DocuSign Envelope ID: B66A7264-3211-4FC0-88A5-253C7486EFC3
Company Registration No. 06374598 (England and Wales)
HELLENIC DYNAMICS Plc
(Formerly known as UK SPAC Plc)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
DocuSign Envelope ID: B66A7264-3211-4FC0-88A5-253C7486EFC3 | ||
HELLENIC DYNAMICS PLC (FORMERLY KNOWN AS U.K. SPAC PLC) | ||
CONTENTS | PAGE(S) | |
Company Information | 1 | |
Chairman's Report | 2 - 3 | |
Chief Executive Officer's Report | 4 - 5 | |
Strategic Report | 6 | - 14 |
Corporate Governance Report | 15 | - 23 |
Directors' Report | 24 | - 27 |
Remuneration Committee Report | 28 | - 31 |
Audit Committee Report | 32 | - 34 |
Nomination Committee Report | 35 | |
Independent Auditor's Report on the Group and Company | 36 | - 43 |
Consolidated Statement of Comprehensive Income | 44 | |
Consolidated Statement of Financial Position | 45 | |
Consolidated Cash Flow Statement | 46 | |
Consolidated Statement of Changes in Equity | 47 | |
Notes to the Consolidated Financial Statements | 48 | - 74 |
Company Statement of Financial Position | 75 | |
Company Cash Flow Statement | 76 | |
Company Statement of Changes in Equity | 77 | |
Notes to the Company Financial Statements | 78 - 81 |
DocuSign Envelope ID: B66A7264-3211-4FC0-88A5-253C7486EFC3
Hellenic Dynamics Plc (Formerly known as U.K. SPAC Plc)
COMPANY INFORMATION
Directors | Davinder Rai | Chief Executive Officer |
Filippos Papadopoulos | Executive Director | |
Anthony Jolliffe | Non-Executive Chairman | |
Joseph Colliver | Non-Executive Director | |
Secretary | SGH Company Secretaries Limited | |
Company number | 06374598 (England and Wales) | |
Registered office | 21 Arlington Street | |
London | ||
SW1A 1RN | ||
Auditor | PKF Littlejohn LLP | |
15 Westferry Circus | ||
Canary Wharf | ||
London | ||
E14 4HD | ||
Registrars | SLC Registrars | |
P.O. Box 5222 | ||
Lancing | ||
West Sussex | ||
NB99 9FG | ||
Financial advisors | Cairn Financial Advisers LLP | |
80 Cheapside | ||
London | ||
EC2V 6EE | ||
Brokers | Peterhouse Capital Limited | |
3rd Floor | ||
80 Cheapside | ||
London | ||
EC2V 6EE | ||
Principal Bankers | Barclays Bank Plc | |
Leicester | ||
Leicestershire | ||
LE87 2BB |
1
DocuSign Envelope ID: B66A7264-3211-4FC0-88A5-253C7486EFC3
Hellenic Dynamics Plc (Formerly known as U.K. SPAC Plc)
CHAIRMAN'S REPORT
FOR THE PERIOD ENDED 31 MARCH 2023
I am pleased to present the annual report and financial statements for the period ended 31 March 2023 for Hellenic Dynamics Plc ("Hellenic" or the "Company"). UK SPAC PLC, which was renamed Hellenic Dynamics Plc on 17 November 2022, acquired Hellenic Dynamics SA ("Hellenic Dynamics" or the "Company") and gained admission to the Official List (by way of a Standard Listing) and to trading on the London Stock Exchange's ("LSE") main market for listed securities ("Admission") with effect from 08:00 on the 5 December 2022.
I am extremely proud of the whole Hellenic team, its advisers and management in the continuing roles they play, not only in gaining a main market listing as the first medical cannabis company to do so, but also with their continued work on the Company's facility in Greece. It has been a long process with the Financial Conduct Authority and LSE and this commitment alone shows that the experienced operational and cultivation teams have led the Company to be a market leader in the cultivation and supply of medical cannabis flowers for the European markets.
Having been involved since the admission process, I was fortunate enough to witness first-hand the positive impact medical cannabis is having on patients across a various range of chronic pain indicators and I believe the low-cost base we enjoy together with the supportive legislative framework in Greece, will support Hellenic in its endeavour for European dominance in the supply of medical cannabis.
