REG - Surgical Innovations - Subscription & Issue of Equity/Directorate Appoint <Origin Href="QuoteRef">SUNU.L</Origin>

Surgical InnovationsAnnouncement

06/09/2014 02:01

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RNS Number : 1049J
Surgical Innovations Group PLC
09 June 2014 
 
 Press Release  9 June 2014  
 
 
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 892918www.sigroupplc.com                                 
 Nominated Adviser and Broker                                                                                                                                   
 Panmure GordonFreddy Crossley (Corporate Finance)Adam Pollock (Corporate Broking)  Tel:  +44 (0) 207 886 2500www.panmure.com                                   
 Media Enquiries                                                                                                                                                
 Abchurch CommunicationsSarah Hollins / Jamie Hooper / Stephanie Watson             Tel: +44 (0) 207 398 7719surgical@abchurch-group.comwww.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 
 
This information is provided by RNS
The company news service from the London Stock Exchange