Issue of Consideration Shares

RNS Number : 1019R

Venn Life Sciences Holdings PLC

08 September 2014

 



8 September 2014

Venn Life Sciences Holdings Plc

("Venn Life Sciences" or the "Company")

Issue of Consideration Shares 

Venn Life Sciences (AIM: VENN), a growing Clinical Research Organisation (CRO) providing clinical trial management and resourcing solutions to pharmaceutical, biotechnology and medical device clients, announces that it has issued a total of 168,780 new ordinary shares in satisfaction of the first tranche of deferred consideration payable to the vendors of Medevol Limited (the "Consideration Shares"). 

On 9 December 2013, Venn Life Sciences announced the acquisition of Medevol Limited, a CRO business based in Northern Ireland, for a total maximum consideration of £670,000, comprising of initial cash consideration of £70,000 and additional deferred consideration, payable up to a maximum of £600,000 over the following two years should Medevol hit certain financial targets relating to the business's annualised profit before tax.  Any additional consideration was to be satisfied as to one half in cash and one half in Venn Life Sciences shares. Payment has been made in respect to the half of the consideration payable in cash.

The Consideration Shares will rank pari passu with all of the Company's existing ordinary shares of 0.1 pence each. Application has been made for admission of the Consideration Shares to trading on AIM and dealings are expected to commence on 9 September 2014.

Total Voting Rights

Following admission of the Consideration Shares to trading, the Company's issued share capital will consist of 27,494,515 ordinary shares. There are no ordinary shares held in treasury. Therefore, in accordance with the FCA's Disclosure and Transparency Rule 5.6.1, the Company confirms that following Admission, the total number of voting rights in the Company will be 27,494,515.

Enquiries:

Venn Life Sciences Holdings Plc	www.vennlifesciences.com
Tony Richardson, Chief Executive Officer	Tel: [phone]
Orla McGuinness, Marketing Manager	Tel: [phone]
Zeus Capital (Nominated Adviser and Broker)
Ross Andrews/Andrew Jones(Corporate Finance)	Tel: [phone]
Dominic Wilson (Institutional Sales)	Tel: [phone]
Walbrook PR Ltd	Tel: [phone] or [e-mail]
Paul McManus	Mob: [phone]
Lianne Cawthorne	Mob: [phone]

About Venn Life Sciences Limited:

Venn Life Sciences is a Clinical Research Organisation providing clinical trial management and resourcing solutions to pharmaceutical, biotechnology and medical device organisations. With dedicated operations in France, Germany, the Netherlands, the UK and Ireland and Europe wide representation - Venn specialises in rapid deployment and management of multisite projects. Venn recently established an innovation division - InnoVenn - focused primarily on breakthrough development opportunities in Skin Science.

 

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