Venn Life Sciences Holdings PLC Acquisition of Minority Interest (5893C)
23 January 2018 - 6:00PM
UK Regulatory
TIDMVENN
RNS Number : 5893C
Venn Life Sciences Holdings PLC
23 January 2018
23 January 2018
Venn Life Sciences Holdings Plc
("Venn" or the "Company")
Acquisition of Minority Interest
Venn Life Sciences Holdings PLC ("VLS"), today announces that it
has reached agreement with Christian Le Bras ("CLB") to acquire the
11.03% interest in Venn Life Sciences France S.A.S. ("VLSF") that
it does not already own. The agreed offer price per share is
EUR29.04 representing a total consideration of EUR34,330 to be
settled by the issue of 277,550 ordinary shares in VLS or 0.5% of
VLS's current issued capital based on VLS's current share price of
GBP0.11 (EUR0.1237 at a GBPEUR exchange rate of 0.8893 for 22
January 2018). Following this, VLS will have 100% ownership of VLSF
and have 60,561,813 ordinary shares in issue. CLB will retain his
role as Head of Interactive Response Technology in VLS.
VLSF is the sole French operating entity of VLS conducting the
full range of Clinical Services and as at 30 June 2016 had net
liabilities of EUR159,000 and retained P&L deficit of
EUR310,000. VLS acquired its majority shareholding in VLSF in
2014.
The Independent Directors, being Allan Wood, Jonathan Hartshorn,
Christian Milla, Michael Ryan and Mary Sheahan, who are not related
parties under the AIM Rules and ESM Rules for the purpose of the
investment, having consulted with Davy, the company's NOMAD and ESM
adviser, for the purpose of the AIM Rules and ESM Rules, consider
that the investment is fair and reasonable insofar as the
shareholders of the company are concerned. As a non-executive
director of VLSF Anthony Richardson has not taken part in the
Board's consideration of these matters.
Enquiries:
Venn Life Sciences Holdings Plc
Allan Wood, Non-Executive Chairman
Tony Richardson, Chief Executive Officer Tel: +353 1 5499341
Davy (Nominated Adviser and Broker)
Fergal Meegan / Matthew de Vere Tel: +353 1 679 6363
White (Corporate Finance)
Orla Bolger (Corporate Broking)
Hybridan LLP (Co-Broker) Tel: +44 (0)20 3764 2341
Claire Louise Noyce
Walbrook PR Ltd Tel: +44(0)20 7933 8787
About Venn Life Sciences: Venn Life Sciences is an Integrated
Drug Development Partner offering a unique combination of drug
development expertise and clinical trial design and management to
pharmaceutical, biotechnology and medical device organisations.
Venn have dedicated operations in France, Germany, the Netherlands,
the UK, Ireland with partners across Europe and the US.
Further information in relation to Venn Life Sciences
www.vennlifesciences.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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