Sale of Innovenn UK Limited and Result of GM

RNS Number : 5674N

Venn Life Sciences Holdings PLC

27 October 2016

 

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

Sale of Innovenn UK Limited
and Result of General Meeting

Venn Life Sciences (AIM: VENN), a growing Contract Research Organisation providing drug development, clinical trial management and resourcing solutions to pharmaceutical, biotechnology and medical device clients, announced on 4 October 2016 that its wholly owned subsidiary, Venn Life Sciences Limited, had entered into a conditional agreement under which it and Lynchwood Nominees Limited, as custodian for the Helium Rising Stars Fund, would sell the entire issued share capital of Innovenn UK Limited for a total consideration of up to £4,740,000.

The Company announces that the General Meeting to seek Shareholder approval of the Sale and entry into the SPA by the Subsidiary for the purposes of section 190 of the Act was held yesterday.

At the request of a Shareholder and as approved by the Chairman of the General Meeting, a motion to amend the Resolution was proposed at the General Meeting and was duly carried by the necessary majority. This was due to a clerical error at the time the Notice of General Meeting was drafted, which meant that the Resolution and the definition of "SPA" used in the Resolution referred to the Company entering into the SPA rather than the Subsidiary.

The Resolution (as amended) was passed on a show of hands.

A further announcement regarding completion of the Sale will be released in due course.

Capitalised terms used in the letter to Shareholders from the Chairman of the Company dated 4 October 2016 shall have the same meanings in this announcement.

Venn Life Sciences Holdings Plc		www.vennlifesciences.com
Tony Richardson, Chief Executive Officer		Tel: [phone]
Davy (Nominated Adviser, ESM Adviser and Joint Broker)
Fergal Meegan / Matthew de Vere White (Corporate Finance)		Tel: [phone]
Paul Burke (Corporate Broking)
Hybridan LLP (Co-Broker)
Claire Louise Noyce		Tel: [phone]
Walbrook PR Ltd	Tel: [phone] or [e-mail]
Paul McManus		Mob: [phone]
Lianne Cawthorne		Mob: [phone]

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

 

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