TIDMVLG
RNS Number : 2298V
Venture Life Group PLC
20 July 2018
THIS ANNOUNCEMENT, INCLUDING THE INFORMATION CONTAINED HEREIN IS
RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN
WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED
STATES OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A
VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION.
PLEASE SEE THE IMPORTANT NOTICES AT THE OF THIS ANNOUNCEMENT.
The information communicated within this announcement is deemed
to constitute inside information as stipulated under the Market
Abuse Regulation (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
Venture Life Group plc
("Venture Life" or "the Company" or "the Group")
Proposed placing of up to 46,875,000 new Ordinary Shares at 40
pence per share
to raise approximately GBP18.75 million (before expenses)
Proposed acquisition of the Dentyl Business
Proposed repayment of Convertible Bonds and Biokosmes Vendor
Loan Notes
Notice of General Meeting
Venture Life (AIM: VLG), the international consumer self-care
group focused on developing, manufacturing and commercialising
products for the self-care market, is pleased to announce the
conditional placing of up to 46,875,000 new Ordinary Shares at a
price of 40 pence per Ordinary Share ("the Placing") to raise
approximately GBP18.75 million (before expenses), the proposed
acquisition of the Dentyl Dual action mouthwash and BB Mints
Business for GBP4.2 million payable in cash (the "Acquisition") and
the proposed repayment of the Convertible Bonds and Biokosmes
Vendor Loan Notes for approximately GBP3.7 million in aggregate.
The balance of the net Placing proceeds will be used to support the
continued growth of the business and to explore potential strategic
acquisition opportunities. The Placing has been arranged by Cenkos
Securities plc in its capacity as sole bookrunner.
Highlights
-- Proposed placing, significantly oversubscribed, to raise up
to GBP18.75 million (before expenses) through the issue of up to
46,875,000 new Ordinary Shares at the Placing price of 40 pence per
new Ordinary Share
-- Expected net proceeds receivable by the Company from the
Placing of approximately GBP17.5 million;
-- The Acquisition is expected to be earnings enhancing in the
first full financial year following completion; and
-- Significant strengthening of the balance sheet with
additional cash and repayment of Convertible Bonds and Biokosmes
Vendor Loan Notes.
Jerry Randall, CEO of Venture Life commented: "The Dentyl
acquisition and the Placing represents a significant step for
Venture Life in our strategy to accelerate growth and build on the
success of the UltraDEX acquisition and leverage our operating
platform. We are excited about the opportunity that Dentyl brings
to the Group and, as with UltraDEX, we expect to be able to reverse
the declining sales in the brand and deliver revenue growth in our
first full year of ownership.
The additional funds raised through the Placing also enable us
to repay certain of our indebtedness and provide cash for working
capital purposes to support the enlarged business whilst
strengthening our balance sheet and enabling us to evaluate further
potential strategic M&A.
We would like to thank both existing and new shareholders for
their support."
A General Meeting of the Company will be held at the offices of
Simmons & Simmons LLP at CityPoint, One Ropemaker Street,
London EC2Y 9SS at 11.00 a.m. on 6 August 2018.
Further details of the Placing are set out below. Defined terms
used in this announcement are set out at the end of the
announcement.
A circular, which is expected to be posted to shareholders today
(the "Circular") sets outs the background to and reasons for the
Placing and will be available on the Company's website:
www.venture-life.com
Contacts:
Venture Life Group PLC +44 (0) 1344 578 004
Jerry Randall, Chief Executive Officer
Adrian Crockett, Chief Financial Officer
Northland Capital Partners Limited (Nominated
Adviser and Joint Broker) +44 (0) 20 3861 6625
Matthew Johnson/Edward Hutton (Corporate Finance)
Vadim Alexandre (Corporate Broking)
Cenkos Securities plc (Joint Broker) +44 (0) 20 7397 8900
Camilla Hume/Mark Connelly (Corporate Finance)
Russell Kerr/Michael Johnson (Sales)
Turner Pope Investments (TPI) Ltd (Joint Broker) +44 (0) 20 3621 4120
Andy Thacker
Walbrook PR venturelife@walbrookpr.com or +44
(0) 20 7933 8780
Anna Dunphy +44 (0) 7876 741 001
Introduction
The Company is pleased to announce the terms of a placing to
raise up to GBP18.75 million (before expenses) by the issue and
allotment by the Company of up to 46,875,000 new Ordinary Shares at
the Placing Price of 40 pence per share. The net proceeds will be
used to fund the acquisition of the Dentyl Business, to repay the
Convertible Bonds and Biokosmes Vendor Loan Notes, to strengthen
the Company's balance sheet to support the continued growth of the
business and to explore further strategic acquisition
opportunities.
