Last checked at 29 Mar 2016 07:02
Venture Life Group PLC
("Venture Life" or the "Company")
Notice of Results
Adoption of Financial Reporting Standard (FRS) 102
Bracknell, UK - 29 March 2016: Venture Life Group PLC (AIM: VLG), the international consumer self-care group focused on developing, manufacturing and commercialising products for the ageing population, will announce its audited final results for the year ended 31 December 2015 on 4 May 2016.
A briefing for analysts will be held at 11:00 a.m. on the same day at the offices of Panmure Gordon and Co., One New Change, London EC4M 9AF.
The Company also announces that following the publication of FRS 100 'Application of Financial Reporting Requirements' by the Financial Reporting Council, it is required to change the accounting framework for its entity financial statements and those of its UK subsidiaries, which currently adopt UK GAAP.
For the year ended 31 December 2015 and future years, the parent entity and its UK subsidiaries intend to adopt FRS 102 which is based on International Financial Reporting Standards as adopted by the European Union ('IFRS'). As part of the adoption of FRS 102, the Company and group subsidiaries intend to take advantage of the "Reduced Disclosure Framework" available within FRS 102.
The group's consolidated financial statements will continue to be prepared in accordance with IFRS and are unaffected by this adoption.
Shareholder approval to adopt FRS 102 is not required. However, objections to the use of disclosure exemptions may be served by a shareholder or shareholders holding in aggregate 5% or more of the total allotted shares in the Company. Any objections must be served in writing to the Company Secretary at the Company's registered office (Venture House, 2 Arlington Square, Downshire Way, Bracknell, Berkshire RG12 1WA) no later than 28 April 2016.
For further information please contact:
Venture Life Group PLC
Jerry Randall, Chief Executive Officer +44 (0)1344 742 870
James Hunter, Chief Financial Officer
Panmure Gordon (UK) Limited (Nominated Adviser and Broker) Freddy Crossley +44 (0) 20 7886 2500
Peter Steel
Duncan Monteith Corporate Finance
Tom SalvesenCorporate Broking
Square1 Consulting
David Bick +44 (0)20 7929 5599
Brian Alexander
About Venture Life
Venture Life is an international consumer self-care company focused on developing, manufacturing and commercialising products for the ageing population. The Group's product range and pipeline currently includes food supplements for lowering cholesterol and maintaining brain function, dermo-cosmetics for addressing the signs of ageing, and medical devices for improving minor aches and pains, dry eyes and itchy skin. The products, which typically are recommended by pharmacists or healthcare practitioners, are available primarily through pharmacies supplied by the Group's international distribution partners.
Venture Life recently acquired Periproducts Limited, an oral care products company with a range of premium products including mouthwashes, which are alcohol-free, and toothpastes. Products in Periproducts' leading range, UltraDEX®, are used to treat bad breath, remineralise and whiten teeth and kill bacteria which cause plaque, which can in turn lead to tooth decay and gum disease. Incorporating patent protected and licensed intellectual property, the UltraDEX® products, including UltraDEX® Recalcifying & Whitening range, are regarded as being particularly effective at managing bad breath, as supported by clinical data evidencing efficacy.
Through its manufacturing company, Biokosmes, the Group also provides development and manufacturing services to companies in the medical devices and cosmetic sectors.
About Venture Life
Venture Life is an international consumer self-care company focused on developing, manufacturing and commercialising products for the ageing population. The Group's product range and pipeline currently includes the UltraDEX oral care product range, food supplements for lowering cholesterol and maintaining brain function, dermo-cosmetics for addressing the signs of ageing, and medical devices for improving minor aches and pains, dry eyes and itchy skin. The products, which typically are recommended by pharmacists or healthcare practitioners, are available primarily through pharmacies supplied by the Group's international distribution partners.
Through its manufacturing company, Biokosmes, the Group also provides development and manufacturing services to companies in the medical devices and cosmetic sectors.