Venn Life Sciences shareholders approve sale of Innovenn UK

Drug development and clinical trial management contract research organisation Venn Life Sciences confirmed on Thursday that its shareholders had approved of a deal to offload Innovenn UK.

The AIM-traded company had announced on 4 October that its wholly owned subsidiary, Venn Life Sciences Limited, had entered into a conditional agreement under which it and Lynchwood Nominees - 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 £4.74m.

Its confirmation on Thursday said that the general meeting to seek shareholder approval of the sale and entry into the SPA was held yesterday.

“At 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,” the company’s board said in a statement.

“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.”

Nonetheless, the resolution as amended was passed on a show of hands.