LONDON - Sealand Capital Galaxy Limited (LSE: SCGL), a company specializing in IT, social media, and technology opportunities, has successfully passed all resolutions at its Annual General Meeting (AGM) held on Monday. The company also announced the completion of a partnership and investment agreement with EVOO AI PLC, a proprietary data platform with specialized AI learning models for the luxury goods sector.
At the AGM, shareholders unanimously approved the directors' reports and financial statements for the years ending December 31st, 2019 through 2022. Additionally, PKF Littlejohn LLP was reappointed as auditors, and directors Elena Law and Geoffrey Griggs were re-elected.
Following the AGM, Sealand Capital confirmed the admission of 111,000,000 ordinary shares to the London Stock Exchange (LON:LSEG), expected to be effective around January 14, 2025. This move is part of the company's strategy to embrace disruptive technologies and solidify its position in the market.
The partnership with EVOO AI follows a due diligence process, with Sealand Capital's CEO, Elena Law, expressing confidence in the technology and commercial potential of EVOO's Olive platform, a luxury e-commerce marketplace. EVOO AI's CEO, Neil Stevenson-Moore, highlighted the strategic alignment with Sealand, particularly in leveraging Sealand's APAC relationships for growth opportunities.
The investment terms include a £300,000 loan facility to EVOO, with interest accruing at 12% over an 18-month term. Additionally, Sealand will receive 1,000,000 Share Purchase Warrants, with a conversion option into ordinary shares at a price potentially lower than the IPO price.
The companies have planned a webinar to inform shareholders about the partnership and investment details, with further announcements expected in the new year.
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