Althea Group Holdings' strategic investor ManCann Pty Ltd has entered into an agreement with Pac Partners to extend the escrow period for 10 million fully paid ordinary shares.
As Australia looks down the barrel of a looming lockdown, the pharmaceutical company Althea Group Holdings Limited (ASX: AGH) has come out with some positive news. The company has announced that ManCann Pty Ltd, one of its strategic investors during Althea's Initial Public Offering (IPO), has entered into an agreement with the lead manager of Althea's IPO's, Pac Partners Ltd. The agreement will extend the voluntary escrow period applying to Mancann Pty Ltd's 10,000,000 fully paid Ordinary Shares, that were due for release from escrow on 23 March 2020, for a further six months to 21 September 2020.
On the announcement, Althea CEO Joshua Fegan stated that: "Althea has many important, strategic long-term shareholders and Mancann Pty Ltd is certainly one of them. Althea has a strong balance sheet with approximately $15.5 million cash on hand, zero debt and significant revenue growth from increasing sales."
Additionally, in this time of uncertainty, Althea's business continues to grow, states Josh Fegan: "Our Australian business is solid, more products are being exported and sold into the UK than ever before and with the construction of the production facility of our Canadian subsidiary Peak Processing Solutions nearing completion, cash flow will revert to normalized levels."
Althea appreciates the ongoing support of all shareholders as we continue to execute on our carefully laid sales growth strategy, whilst keeping a vigilant eye on the global coronavirus situation. CEO of Althea Group Holdings, Josh Fegan
To learn more about Althea Group Holdings, visit their company HQ here.
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