Surgical Innovations Regulatory News (SUN)

1 Jul 2005 14:11

Surgical Innovations Group plc Convertible loan notes On 23 May 2005, Surgical Innovations Group plc (the "Company") wrote to holdersof the Company's 6.5 per cent. Unsecured Convertible Loan Notes 2005 (the"Notes") ("Noteholders") to give notice, in accordance with the conditionsendorsed on the Notes, that the Company wished to convert compulsorily all ofthe Notes currently in issue into ordinary share capital of the Company at therate of 26.6667 pence nominal of ordinary share capital of the Company forevery ‚£1 nominal of the Notes. This equates to a price per ordinary share of3.75p per share.Each Noteholder had the right to give the Company written notice within 30 daysof service of the notice to require the Company, in lieu of converting theNotes, to repay the whole or part of the Notes held by him at par, togetherwith all interest accrued thereon. The period of 30 days expired at 5.00pm on22 June 2005 and, by that time and date, Noteholders of 67,596 Notes hadnotified the Company that they wished the Company to repay those Notes at par,together with all interest accrued thereon. The Company will be making thisrepayment to those Noteholders by 31 July 2005.The Company received notice that Noteholders of 1,249 Notes wished to convertthose Notes into ordinary share capital of the Company.The Company had the right to convert the balance of the Notes, which totals41,362 Notes, into ordinary share capital of the Company.Therefore, in total, the Company has converted 42,611 Notes into ordinary sharecapital of the Company at the rate of 26.6667 pence nominal of ordinary sharecapital of the Company for every ‚£1 nominal of the Notes. None of theseNoteholders is entitled to receive a fraction of an ordinary share and thebalance of any nominal amount of any Notes so arising will be retained by theCompany.In aggregate, 1,136,294 new ordinary shares of 1p each have been issued as aresult of the conversion of the 42,611 Notes into ordinary share capital of theCompany. The new ordinary shares rank pari passu with the existing ordinaryshares.An application for the 1,136,294 new ordinary shares of 1p each to be admittedto trading on AIM will be made and it is expected that the new shares will beadmitted to trading on 7 July 2005.Enquiries:Surgical Innovations Group Graham Bowland, Finance Director Tel: 0113 230 7597 Tim Feather Tel: 0161 838 9140 Westhouse Securities LLP ENDSURGICAL INNOVATIONS GROUP PLC