Venn Life Sciences Holdings PLC Integumen IPO (5942B)
05 Avril 2017 - 8:00AM
UK Regulatory
TIDMVENN
RNS Number : 5942B
Venn Life Sciences Holdings PLC
05 April 2017
5 April 2017
Venn Life Sciences Holdings Plc
("Venn" or the "Company")
IPO of Integumen plc
Venn Life Sciences (AIM: VENN), a growing Contract Research
Organisation (CRO) providing drug development, clinical trial
management and resourcing solutions to pharmaceutical,
biotechnology and medical device clients, announces that the issued
share capital of Integumen Limited ("Integumen"), it's formerly
41.51% owned associate is being admitted to trading on the AIM
market of the London Stock Exchange, today, 5 April 2017. Integumen
has undertaken an equity placing to raise GBP2.25 million as part
of the admission process. On admission Venn will own 42,244,672
ordinary shares in Integumen amounting to an interest of 25.59% of
the issued share capital. The market capitalisation of Integumen on
admission will be approximately GBP8.25 million based on the
placing price of 5 pence per new ordinary share.
In October 2016 Venn announced that it had entered into a
conditional agreement to sell its interest in Innovenn UK Limited
to Integumen. The admission of Integumen to trading on AIM
completes the restructuring by Venn of it's interest in its former
innovation division, Innovenn. Innovenn was founded by Venn in 2014
as an innovation vehicle dedicated to the development and marketing
of healthcare products and technologies. Integumen is a personal
health company developing and commercialising technology and
products for the human integumentary system that may improve
physical appearance, hygiene and general health outcomes. It is
focussed on technologies and products which are at an advanced
stage of product development. It owns businesses in the areas of
skin care, oral care and wound care. Integumen's head office is
located in Dublin, and its registered office and laboratory is
based in York. The main countries of operation are the U.K, Germany
and the USA. For the 6 month period ended 30 June 2016 Integumen
recorded a loss of GBP1.02 million (Integumen unaudited pro forma
financial information per Aim admission document).
As part of the IPO fundraising Venn is participating alongside
institutional and other investors and is subscribing for 8,000,000
new ordinary shares for a total cash consideration of GBP400,000
(the "Investment"). In addition to Venn's substantial shareholding
in the issued share capital of Integumen Anthony Richardson, the
CEO of Venn, is also non-executive chairman of Integumen.
Accordingly the Investment is categorised as a related party
transaction under the AIM and ESM Rules.
The Independent Directors, being Allan Wood, Jonathan Hartshorn,
Gracielle Schutjens, Michael Ryan and Mary Sheahan, who are not
related parties under the AIM Rules and ESM Rules for the purpose
of the Investment, having consulted with Davy, the company's NOMAD
and ESM adviser, for the purpose of the AIM Rules and ESM Rules,
consider that the Investment is fair and reasonable insofar as the
shareholders of the company are concerned. As a non-executive
director of Integumen Anthony Richardson has not taken part in the
Board's consideration of these matters. Upon Admission of
Integumen's shares to trading Paul Kennedy retires from the Venn
Board and joins the board of Integumen.
Chairman of Venn Allan Wood commented "we are excited about the
independent future of Integumen as a separately listed entity and
the value this could bring for shareholders. We also look forward
to a productive trading relationship where Venn is well placed to
handle the clinical, registration and other technical requirements
of Integumen's expanding product and technology portfolio. "
Enquiries:
Venn Life Sciences Holdings Plc
Allan Wood, Non-Executive Chairman
Tony Richardson, Chief Executive Officer Tel: +353 1 5499341
Davy (Nominated Adviser and Broker)
Fergal Meegan / Matthew de Vere Tel: +353 1 679 6363
White (Corporate Finance)
Orla Bolger (Corporate Broking)
Hybridan LLP (Co-Broker) Tel: +44 (0)20 3764 2341
Claire Louise Noyce
Walbrook PR Ltd Tel: +44(0)20 7933 8787
About Venn Life Sciences: Venn Life Sciences is a Contract
Research Organisation providing drug development, clinical trial
management and resourcing solutions to pharmaceutical,
biotechnology and medical device organisations. With dedicated
operations in France, Germany, the Netherlands, the UK, Ireland and
Europe wide representation - Venn Life Sciences specialises in
rapid deployment and management of multisite projects, across all
phases.
Further information in relation to Venn Life Sciences
www.vennlifesciences.com
Further information in relation to Integumen plc
www.integumen.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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