1 Apr 2015 12:14
Venn Life Sciences Holdings Plc
("Venn" or the "Company")
01 April 2015
Result of General Meeting
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 at the General Meeting held earlier today, all the resolutions put to shareholders were duly passed.
As a result, the Placing announced on 13 March 2015 of 10,526,316 new ordinary shares at 19 pence per ordinary share (the "Placing Shares"), is now conditional only on Admission which is expected to take place on 2 April 2015.
The Directors intend to use the net proceeds of the Placing to allow further investment in working capital to aid expansion, particularly in the key commercial areas of business development, support systems and the hiring of clinical operations staff. These investments are becoming increasingly important to the Company as it tenders for, and wins, larger contracts. The Company also has a strategy of increasing the scope and scale of Venn's service offering through acquisitions. The net proceeds of the Placing will provide additional flexibility when opportunities arise.
In addition, the Company will issue a further 342,095 shares at a price of 19 pence per share under existing authorities to satisfy further investor demand (the "Additional Shares"). These shares will also admit to trading on 2 April 2015.
Following Admission of the Placing shares and the Additional Shares, the Company's issued share capital will consist of 39,227,632 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 39,227,632.
Enquiries:
Venn Life Sciences Holdings Plc | www.vennlifesciences.com |
Tony Richardson, Chief Executive Officer | Tel: +353 154 99 341 |
Orla McGuinness | Tel: +353 1 30826707
|
Zeus Capital Limited (Nominated Adviser and Broker) | |
Ross Andrews/Andrew Jones | Tel: 0161 831 1512 |
Alex Davies | Tel: 020 7533 7727 |
Walbrook PR Ltd | Tel: 020 7933 8787 or venn@walbrookpr.com |
Paul McManus | Mob: 07980 541 893 |
Lianne Cawthorne | Mob: 07584 391 303 |
About Venn Life Sciences Limited
Venn Life Sciences is a Clinical Research Organisation providing clinical trial management solutions 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 has established an innovation division - Innovenn - focused primarily on breakthrough development opportunities in Skin Science.