Business
Issue of Consideration Shares
Issue of Consideration Shares.
About this update from Hvivo Plc
[{"type":"text","content":"\n \nRNS Number : 1019R Venn Life Sciences Holdings PLC 08 September 2014 \n \n\n8 September 2014\n \nVenn Life Sciences Holdings Plc\n(\"Venn Life Sciences\" or the \"Company\")\n \nIssue of Consideration Shares \n \nVenn 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\"). \n \nOn 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. \n \nThe 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.\n \nTotal Voting Rights \n \nFollowing 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.\n \n \nEnquiries:\n\n\n\n\nVenn Life Sciences Holdings Plc\n\n\nwww.vennlifesciences.com\n\n\n\n\nTony Richardson, Chief Executive Officer\n\n\nTel: +353 154 99 341\n\n\n\n\nOrla McGuinness, Marketing Manager\n \n\n\nTel: +594 694410116\n\n\n\n\nZeus Capital (Nominated Adviser and Broker)\n\n\n \n\n\n\n\nRoss Andrews/Andrew Jones(Corporate Finance)\n\n\n...