www.linkedin.com/company/voyagercann/
https://www.facebook.com/voyagercann/
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END
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Voyager Life (AQSE:VOY)
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Voyager Life (AQSE:VOY)
過去 株価チャート
から 6 2023 まで 6 2024