Business
Results of Placing to Partially Fund Acquisition
Results of Placing to Partially Fund Acquisition.
About this update from Venture Life Group Plc
[{"type":"text","content":"\n \nRNS Number : 9436O Venture Life Group PLC 12 February 2016 \n\n12 February 2016\n \nVenture Life Group plc\n(\"Venture Life\", the \"Company\" or the \"Group\")\n \nResults of Placing to Partially Fund Acquisition\n \nVenture Life, the international consumer healthcare group addressing the self-care needs of the ageing population, is pleased to announce the successful completion of the Placing, in order to partially fund the proposed Acquisition of Periproducts Limited, as announced earlier today.\n \nA total of 2,428,572 new ordinary shares (the \"Placing Shares\") have been placed by Panmure Gordon at a price of 70 pence per share (the \"Placing Price\") to raise £1.7 million (before expenses) for the Company. The Placing Shares being issued represent approximately 7.1% of the issued ordinary share capital of the Company prior to the Placing. The Placing Price represents a discount of 9.7% to the mid-market closing price on 11 February 2016, being the last practicable day before the announcement of the Placing.\n \nCompletion of the Placing remains subject, inter alia, to the passing of the Resolutions at a general meeting being convened for 1 March 2016, and on the admission of the Placing Shares to trading on AIM (\"Admission\").\n \nThe Company will apply for Admission, conditional upon shareholder approval, to trading on AIM. It is expected that the Circular to convene the general meeting will be posted today, and will also be available on the Company's website shortly at www.venture-life.com/.\n \nJerry Randall, Chief Executive Officer, said: \n \n\"We are delighted that our placing to help fund the proposed acquisition of Periproducts has received the support of institutional investors at a difficult time for capital markets and we are excited about the prospects for Periproducts' premium oral care product range and the Venture Life Group.\"\n \nPanmure Gordon is acting as Financial Adviser, Nominated Adviser and Corporate Broker in respect of the Placing. Unless the context requires otherwise, capitalised terms in this announcement have the same meanings as defined in the Company's announcement released via RNS at 7 a.m. today.\n \nDirector participation in the Placing\n \nCertain of the Company's directors have agreed to subscribe for, in aggregate,...