7th Dec 2016 08:07
LONDON (Alliance News) - Hemodynamic monitoring company LiDCO Group PLC on Wednesday said it has raised GBP3.0 million via a share placing and subscription to accelerate its US growth.
LiDCO said the funds will be used to boost its presence in the US market, which it believes offers the most significant opportunities for growth for its products at present. It also will use the funds to boost sales in other international markets and consolidate its position in the UK.
The firm will issue 47.9 million shares via the placing portion of the fundraising and 2.1 million via the subscription tranche, all at 6.00 pence per share. Shares in the firm closed at 7.00p on Tuesday and were down 3.6% at 6.75p early Wednesday.
"We are delighted with the support shown by both existing and new investors, which resulted in the placing being oversubscribed. This is an exciting time for the company, we believe we are well positioned to pursue additional growth from substantial US opportunities and other distributor markets," said LiDCO Chief Executive Matt Sassone.
A group of directors of the company have taken part in the subscription. CEO Sassone subscribed for 250,000 shares, his first holding in the company. Non-Executive Director Phil Cooper subscribed for 1.7 million shares, also his only holding, while Non-Executive Chairman Theresa Wallis subscribed for 166,667 shares, taking her holding up to 497,704 shares.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
LID.L