The Placing is conditional, among other matters, on Shareholders
approving the Resolutions at the General Meeting, compliance by the
Company in all material respects with its obligations under the
Placing Agreement and Admission of the Placing Shares to trading on
AIM. The Resolutions are contained in the Notice set out at the end
of the Circular.
This announcement and the Circular (which it is expected will be
posted to Shareholders later today) explain the background to and
reasons for the Placing, why the Directors are seeking authority
from Shareholders to issue the Placing Shares for cash on a non
pre-emptive basis and to recommend that Shareholders vote in favour
of the Resolutions.
Summary of VLG
The Group is an international self-care group, focused on the
development, manufacture and commercialisation of products for the
global self-care market. The Group's strategy is to create value
for shareholders by building a leading international self-care
business with a portfolio of niche products across a range of
therapeutic areas that it distributes through its partners
worldwide. The Group has established a vertically integrated
platform, with a manufacturing facility in Italy and a network of
over 90 distribution partners in over 40 countries, and employs
approximately 100 staff between its operations in the UK and Italy.
The Group's product range and pipeline currently includes the
UltraDEX oral care products range, food supplements for lowering
cholesterol and maintaining brain function, dermo-cosmetics for
addressing the signs of ageing, and medical devices for
onychomycosis (nail fungus), rosacea and haemorrhoids. The Group is
now focused on building its strong track record of acquiring
"unloved" and under commercialised brands that it can grow
internationally using its operating leverage and distribution
channels to deliver incremental profit growth in addition to
organic growth of its existing business. In the year ended 31
December 2017, VLG reported revenues of GBP16.1 million (2016:
GBP14.3 million), EBITDA of GBP1.9 million (2016: GBP0.8 million)
and its maiden pre-tax profit of GBP0.1 million (2016: loss of
GBP1.1 million).
Background and information on the Dentyl Business
The Dentyl Business consists of two products:
-- Dentyl, a novel two-phase mouthwash product; and
-- BB Mints, a newly launched breath freshening sugar free capsule.
Dentyl
Dentyl is an every-day mouthwash, which the Board believes is in
a non-competitive position to the Group's existing oral care
product, UltraDEX, and presents the Group with a significant
opportunity for long term revenue and margin growth.
Dentyl was sold to Blistex Inc. in 2006 and subsequently
acquired by the Vendor in February 2014.
Dentyl is currently a prominent brand in the UK mouthwash
market. It is activated by shaking, with the two phases interacting
to create an electrostatic charge, which removes bacteria. The
formulation consists of an aqueous phase, which contains an
anti-bacterial agent, and an oil phase, which contains mint oil and
it is packaged in a distinctive triangular bottle.
The product is sold in 500 ml, 250 ml and 100 ml bottles and
comes in two main flavours, "Smooth Mint" and "Fresh Clove".
Dentyl's 500 ml and 250 ml volumes are manufactured by Robert
McBride plc. Fleet Laboratories Limited ("Fleet"), the Vendor's
manufacturing affiliate, currently produces the 100 ml volumes. The
Group plans, concurrent with the completion of the Acquisition, to
enter into a manufacturing arrangement with Fleet for Fleet to
continue to produce the 100 ml volumes and to act as a back-up
producer of certain of VLG's UltraDEX products.
BB Mints
This product, newly launched in 2018, is a sugar free dual
action breath and belly freshness capsule. The product commenced
its UK listing in March 2018 in Tesco stores and petrol
forecourts.
The BB Mints product is currently manufactured in Japan and
packaged in Thailand by Thai Jintan Co. VLG is acquiring from the
Vendor a distribution right to sell the BB Mints product in the UK
(principally) as part of the Acquisition.
