Press Release |
9 June 2014 |
Surgical Innovations Group plc
("Surgical Innovations" or the "Group" or the "Company")
Subscription and Issue of Equity
and
Proposed Directorate Appointment
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.
Proposed Director appointment
Mr Rea has also been invited, and has agreed, to join the Board of the Company as a Non-executive Director. Chris is expected to be formally appointed at the next meeting of the Board of Directors on 24 June 2014.
Born in Northern Ireland in 1954, Chris Rea is the Managing Director of AESSEAL®, the UK's last remaining and the world's 4th largest mechanical seal manufacturer. Chris graduated from Queens University Belfast in 1975 with an Honours Degree in Economics and has spent over 30 years growing the AESSEAL® business. Chris was appointed a Deputy Lieutenant for South Yorkshire in 2011 and was elected FIMechE in December 2012.
Doug Liversidge, Non-executive Chairman, commented: "The involvement of Chris Rea with Surgical Innovations both as an investor and a Board member will be a major asset for the Company and a vote of confidence in its long term future. Chris brings his immense experience of manufacturing and international business to the Company, at a time when it has established a solid basis for growth."
Christopher John Rea (age 60)
Current Directorship appointments
Absolute Vacuum Services Ltd.
AES Engineering Limited
AESPUMP Limited
AESSEAL (MCK) Ltd.
AESSEAL (PTY) Limited
AESSEAL Argentina SA
AESSEAL Brazil Ltda.
AESSEAL Canada Inc.
AESSEAL China Limited
AESSEAL Inc.
AESSEAL Nordic AB
AESSEAL plc
AV Technology Limited
The British Rototherm Company Limited
Gravitas Property Developments Limited
Ionix Group Limited
Oakworth Homes Limited
Rototherm Group Limited
Previous directorship appointments (within the past five years)
AESSEAL Malaysia SDN BHD
FIRST4SEALS PLC
GLE Hi-Tech Seals Limited
IDEAS2DEVELOP Limitd
Sealtec Limited
Save as set out in this announcement, there are no further details to be disclosed under AIM Rule 17 or paragraph (g) of Schedule 2 to the AIM Rules.
For further information please contact:
Surgical Innovations Group plc |
|
Doug Liversidge, Non-executive Chairman |
Tel: +44 (0) 7798 892918 www.sigroupplc.com |
Nominated Adviser and Broker |
|
Panmure Gordon Freddy Crossley (Corporate Finance) Adam Pollock (Corporate Broking) |
Tel: +44 (0) 207 886 2500 www.panmure.com |
Media Enquiries |
|
Abchurch Communications Sarah Hollins / Jamie Hooper / Stephanie Watson |
Tel: +44 (0) 207 398 7719 [email protected] www.abchurch-group.com |
Notes to Editors:
Surgical Innovations Group plc (AIM: SUN) is a highly reputable British-based medical device designer and manufacturer, focused on delivering clinical solutions for surgeons that are both cost-effective and efficient. Since the Group's inception in 1992, it has established itself as a pioneer within the laparoscopic surgery field through a successfully developed portfolio of innovative medical devices.
Surgical Innovations' innovative products are centred on its Resposable® concept which utilises a combination of disposable and reusable components to deliver cost-efficient solutions to healthcare organisations. Within the Group's SI Brand division, the portfolio of products includes port access systems, instrumentation and retraction devices.
The technologies used in SI's laparoscopic products can be adapted to meet the needs of surgeons in other specialties of minimally invasive surgery ("MIS"), including hip arthroscopy, cardiac and thoracic. SI is currently working with leading clinicians to develop tailored solutions in these emerging areas of MIS surgery. SI has successfully adapted its technology to the industrial sector, conducting "keyhole surgery" on jet engines, creating revenue streams from both development work and eventual device sales.
The business has a compelling market position with an established international footprint. Through its developed network of distribution partners, Surgical Innovations' branded products are being sold in all the major high growth medical device markets. With a balanced investment strategy focused on R&D, manufacturing, coupled with sales and marketing and clinical training, the Group is well positioned and has the management expertise in place to capitalise on the growing demand, gain market share and deliver return to shareholders.
For more information, please see www.sigroupplc.com
