21 May 2009 07:00
| Press Release | 21 May 2009 |
LiDCO Group Plc
("LiDCO" or the "Company")
Issue of Equity
Placing to raise £ 3.2 million
LiDCO (AIM:LID), the cardiovascular monitoring company, is pleased to announce that it has raised £3.2m through a placing of 31,916,000 new ordinary shares of 0.5p each ("Ordinary Shares") at a price of 10 pence per Ordinary Share with existing and new institutional investors as well as high net worth individuals.
As part of the fundraising, all of the directors have subscribed for £114,310 (being 1.14m new Ordinary Shares in aggregate) as shown in the table below:
| Name | Interest in Existing Shares | Percentage held in respect of existing Ordinary Shares | Number of Placing Shares subscribed | Percentage of voting rights in respect of issued share capital following completion of the Placing |
| T A Wallis | 201,037 | 0.14 | 100,000 | 0.17 |
| T K O'Brien | 11,035,461 | 7.77 | 481,102 | 6.62 |
| PL Clifford | 188,000 | 0.13 | 312,000 | 0.29 |
| D M Band | 7,060,832 | 4.97 | 100,000 | 4.12 |
| J G Barry | 379,642 | 0.27 | 50,000 | 0.25 |
| I G Brown | 100,000 | 0.07 | 100,000 | 0.12 |
The net proceeds of approximately £3.04m will be utilised to strengthen the Company's balance sheet and reduce the Company's reliance on debt funding.
Commenting on the successful Placing, Dr. Terry O'Brien, LiDCO's CEO said:
"I am delighted to announce the successful raising of £3.2m, from our existing shareholders based both in the UK and USA and from new investors. The placing was oversubscribed and I thank all participants for recognising the Company's potential."
Application has been made, in respect of 14,020,000 of the new Ordinary Shares placed ("the First Placing") to be admitted to trading on AIM, and it is expected that admission of the First Placing Ordinary Shares will become effective on 27 May 2009.
The remaining 17,896,000 new Ordinary Shares placed ("the Second Placing") are subject to shareholder approval at the forthcoming Annual General Meeting which will take place on 24 June 2009. Accordingly, admission in respect of the Second Placing Ordinary Shares will become effective on 25 June 2009.
The total issued share capital of the Company prior to the Placing was 141,983,054. The
Company holds no Ordinary Shares in treasury. Therefore, following the Placing, the total number of voting rights in the Company will be 173,899,054. The above figure may be used by shareholders in determining whether they are required to notify their interest in, or a change to their interest in, the Company under the Disclosure and Transparency Rules.
For more information please contact:
| LiDCO Group Plc | |
| Terry O'Brien - Chief Executive John Rowland - Company Secretary | Tel: +44 (0)20 7749 1500 www.lidco.com |
| FinnCap | |
| Geoff Nash / Marc Young / Stephen Norcross | +44 (0)20 7600 1658 www.finncap.com |
Media enquiries
| Abchurch Communications | |
| Heather Salmond / Stephanie Cuthbert / Simone Alves | +44 (0)20 7398 7728 www.abchurch-group.com |