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On 16 May 2023, Kanabo Group Plc announced amendments to The GP Service Limited acquisition agreement with MEIF WM Debt LP. The "Final Repayment Date" for the issuance of 12,574,931 Ordinary Shares to MEIF, in satisfaction of the MEIF loan, was extended to 31 December 2024 or a later date determined by MEIF. Kanabo also retains the discretion to find buyers for these 12,574,931 Ordinary Shares prior to the extended repayment date.
| Date | 16 May 2023 |
| Time | 07:00:03 |
| Category | Miscellaneous |
| ID | 4722Z |
16 May 2023
Kanabo Group Plc
("Kanabo" or the "Company")
Amendments to The GP Service Limited Acquisition Agreement
Further to the acquisition of The GP Service Limited (the "GP Service"), as announced on 21 February 2022, and pursuant to a sale and purchase agreement (the "Agreement"), Kanabo was due to issue 12,574,931 Ordinary Shares to MEIF WM Debt LP ("MEIF") in satisfaction of the MEIF loan.
The Company negotiated with MEIF and agreed that in respect of the 12,574,931 Ordinary Shares due to be issued and sold by Kanabo to satisfy the MEIF loan, the definition of "Final Repayment Date" in the original MEIF loan agreement shall be extended to 31 December 2024 or such later date as determined by MEIF. It was also agreed that if the Company, at its discretion and at any time prior to the Final Repayment Date, finds buyers for the 12,574,931 Ordinary Shares it will do so to satisfy the loan repayment.
Defined terms in this announcement shall have the same meaning as set out in the Acquisition of The GP Service Limited announcement made on 21 February 2022, unless otherwise specified herein.
For further information, please contact:
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Kanabo Group Plc |
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Avihu Tamir, Chief Executive Officer Assaf Vardimon, Chief Financial Officer Ian Mattioli, Non-Executive Chair of the Board
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via Vigo Consulting +44 (0)20 7390 0230 |
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Peterhouse Capital Ltd (Financial Adviser and Broker) Eran Zucker/ Lucy Williams / Charles Goodfellow
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+44 (0)20 7469 0930 |
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Vigo Consulting (Financial Public Relations/Investor Relations) Jeremy Garcia / Fiona Hetherington / Verity Snow kanabo@vigoconsulting.com
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+44 (0)20 7390 0230
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About Kanabo Group Plc
Kanabo Group Plc (LSE:KNB) is a healthtech company committed to revolutionising patient care through its innovative technology platform and disruptive product offerings. Since its inception in 2017, Kanabo has been focused on researching, developing, and commercialising regulated medicinal cannabis-derived formulations and therapeutic inhalation devices.
Kanabo's NHS-approved online telehealth platform, The GP Service, provides patients with video consultations, online prescriptions, and primary care services. The Company is a leader in its field, focusing on improving patient outcomes and providing more accessible healthcare experiences.
In March 2023, Kanabo successfully launched its Pain Clinic, Treat It, under the expert guidance of its technological and product expertise. Treat It initially focuses on chronic pain management using plant-based medicine and treatments that are currently unavailable through traditional channels.
At Kanabo Group Plc, we are dedicated to providing patients with the highest quality medical treatments and more accessible healthcare experiences.
Visit www.kanabogroup.com for more information.