Financial information on the Acquisition
The Dentyl Business derives 95 per cent. of its revenues from
the UK and has listings in many of the major UK grocery and
pharmacy outlets (excluding Boots) with its top five customers by
sales in the financial year ended 31 December 2017 being Tesco,
Morrisons, Sainsburys, Asda and Wilkinsons. South Africa is the
largest overseas market representing approximately 2.7 per cent. of
revenues in the year ended 31 December 2017 and the only other
significant international distribution partner is in China, where a
new distributor has recently launched Dentyl.
The trading record of the Dentyl Business for the three years
ended 31 December 2017, as extracted from the Vendor's unaudited
management accounts, is summarised below:
Year ended Year ended Year ended
31 December 31 December 31 December
2015 2016 2017
GBP'000 GBP'000 GBP'000
Net revenue 3,235 3,007 2,878
Profit before
tax 820 1,334 1,168
Sales of the Dentyl mouthwash have been in decline during recent
years, which the Board believes is as a consequence of, among other
things, a combination of the following:
-- the Dentyl Business not being a core product for the Vendor;
-- the Vendor lacking clear strategic direction for the product; and
-- a lack of investment within the brand.
The Directors believe that this decline in sales presents a
significant opportunity for the Group and that the Company can
capitalise on the operating leverage available within the VLG
businesses to improve future long term revenues and profitability.
The Board believes that the Acquisition is strategically compelling
for the following reasons:
-- the Dentyl brand is well recognised in the UK;
-- the Dentyl Business is complementary and not competitive with
UltraDEX due to different target markets;
-- Dentyl and UltraDEX have a complementary retailer channel
which presents cross-selling opportunities for the Group;
-- there is scope to expand Dentyl's UK listings and
internationalise the brand by partnering in international markets
using VLG's network of marketing partners and improving marketing
and product innovation; and
-- the Board has identified cost of goods savings that it believes can be made.
In due course, the Directors believe there may also be an
additional opportunity to bring the manufacturing of the Dentyl
product in house but will evaluate this post Acquisition.
Accordingly, the Directors believe that the Acquisition presents
a significant opportunity for the Group to broaden its range of
products and enhance its offering to existing and new distribution
partners which the Directors expect will increase the Group's
revenue growth and profitability. The Acquisition is expected to be
earnings enhancing in the first full financial year following
completion (i.e. the year ending 31 December 2019).
The Dentyl Business will form part of the Group's business in
the UK, so profits earned from the Dentyl Business will pass
through the Group's UK business. The Group's UK business currently
has GBP8.6 million of accumulated tax losses, meaning that the
profits from the Dentyl Business will be sheltered from tax for
some time.
Key Terms of the Proposed Acquisition
The consideration payable for the trade and assets of the Dentyl
Business is GBP4.2 million payable to the Vendor in cash on
completion. The principal assets involved in the Dentyl Business
comprise stock and tooling used to produce the distinctive shaped
bottle of Dentyl mouthwash. VLG's assessment is that not more than
GBP500,000 of this consideration is attributable to the value of
assets used in the Dentyl Business.
The terms of the Acquisition are contained in the Acquisition
Agreement which includes certain warranties by the Vendor about the
Dentyl Business.
These terms include termination rights between signing and
closing (i) for VLG in case of material breach of the warranties or
the operational covenants by the Vendor involving more than a
specified amount; and (ii) for the Vendor if faced with a valid
claim for its inadvertent but unremediable breach of its warranties
for below this specified amount .
Repayment of loan instruments
The Directors propose to repay the following loan instruments
out of the net proceeds of the Placing:
Convertible Bonds
In March 2016 the Company issued convertible bonds with a
principal value of GBP1.9 million carrying an annual coupon of 9
per cent. to part fund the acquisition of Periproducts Limited. The
Convertible Bonds were issued to a number of bondholders including
Jeremy Randall and Gianluca Braguti, both Directors, who each
subscribed GBP200,000. Full repayment of the Convertible Bonds is
due on 31 March 2019.
Biokosmes Vendor Loan Notes
In March 2014 at the time of the Company's IPO on AIM, loan
notes with a principal value of EUR2 million carrying an annual
coupon of 3 per cent. were issued to the vendors of Biokosmes Srl,
including Gianluca Braguti, a Director. The agreements covering
these vendor loan notes were subsequently amended such that the
latest repayment date of the loan notes was extended from July 2017
to July 2020 and the annual coupon increased from 3 per cent. to 4
per cent. with effect from 1 August 2017.
