Less Ads, More Data, More Tools Register for FREE

Pin to quick picksDeltex Medical Regulatory News (DEMG)

  • There is currently no data for DEMG

Fund Raising

27 Feb 2009 07:00

RNS Number : 9790N
Deltex Medical Group PLC
27 February 2009
ย 

๏ปฟ

27 February 2009

Deltexย Medical Group plc

ยฃ1m fund raisingย 

Deltex Medical Group plc ("Deltex Medical" or the "Company"), the global leader in oesophageal Doppler monitoring ("ODM")ย announcesย that itย has raised ยฃ1m by the issue ofย Loan Notesย toย Noble AIM VCT plc,ย a venture capital trust managed by Noble Fund Managers Limited.

The Company has raised theย new capitalย to strengthen its balance sheet duringย currentย difficult economic times and toย allow it toย move aheadย more quicklyย on certain initiatives, particularly in establishing ODM in Spain.

Details of theย Guaranteedย Unsecured Convertible Loan Notes 2014 (theย "Loan Notes")

The Loan Notes areย repayable in full on 27 February 2014 being five years from the date of issue although they may be repaid in whole or in part at theย Company'sย discretion in certain circumstances. If such repayment is made the Company will issue the Loan Notesย holder withย warrants over 8 millionย ordinaryย shares each at a price of 12.5p.

The Loan Notes are convertible into 8 million ordinary shares in the Company ("Ordinary Shares") at the effective price of 12.5p, being a premium ofย 26.6ย per cent.ย over the shareย price at close of business on 26ย February 2009. The Company can also enforce conversion if the ordinary share priceย is equal to orย exceedsย 37.5p for any period of 90ย consecutiveย days.ย 

The Loan Notes are unsecuredย and interest is payable at 8.5% per annum for the first two years and at 5.5% above LIBOR thereafter. If cash balances of the Company fall below ยฃ500,000 or net assets (as defined) fall below ยฃ1 million, theย interestย rate increases by 2% until theย cashย balance returns to ยฃ500,000 or net assets return to ยฃ1 million.ย 

The Company has agreed to restrict the level of securedย debt to no more than ยฃ1.5m or,ย prospectively,ย 30 per cent.ย of sales.ย There areย provisionsย governing the issue ofย further shares below 12.5pย or if some form of share split or reorganisation of the share capital takes place. The Board have also agreed that the Company will not pay a dividendย without the prior consent of the Loan Notesย holder.

Admission

The Loan Notes will not be admitted to trading on AIM. The Company has adequate authorityย to issue the 8 million ordinary shares on conversion of the Loan Notes. These ordinary shares will rankย pari passuย with the existing ordinary sharesย and application for admission to trading on AIM will be made at the appropriate time.

Noble Fund Managers Limited

Noble AIM VCT PLC is aย venture capital trustย managed by Noble Fund Managersย Limitedย whoย are a 3.4% shareholder in Deltex Medical.

Nigel Keen, Deltex Medical's Chairman, commented:

"As we reported in our statement on 22 January 2009 we have implemented a plan to accelerateย breaking even within our existing cash resources and, four months into it, we remain ahead of this plan. Not withstanding this plan, the Board considers that it would be in the best interests of shareholders to strengthen the balance sheet to deal with unforeseen events.

"This new capital also gives us the opportunity to pursue specific projects aimed at expanding our business where we judge that returns will be maximised by early investment rather than deferring investment until affordable out of operating cash flows."

