Business
Sale of Innovenn UK Limited and Result of GM
Sale of Innovenn UK Limited and Result of GM.
About this update from Hvivo Plc
[{"type":"text","content":"\n \nRNS Number : 5674N Venn Life Sciences Holdings PLC 27 October 2016 \n\nVenn Life Sciences Holdings Plc\n(\"Venn Life Sciences\" or the \"Company\")\n \nSale of Innovenn UK Limited\nand Result of General Meeting\n \nVenn 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.\n \nThe 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.\n \nAt 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.\n \nThe Resolution (as amended) was passed on a show of hands.\n \nA further announcement regarding completion of the Sale will be released in due course.\n \nCapitalised 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.\n \n \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\n\n\n\n\n\n\n\n\nDavy (Nominated Adviser, ESM Adviser and Joint Broker) \n\n\n\n\n\n\n\nFergal Meegan / Matthew de Vere White (Corporate Finance) \n\n\nTel: +353 1 679 6363 \n\n\n\n\nPaul Burke (Corporate Broking) \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nHybridan LLP (Co-Broker)\n\n\n\n\n\n\n\nClaire Louise Noyce\n\n\n Tel: +44(0)20 3764 2341\n\n\n\n\n\n\n\n\n\n\n\n\nWalbrook PR Ltd\n\n\n Tel: +44(0)20 7933 8...