Approximately GBP3.7 million of the Placing proceeds is to be
applied in repayment of the Convertible Bonds and the Biokosmes
Vendor Loan Notes which is expected to result in an annualised
reduction in interest expense of approximately GBP0.3 million.
Use of proceeds
The Directors intend that the net proceeds of the Placing
receivable by the Company will be used primarily for the following
purposes:
i. to fund the Consideration;
ii. to repay the Convertible Bonds and the Biokosmes Vendor Loan Notes;
iii. to strengthen the Company's balance sheet to support the
continued growth of VLG's business; and
iv. to facilitate the exploration of potential strategic M&A.
The Placing
Subject to the satisfaction of the conditions under the Placing
Agreement including, among other matters, the passing of the
Resolutions without amendment, the Company will issue up to
46,875,000 new Ordinary Shares which will raise up to GBP18.75
million, before expenses, and GBP17.5 million, after the expenses
of the Placing (which are estimated to be up to approximately
GBP1.25 million (excluding VAT)). The Placing Shares have been
conditionally placed by Cenkos, acting as the bookrunner and as
agent for the Company, with institutional and other investors.
Application will be made for the Placing Shares to be admitted to
trading on AIM, and, on the assumption that, among other matters,
the Resolutions are passed, dealings in the Placing Shares are
expected to commence on 7 August 2018.
The Placing is conditional, among other things, upon:
-- the Resolutions being passed without amendment;
-- compliance by the Company with its obligations under the Placing Agreement; and
-- Admission of the Placing Shares to trading on AIM becoming
effective by not later than 8.00 a.m. on 7 August 2018 (or such
later date as is agreed between the Company and Cenkos, being not
later than 8.00 a.m. on 21 August 2018).
The Placing Shares will represent approximately 56 per cent. of
the Enlarged Share Capital. The Placing Shares will, following
Admission, rank in full for all dividends and distributions
declared, made or paid in respect of the issued Ordinary Share
capital of the Company after the date of their issue and will
otherwise rank equally in all other respects with the Existing
Ordinary Shares. The Placing Price represents a discount to the
closing mid-market price of 3.6 per cent. per Ordinary Share as at
19 July 2018 (being the latest practicable date before the date
before the announcement of the Acquisition and Placing).
VLG has also agreed to issue a warrant instrument, on completion
of the Placing, granting Cenkos warrants to subscribe for, in
total, 2,511,363 Ordinary Shares, being 3 per cent. of the Enlarged
Share Capital (and corresponding to GBP7,534.09 in aggregate
nominal value). Each warrant corresponds to one Ordinary Share and
is exercisable between the first and fifth anniversaries of the
date of the warrant instrument, at the Placing Price (subject to
adjustment). Before this first anniversary, these warrants may be
cancelled by the Company.
Related Party Transaction
The participation in the Placing by JO Hambro Capital Management
Limited ("JO Hambro"), an existing substantial shareholder in the
Company, for 4,687,000 Placing Shares at the Placing Price is
deemed to be a related party transaction pursuant to Rule 13 of the
AIM Rules. Having consulted with Northland Capital Partners
Limited, the Company's Nominated Adviser, the Directors consider
that the terms of JO Hambro's participation in the Placing are fair
and reasonable insofar as the Company's shareholders are
concerned.
Immediately following Admission, JO Hambro will hold 9,087,892
Ordinary Shares, representing approximately 10.9 per cent. of the
Enlarged Share Capital.
General Meeting
Part II of the Circular contains the Notice convening the
General Meeting which is to be held at the offices of Simmons &
Simmons LLP at CityPoint, One Ropemaker Street, London EC2Y 9SS at
11.00 a.m. on 6 August 2018. At the General Meeting the following
resolutions of the Company will be proposed:
Resolution 1, which will be proposed as an ordinary resolution,
is to authorise the Directors to allot relevant securities up to an
aggregate nominal value of GBP140,625.
Resolution 2, which will be proposed as a special resolution and
which is subject to the passing of Resolution 1, disapplies
statutory pre-emption rights, with the authority limited to, among
other things, the allotment of equity securities having an
aggregate nominal value of GBP140,625.
