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Venn Life Sciences Holdings

  • BY: Andrew Hore |
  • POSTED: 17/12/2012 |

Shares in clinical research organisation Venn Life Sciences Holdings went to a 17% premium on the first day of trading.

Venn moved from ISDX to Aim following the reversal of the Venn business into Armscote in return for 9.6m shares at 30p each. A placing at 30p a share raised £2.5m (£2.05m net) for the company, while shareholders who swapped their stake in the core business for shares in the quoted company raised £460,000. Venn was valued at £6m at the placing price.

Tony Richardson has become chief executive of the group, while David Evans is chairman.

Venn has operations in France, Ireland and the Netherlands and it plans to be a consolidator in the European clinical research market. The global market is worth €20bn and Europe accounts for a large chunk of that.

Venn generated revenues of €4.04m in the 15 months to March 2012 but it made an underlying loss due to personnel changes in the French business.

At 35p a share, Venn is valued at £7m.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFDecember2012_39.pdf

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