Issue of new ordinary shares - Lidco Group Plc raises £1.0 million
23-10-2003
LiDCO Group Plc (the "Company"), the UK based, AIM traded cardiovascular monitoring company, announces that the Board has allotted and issued a total of 5,131,154 new ordinary shares through a placing at 19.5 pence per share, raising £1.0 million before expenses.
The Board is pleased to announce that Nomura International plc has placed 5,131,154 new ordinary shares of 0.5 pence each at a price of 19.5 pence per ordinary share with institutional investors to raise approximately £1.0 million before fees and expenses. The Placing is conditional upon the new ordinary shares being admitted to trading on AIM. The new ordinary shares represent 7.1 per cent. of the existing issued share capital of the Company.
The proceeds of this placing will be used to bolster the Company's cash reserves for working capital.
The new ordinary shares will rank pari passu with the existing ordinary shares of the Company. Application will be made for the new ordinary shares to be admitted to trading on AIM and dealings are expected to commence on 29 October 2003.
CEO Terry O'Brien stated "The placing strengthens the Company's cash position and also it is particularly pleasing that a number of new institutions are investing in the Company".
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