Resolution 3, which will be proposed as an ordinary resolution
and which is subject to the passing of Resolution 2 but which is
separate and additional to the authority granted with Resolution 1,
is to authorise the Directors to allot relevant securities up to an
aggregate nominal value of GBP7,534.09, pursuant to the warrant
instrument referred to above.
Resolution 4, which will be proposed as a special resolution and
which is subject to the passing of Resolution 3, disapplies
statutory pre-emption rights, with the authority limited to the
allotment of equity securities having an aggregate nominal value of
GBP7,534.09 upon exercise of the rights to Ordinary Shares under
this warrant instrument.
These Resolutions are in addition to the authorities granted to
Directors at the last Annual General Meeting held on 23 May 2018.
Resolution 1 authorises the allotment of such number of new
Ordinary Shares as are necessary for the Placing. Resolution 2
authorises the disapplication of statutory pre-emption rights in
respect of such number of new Ordinary Shares as are necessary for
the Placing. Resolutions 3 and 4 provide the equivalent
authorisations as Resolutions 1 and 2 respectively in relation to
this warrant instrument.
Placing Statistics
Number of Existing Ordinary Shares in issue
before the Placing 36,837,106
Number of Placing Shares to be issued pursuant
to the Placing 46,875,000 *
Placing Price per Placing Share 40 pence
Gross proceeds of the Placing GBP18.75 million
*
Estimated net proceeds of the Placing GBP17.5 million
*
Number of Ordinary Shares in issue immediately
following issue of the Placing Shares 83,712,106 *
Placing Shares as a percentage of the Enlarged 56 per cent. *
Share Capital
* assuming the maximum number of Placing Shares are issued
pursuant to the Placing
Expected timetable
Announcement of the Placing and Acquisition 20 July 2018
Posting of the Circular and Proxy Form 20 July 2018
to Shareholders
Latest time and date for receipt of Proxy 11.00 a.m. on 4 August
Forms for the General Meeting 2018
General Meeting 11.00 a.m. on 6 August
2018
Admission of the Placing Shares and completion 7 August 2018
of the Acquisition
CREST accounts to be credited for Placing 7 August 2018
Shares in uncertificated form
Expected date for posting of share certificates within 10 days of Admission
for Placing Shares (where applicable)
IMPORTANT INFORMATION
This announcement has been issued by, and is the sole
responsibility of, the Company. No representation or warranty,
express or implied, is or will be made as to, or in relation to,
and no responsibility or liability is or will be accepted by Cenkos
Securities plc or by any of its affiliates or agents as to or in
relation to, the accuracy or completeness of this announcement or
any other written or oral information made available to or publicly
available to any interested party or its advisers, or any other
statement made or purported to be made by or on behalf of Cenkos
Securities plc or any of its affiliates in connection with the
Company, the Placing Shares, the Placing or the Acquisition and any
responsibility therefore is expressly disclaimed. Cenkos Securities
plc and its affiliates, accordingly disclaim all and any liability,
whether arising in tort, contract or otherwise in respect of any
statements or other information contained in this announcement and
no representation or warranty, express or implied is made by Cenkos
Securities plc or any of its affiliates as to the accuracy,
completeness or sufficiency of the information contained in this
announcement.
Cenkos Securities plc is authorised and regulated by the FCA in
the United Kingdom. Cenkos Securities plc is acting solely for the
Company and no one else in connection with the proposed Placing
and/or any other matter referred to in this announcement, and will
not be responsible to anyone other than the Company for providing
the protections afforded to its clients nor for providing advice in
relation to the Placing and/or any other matter referred to in this
announcement. Apart from the responsibilities and liabilities, if
any, which may be imposed on Cenkos Securities plc by the UK
Financial Services and Markets Act 2000 or by the regulatory regime
established under it, neither Cenkos Securities plc nor any of its
affiliates accepts any responsibility whatsoever for the contents
of the information contained in this announcement or for any other
statement made or purported to be made by or on behalf of Cenkos
Securities plc or any of its affiliates in connection with the
Company, the Placing Shares, the Placing or the Acquisition.
