Partner news: £1.6m investment for Surgical Innovations
June 16, 2014
Surgical Innovations Group plc (AIM: SUN), a leading creator of innovative medical technology addressing unmet clinical needs in minimally invasive surgery, announces that it has raised approximately £1.6 million by way of a subscription for 39,459,190 new ordinary shares of 1p each in the Company at a price of 4p per share (“Subscription Shares”) from Mr Chris Rea, OBE, BSc, CEng, FIMechE, DL, the founder and major shareholder in AES Engineering Ltd., the holding company for several manufacturing and engineering businesses, the largest of which is the AESSEAL Group. The price per Subscription Share represents a discount of 17.9 per cent. to the closing mid-market price of 4.875 pence on AIM on 6 June 2014.
The funds raised will provide additional working capital for the Group’s strategy for growth and strengthen its ability to move rapidly and effectively into two key areas of minimally invasive surgery: the offering of a unique clinical solution for 3mm surgery and a resposable universal seal port access system that together support an enhancement in the Group’s revenues per surgical procedure.
Following the issue of equity, Mr Rea, who does not currently hold any shares, will have an interest in ordinary shares representing 8.9 per cent. of the enlarged issued share capital of the Company.
Application has today been made to the London Stock Exchange for the 39,459,190 Subscription Shares to be admitted to trading on AIM (“Admission”). It is expected that such Admission will occur on12 June 2014. The Subscription Shares will rank pari passu with the existing shares of the Company.
Following Admission, the total number of ordinary shares in the Company in issue will be 444,191,092 with each share carrying the right to one vote. The above figure may be used by shareholders as the denominator for the purposes of the FCA’s Disclosure and Transparency Rules.
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