Milestones
The law changed in Greece in 2017 allowing the cultivation of tetrahydrocannabinol ("THC") medical cannabis. Since that time, members of the Hellenic team have navigated the changing landscape of this exciting new industry culminating in the Company achieving the milestone of working with the FCA and LSE to become the first medical cannabis cultivator to gain admission to the Official List and to trading on the LSE's main market.
In addition to the Admission process, significant work and capital has been invested since the formation of the Group in 2019, leading Hellenic to move towards a contract cultivation expanded strategy with the first cultivation anticipated to occur in the second quarter of the Company's 2023 fiscal year.
Board changes
As a result of the acquisition of Hellenic Dynamics and Admission, there was a change of the Company's board of directors ("Board"). I was appointed as Non-executive Chairman, replacing Peter Jay who stepped down on 16 December 2022.
At the time of the acquisition, Nigel Brent Fitzpatrick ("Brent") and Simon Grant-Rennick both Non-executive Directors stepped down and the appointments of Davinder Rai as CEO, Filippos Papadopoulos as Executive Director and Joseph Colliver as a Non-executive Director were completed.
I would like to thank Peter, Brent and Simon for their contributions.
Appointments
During the reporting period and post Admission, I am pleased to welcome both Carl Haffner who was appointed as a consultant to our cultivation team and Katherine Fleming who was appointed to our Advisory Board. Carl was previously the Co-founder and CEO of Avida Global SAS, a vertically-integrated cannabis business which achieved all the necessary certifications including ISO, GACP & EU-GMP. Carl is a great addition to the Hellenic team of experienced cannabis professionals.
Katherine is currently the President and CEO of the J. Paul Getty Trust, the international cultural and philanthropic institution, overseeing its 1,500 employees and US$8.5 billion fund and holds a number of honours including being decorated by the Greek Government as a commander in the Order of Beneficence. With Katherine's appointment we believe that we ensure our further exposure both domestically in Greece and in other international markets.
2
DocuSign Envelope ID: B66A7264-3211-4FC0-88A5-253C7486EFC3
Hellenic Dynamics Plc (Formerly known as U.K. SPAC Plc)
CHAIRMAN'S REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
Employees
Together with the board, I would like to thank our entire Hellenic team for their total commitment and approach to our business which they have demonstrated through real work experience in the work they have done to date both on the Hellenic facility and in the wider business. Despite many challenges faced, especially with regards to the Admission process, I feel confident that under their stewardship Hellenic can achieves its goals of European dominance in the supply of medical cannabis.
Sustainability
With the advanced discussions underway for a move to using solar power as sustainable, low-cost energy, this will in turn lower the cost base for our operations and production and also allow our customers to benefit from a sustainable product. The Company has opted to cultivate in a fully indoor facility, rather than a glasshouse, to save on the additional power required to heat glasshouses in winter and cool during the summer, by then combining solar energy with indoor cultivation, the Company hopes to be a market leader in sustainable medical cultivation.
Dividends
Given the Group is continuing to invest in growing the business, the Board does not recommend the payment of a dividend (2021: £Nil).
Looking ahead
Despite the extended period working with the FCA to achieve Admission, the Group has made significant progress during the period. The number of European medical cannabis prescriptions and the number of European countries that are legalising medical cannabis is growing. However, the number of producing European medical cannabis cultivators is shrinking due to the challenges they have faced from inflation and increasing energy costs. By being agile, listening to not only its customers but also ensuring its competent understanding of the fast-evolving European cannabis industry, coupled with he low cost of operations, I believe, set Hellenic apart from its competitors.
Hellenic is constantly educating itself as the industry shifts into its new phase, not only from a legislative viewpoint but also firmly with the end patient in mind. The Group has moved with the recent changes in the industry and is now well placed to the reap the incoming rewards.
With industry leaders joining the Company's team, the signing of the first POD MoU with Deutsche Medizinalcannabis GmbH which trades as Demecan Holding ("Demecan") (post period end) and with further expressions of interest in POD contracts resulting in active discussion, all demonstrate the Company's growing reputation within the sector.
I remain confident in Hellenic's strategic direction as a white label contract cultivator of tetrahydrocannabinol ("THC") dominant strains of medical cannabis flowers, where I have seen first-hand how this improves the quality of patients' lives for the better. Achieving our goals during the coming year, I expect Hellenic to deliver growth for our investors.
I am pleased to present the 2023 first full results to shareholders for the period ended 31 March 2023.
Sir Anthony Jolliffe
Non-Executive Chairman:
Date: 31 July 2023
3
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Hellenic Dynamics plc published this content on 31 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 August 2023 13:03:13 UTC.