11th Dec 2015 08:24
LONDON (Alliance News) - Surgical Innovations Group PLC on Friday said its finance director will no longer depart, while trading has improved and the company's banking facilities have been extended.
Melanie Ross will remain the finance director of the company, withdrawing her notice to resign on April 15, 2016, taking on the position of managing director of Surgical Innovations Ltd in addition to her existing responsibilities.
Surgical Innovations Ltd is one of the London-listed company's main trading subsidiaries.
The company, which designs and makes medical technology for minimally invasive surgery, said trading in the second half of 2015 has "continued to demonstrate the improvement reported in the interim results". Further details will be released in due course, the company said.
The company's existing bank loan facilities have been extended by six months to October 31, 2017, following an agreement with Yorkshire Bank. In addition, the financial covenants for 2016 have been modified to reflect current financial forecasts.
The agreement also includes an accelerated capital repayment of GBP700,000 which has been paid with existing cash, the company said.
Shares in Surgical Innovations were up 22% at 1.99 pence on Friday morning, one of the best performers in the AIM All-Share.
By Samuel Agini; [email protected]; @samuelagini
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