Business
Proposed Placing and issue of Convertible Bonds
Proposed Placing and issue of Convertible Bonds.
About this update from Venture Life Group Plc
[{"type":"text","content":"\n \nRNS Number : 8651O Venture Life Group PLC 12 February 2016 \n\nNOT FOR PUBLICATION, DISTRIBUTION OR RELEASE DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, JAPAN OR THE REPUBLIC OF SOUTH AFRICA OR IN ANY OTHER JURISDICTION IN WHICH OFFERS OR SALES WOULD BE PROHIBITED BY APPLICABLE LAW. THIS ANNOUNCEMENT IS NOT AN OFFER TO SELL OR A SOLICITATION TO BUY SECURITIES IN ANY JURISDICTION, INCLUDING THE UNITED STATES, CANADA, AUSTRALIA, JAPAN AND THE REPUBLIC OF SOUTH AFRICA. NEITHER THIS ANNOUNCEMENT NOR ANYTHING CONTAINED HEREIN SHALL FORM THE BASIS OF, OR BE RELIED UPON IN CONNECTION WITH, ANY OFFER OR COMMITMENT WHATSOEVER IN ANY JURISDICTION.\n \n12 February 2016\n \nVenture Life Group plc\n(\"Venture Life\" or the \"Company\")\n \nProposed placing of ordinary shares and issue of Convertible Bonds together to raise up to £3.7 million, proposed acquisition of Periproducts Limited\n \nVenture Life, the international consumer healthcare group addressing the self-care needs of the ageing population, announces the proposed acquisition of Periproducts Limited (\"Periproducts\") for a total estimated cash consideration of approximately £5.6 million (subject to adjustment) (the \"Acquisition\"), the proposed placing of up to 2,428,572 new ordinary shares of 0.3 pence each in the capital of the Company (\"Placing Shares\"), representing approximately 7.1% of the Company's existing ordinary share capital, to raise up to £1.7 million, of which £0.8 million is firmly committed, and a convertible bond issue to raise up to £2.0 million, of which £1.5 million has been underwritten. In addition, certain of the Directors have indicated that they may participate in the issue of the Convertible Bonds, if necessary, to ensure that, together with the £1.5 million Convertible Bonds which are to be underwritten (if required), at least £1.9 million in aggregate of Convertible Bonds will be issued.\n \nTo fund the Acquisition and its associated costs, Venture Life requires the net proceeds receivable by the Company from the Placing and the Convertible Bond Issue in addition to its existing cash resources. The Placing and the Convertible Bond Issue are subject to Shareholder approval. The Acquisition is, in turn, conditional on completion of the Placing and the Converti...