ย 
For further information, please contact:-
ย 
Deltex Medical Group plc 01245 774 837
Nigel Keen, Chairman njk@deltexmedical.com
Andy Hill, Chief Executive ahill@deltexmedical.com
Ewan Philips, Finance Director eap@deltexmedical.com
ย 
Nominated Advisor & Broker
Arden Partners plc 0207 398 1600
Christopher Hardie chris.hardie@arden-partners.com
Matthew Armitt matthew.armitt@arden-partners.com
ย 
Kreab Gavin Anderson 0207 554 1400
Deborah Walter dwalter@kreabgavinanderson.com
Robert Speed rspeed@kreabgavinanderson.com
ย 

ย 

ย 

This information is provided by RNS
The company news service from the London Stock Exchange
ย 
END
ย 
ย 
MSCTFMPTMMMTBTL
Date   Source Headline
21st Feb 20257:00 amRNSCancellation - Deltex Medical Group Plc
12th Feb 20251:26 pmRNSResult of General Meeting
11th Feb 20256:09 pmRNSHolding in Company
11th Feb 20254:29 pmRNSHolding(s) in Company
10th Feb 20257:00 amRNSHolding in Company
5th Feb 202510:35 amRNSHolding(s) in Company
29th Jan 20253:07 pmRNSHolding(s) in Company
21st Jan 20257:00 amRNSProposed cancellation of trading on AIM
20th Jan 20254:28 pmRNSHolding(s) in Company
20th Jan 20257:00 amRNSHolding(s) in Company
16th Jan 20257:00 amRNSYear-end trading update and proposed cancellation
2nd Dec 20243:20 pmRNSHolding in Company
23rd Sep 20247:00 amRNSInterim results to 30 June 2024
11th Jul 202412:29 pmRNSHolding in Company
10th Jul 202411:46 amRNSHolding in Company
4th Jul 20247:00 amRNSHalf-year Trading Update
12th Jun 20247:00 amRNSNew share plans and grant of share options
4th Jun 20247:00 amRNSAward to NHS Supply Chain Framework Agreement
8th May 202412:50 pmRNSResult of Annual General Meeting
8th May 20247:00 amRNSChairman’s Statement to the Annual General Meeting
8th Apr 20245:03 pmRNSHolding(s) in Company
8th Apr 20247:00 amRNSPosting of Annual Report & Notice of AGM
28th Mar 20247:00 amRNSResults for the year ended 31 December 2023
2nd Feb 20245:11 pmRNSHolding(s) in Company
31st Jan 20245:00 pmRNSTotal Voting Rights
18th Jan 20245:01 pmRNSIssue of Equity
18th Jan 20247:00 amRNSYear-end trading update
4th Dec 20237:00 amRNSCommercial update, board changes & new auditor
18th Sep 20237:00 amRNSInterim results to 30 June 2023
31st Aug 20235:00 pmRNSTotal Voting Rights
2nd Aug 20236:23 pmRNSHolding(s) in Company
2nd Aug 20235:32 pmRNSHolding(s) in Company
2nd Aug 20238:00 amRNSFundraising completion, trading restoration & TVR
2nd Aug 20237:30 amRNSRestoration - Deltex Medical Group PLC
1st Aug 202310:04 amRNSResult of General Meeting
24th Jul 20237:00 amRNSResult of Retail Offer
18th Jul 20234:47 pmRNSExtension of Retail Offer Closing Time
14th Jul 20236:03 pmRNSRetail offer to raise up to £500,000
14th Jul 20236:01 pmRNSPlacing, Subscription and Retail Offer
10th Jul 20237:00 amRNSRelease of new next generation TrueVue System
6th Jul 20237:13 amRNSHalf-year Trading Update & Potential Fundraise
26th Jun 20237:30 amRNSSuspension - Deltex Medical Group PLC
26th Jun 20237:00 amRNSTrading update and suspension of trading on AIM
19th May 20231:35 pmRNSHolding(s) in Company
17th May 20233:24 pmRNSResult of AGM
17th May 20237:00 amRNSChairman’s Statement to the Annual General Meeting
28th Apr 20235:00 pmRNSTotal Voting Rights
25th Apr 20237:00 amRNSNew monitor launch update & new loan facility
11th Apr 20235:43 pmRNSIssue of Equity
30th Mar 20237:00 amRNSResults for the year ended 31 December 2022

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.