Read and digest8 Dec 2024 13:15
Per share, pre the Investment by Igraine. The issue price represents a discount to Igraine’s in-price due to Larvotto’s previous and ongoing unpaid strategic and operational role within Fixit, such service role to continue over the next 2 years, the timeline expected until commercialisation. Paul Johnson, director of Larvotto, had been appointed to the board of Fixit bringing over 25 years of commercial experience in the medical and life sciences sector. No associated individuals or shareholders are being paid, as the remuneration is reflected in the discounted Larvotto price paid per Fixit share.
“Simon Grant-Rennick, Director of Igraine, commented:
Fixit perfectly fits Igraine’s criteria for investment. It offers Igraine considerable exposure into the global interventional radiology drainage procedures market, valued in excess of £600m in 2023 and is projected to expand at a CAGR of ~6% to 2030.
Image-guided percutaneous drainage has become the therapeutic treatment of choice for a wide variety of abnormal fluid collections such as abscesses and ascites and is also widely used for the relief of renal and biliary obstruction. These procedures have resulted in reduced morbidity and mortality and have helped to reduce length of hospital stays and costs.
The company is excited to provide updates as Cingo enters into commercialisation.”
RELATED PARTY TRANSACTION
Executive Director, Steve Winfield, owns approximately 46% of Larvotto Group Limited. Larvotto Group Limited itself will have a resulting holding of approximately 34% of Fixit (post Investment), and acts as an operational partner and investor of Fixit Medical Ltd.
Simon-Grant Rennick, having exercised reasonable care, skill and diligence, considers the terms of the related party transaction to be fair and reasonable as far as shareholders of the Company are concerned.
The Directors of the Company, who have issued this RIS announcement after due and careful enquiry, accept responsibility for its content.
( please note)
23,feb 2023, two years has been stated for commercialisation, thats 2.5 month off, also a rather large grant has fell on there laps, also, Steve Winfield, has a very large holding in fix-it via, Larvotto group,
And vela have a large holding in igraine, (and growing)
Add all this together,is why I have built just short of 3% in igraine. Let's hope I've called this right.
Igraine in my book is a very strong buy.
Profit to the brave.
Gla
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