Appointment of Specialist Investment Consultant
Seed Innovations Limited has appointed Hoid.ai Limited as a specialist investment consultant for an initial term of 5.3 years to support its strategy in robotics and AI ventures. Hoid.ai, owned by SEED's Chairman Jim Mellon, will be reimbursed for expenses up to £20,000 per month in the first year and will receive a performance fee of 15% of the increase in audited NAV per share above a 4% hurdle rate, payable in cash and shares. This appointment is considered a related party transaction, with independent directors deeming the terms fair and reasonable for shareholders.
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SEED Innovations Limited ("SEED" or the "Company"), an AIM-quoted investing company, announces the appointment of Hoid.ai Limited ("Hoid.ai") as a consultant to support its updated investing strategy focused on high-growth robotics and artificial intelligence ventures. Hoid.ai, established by SEED's Chairman and largest shareholder Jim Mellon, is led by Robert ("Bob") MacDonald, an experienced venture and growth capital professional with extensive knowledge of Asian markets. Bob and his team will work closely with SEED's board to identify and assess opportunities aligned with the Company's new investing policy.
Consulting Agreement Highlights:
- Initial term of 5.3 years (to 31 March 2031), with a 12-month notice period thereafter. The agreement may be terminated immediately if Jim Mellon ceases to be a Director or his interest falls below 10%.
- Reimbursement of reasonable expenses, capped at £20,000 per month in the first year.
- Performance-related fee: 15% of the increase in audited NAV per share above a 4% hurdle rate, with payment split equally between cash and SEED Ordinary Shares (or warrants), issued based on a 30 day VWAP and subject to lock-in provisions over up to 3 years.
- All investment decisions remain with SEED.
Jim Mellon, Non-Executive Chairman of SEED, commented:
"Bob and his team bring a rare combination of investment discipline and a proven track record of identifying breakthrough opportunities at an early stage. His experience in emerging technologies and strong network in the venture ecosystem make him exceptionally well suited to support SEED's new strategy. We are very pleased to have secured his involvement and look forward to working closely with him as we build a focused portfolio in robotics and associated AI."
Related Party Transaction:
Hoid.ai is wholly owned by an entity controlled by Jim Mellon. As Jim Mellon holds approximately 22.2% of SEED and both Jim Mellon and Denham Eke, directors of SEED, are also directors of Hoid.ai., the agreement constitutes a related party transaction under AIM Rule 13. The independent Directors of SEED, being Lance de Jersey, Luke Cairns and Sir James Bucknall, having consulted with the Company's Nominated Adviser, Beaumont Cornish Limited, consider the terms fair and reasonable for shareholders.
The full Consulting Agreement will be available on SEED's website: https://seedinnovations.co/investor-centre/corporate-documents
| SEED Innovations Limited | Beaumont Cornish Limited | Shard Capital Partners LLP | St Brides Partners Limited |
| The Company | Nomad | Broker | Public Relations |
| Lance de Jersey | Roland Cornish James Biddle | Isabella Pierre Damon Heath | Ana Ribeiro Isabel de Salis |
| info@seedinnovations.com | +44 (0) 207 628 3396 | +44 (0)20 7186 9927 | seed@stbridespartners.co.uk |
NOTES
Seed Innovations Ltd
Nominated Adviser
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.