Accordingly Cenkos Securities plc disclaims all and any liability,
whether arising in tort, contract or otherwise (save as referred to
above) in respect of any statements or other information contained
in this announcement and no representation or warranty, express or
implied, is made by Cenkos Securities plc or any of their
affiliates as to the accuracy, completeness or sufficiency of the
information contained in this announcement.
Definitions
These definitions apply throughout this announcement:
"Acquisition" the proposed acquisition by the Company of the
Dentyl Business pursuant to the Acquisition Agreement
"Acquisition Agreement" the conditional business transfer agreement dated
20 July 2018 between the Vendor and the Company
in respect of the Acquisition
"Admission" the admission of the Placing Shares to trading
on AIM becoming effective in accordance with the
AIM Rules
"AIM" the AIM market operated by the London Stock Exchange
"AIM Rules" the AIM Rules for Companies, as published by the
London Stock Exchange, as amended
"Biokosmes Vendor the loan notes with a principal value of EUR2
Loan Notes" million carrying an annual coupon of 4 per cent.
issued to the vendors of Biokosmes Srl
"Board" or "Directors" the directors of the Company whose names are set
out on page 4 of the Circular
"Cenkos" Cenkos Securities plc
"certificated" or an Ordinary Share which is not in uncertificated
"in certificated form (that is, not in CREST)
form"
"Companies Act" the Companies Act 2006, as amended
"Company" or "VLG" Venture Life Group plc
"Consideration" the aggregate consideration payable to the Vendor
under the Acquisition Agreement, as described
in more detail at paragraph 3 of Part I of the
Circular
"Convertible Bonds" the convertible bonds issued by the Company with
a principal value of GBP1.9 million carrying an
annual coupon of 9 per cent.
"CREST" the relevant systems (as defined in the Uncertificated
Securities Regulations 2001, as amended) for paperless
settlement of share transfers and the holding
of shares in uncertificated form of which Euroclear
is the operator as defined by such regulations
"CREST Regulations" the Uncertificated Securities Regulations 2001
(SI 2001 No. 2001/3755), as amended
"Dentyl Business" the trade and assets of the Dentyl Dual Action
mouthwash and BB Mints businesses described in
paragraph 3 of Part I of the Circular
"Enlarged Share Capital" the entire issued Ordinary Share capital of the
Company immediately following completion of the
allotment and issue of the Placing Shares
"Euroclear" Euroclear UK & Ireland Limited
"Existing Ordinary the 36,837,106 Ordinary Shares in issue as at
Shares" the date of this announcement
"FCA" the Financial Conduct Authority
"FSMA" the Financial Services and Markets Act 2000, as
amended
"General Meeting" the general meeting of the Company to be held
at the offices of Simmons & Simmons LLP at CityPoint,
One Ropemaker Street, London EC2Y 9SS at 11.00
a.m. on 6 August 2018, or any adjourned meeting,
notice of which is set out in Part II of the Circular
"Group" the Company and its subsidiary undertakings (as
defined in the Companies Act)
"Notice" the notice of the General Meeting contained in
Part II of the Circular
"Ordinary Shares" ordinary shares of 0.3 pence each in the capital
of the Company
"Placing" the proposed placing of the Placing Shares at
the Placing Price by Cenkos, as agent for the
Company
"Placing Agreement" the conditional agreement dated 20 July 2018 between
the Company and Cenkos, relating to the Placing
"Placing Price" 40 pence per Placing Share
"Placing Shares" up to 46,875,000 new Ordinary Shares to be placed
with institutional and certain other investors
at the Placing Price pursuant to the Placing
"Proxy Form" the form of proxy enclosed with the Circular for
use by Shareholders in connection with the General
Meeting
"Resolutions" the resolutions to be proposed at the General
Meeting as set out in the Notice
"Shareholders" holders from time to time of Ordinary Shares
"UK" or "United Kingdom" the United Kingdom of Great Britain and Northern
Ireland
"uncertificated" recorded on a register of securities maintained
or "in uncertificated by Euroclear in accordance with the CREST Regulations
form" as being in uncertificated form in CREST and title
to which, by virtue of the CREST Regulations,
may be transferred by means of CREST
"US" or "United States" the United States of America (including the District
of Columbia)
"Vendor" D.D.D. Limited
All references in this announcement to "Sterling", "GBP",
"pence" or "p" are to the lawful currency of the United
Kingdom.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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