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The acquisition extends Venn’s service offering into Data Management and Randomisation, a customer requirement that was previously outsourced, and so further strengthens the Company’s position as a leading full-service European CRO.
Under the terms of the acquisition Venn has subscribed for €200,000 of new ordinary shares in Cardinal and has purchased existing shares in Cardinal for a consideration of €272,780. The total consideration will be paid in cash from existing funds and following this subscription and purchase of new shares Venn will own 79.8% of the enlarged share capital of Cardinal.
On 30 September 2014 Venn will subscribe cash for a further €200,000 of new Cardinal shares increasing its shareholding to 85.2%. Venn has a call option over the remaining 14.8% the consideration for which would be based on the financial performance of Cardinal for the year to 30 September 2015.