12 Dec 2007 07:00
For immediate release 12 December 2007 LIDCO GROUP PLC Result of General Meeting
Result of General Meeting in connection with the placing and subscription of 23,647,074 new Ordinary Shares of 0.5p each at a price of 8.5 pence per share (the `Placing').
LiDCO Group Plc (AIM: LID), the cardiovascular monitoring company, is pleased to announce that the special resolution proposed at the Company's General Meeting held earlier today relating to the placing of new ordinary shares was duly passed by shareholders.
As a consequence, 23,647,074 Ordinary Shares in connection with the Placing are expected to be allotted to institutional and other existing investors in the Company. Following completion of the Placing the Company will have raised approximately GBP2.0 million before expenses which will be used for:
* marketing the Company's growing product range and further developing its sales and distribution network; * accessing more fully the substantial and growing high-risk surgical market opportunity through the introduction of the forthcoming LiDCOrapid product as well as continuing to support the Company's existing critical care market sales revenue growth; and * continuing the Company's active Research and Development programme, including the finalisation of development associated with bringing the new anaesthesia product LiDCOrapid to market.
Application has been made for these shares, which will rank pari passu with existing shares in issue, to be admitted to AIM, and it is expected that admission will become effective at 08.00 on 12 December 2007. Following admission of the new ordinary shares to trading on AIM, the Company will have 141,983,054 Ordinary Shares in issue.
Following the Meeting, Terry O'Brien, LiDCO's CEO commented "I am pleased to announce the successful placing of the shares which will put the Company in a stronger financial position to exploit the growth opportunities which we announced in our interim results"
For more information please contact:
LIDCO Group Plc 020 7749 1500 Terry O `Brien (CEO) Buchanan Communications 020 7466 5000 Tim Anderson, James Strong Panmure Gordon 020 7459 3600
Edward Farmer, Mark Lander, Katherine Roe
LIDCO GROUP PLC