Listed MedTech firm proposing to raise at least £1.8m
Leeds-based medical technology company, Surgical Innovations Group, has proposed a fundraise to raise gross proceeds of at least £1.8m, at a price of 1.6 pence per new ordinary share.
The fundraise, by way of a placing and subscription, is being arranged within the company’s existing non pre-emptive authority, so will not be subject to shareholder approval.
Surgical Innovations explains: “The Fundraise will allow the company to benefit from the organic growth opportunities available to it, and strengthen the balance sheet with increased available financial headroom from cash in addition to its existing borrowing facilities.
“It follows the recovery in revenues experienced in the third quarter, and the further expected increase in levels of elective surgery being reported by key healthcare providers in the UK. and overseas.
“The net proceeds will enable the company to reinflate working capital as further anticipated recovery in activity occurs, and to invest in additional growth opportunities including new product development and the sustainability agenda that is driving awareness of interest in products such as the company’s Resposable range.
“The Fundraise is expected to include support from existing and new institutional and other investors, including substantial shareholder, Getz Healthcare.”
At the Issue Price, the maximum gross proceeds from the fundraise – assuming full use of the available existing authority to allot new shares for cash at the issue price – would be £2.52m.
Application will be made to the London Stock Exchange for admission of the fundraise shares to trading on AIM, which is expected to take place on or before 8am on 22 September 2020.
Nplus1 Singer Capital Markets Limited, together with its associates, N+1 Singer, is acting as sole broker in connection with the fundraise.