18th Nov 2005 07:00
LiDCO Group Plc18 November 2005 For immediate release 18 November 2005 LiDCO Group PLC (the "Company") US$445,000 conversion by the Company of the Laurus US$2million convertible loan LiDCO Group Plc, the UK-based AIM-traded cardiovascular monitoring company, ispleased to announce that it has converted US$445,000 of the US$2 million threeyear secured revolving convertible loan raised on 10th August 2005 from LaurusMaster Fund, Ltd. ("Laurus"). As a result 1,166,920 new shares in the Companyhave been issued at a conversion price of 22.21p (being, in accordance with theterms of the agreement with Laurus, the lower of 24p or 85% of the averageclosing price for the preceding 10 trading days). The new shares represent1.16% of the enlarged issued share capital. Admission to trading is expected totake place on 21 November 2005. LiDCO has the right to convert further amounts of the Laurus loan subject tocertain limitations under the agreement with Laurus. In particular, Laurus isrestricted from holding 3% or more of the Company's issued share capital at anyone time on any conversion of the loan. Dr Terry O'Brien, CEO of LiDCO, stated: "I am pleased that LiDCO's share tradingperformance has allowed us to achieve a significant conversion of the Laurusloan facility so soon after it was implemented. The conversion allows usadditional headroom under the facility, which provides us with significantfinancial flexibility to underpin our working capital, as we continue to growsales of LiDCO's minimally invasive cardiovascular monitoring products." For further information please contact: LiDCO Group PlcTerry O'Brien (CEO) [email protected] 020 7749 1500Hugh McGarel-Groves (FD) [email protected] Buchanan CommunicationsTim Anderson, Mary-Jane Johnson, James Strong 020 7466 5000 Panmure GordonGrant Harrison, Aubrey Powell, Katherine Roe 020 7459 3600 Notes to Editors About Laurus Capital Management LLC Laurus is a US based financial institution that provides finance to small andmicro cap growth companies. Their flexible financing solutions are designed tohelp build cash reserves and enable management to focus on operations andstrategic growth opportunities. About LiDCO Group Plc LiDCO is a UK-based AIM-traded developer, manufacturer and leading supplier ofminimally invasive, computer-based hemodynamic monitoring equipment anddisposables used primarily for the management of critical care andcardiovascular risk hospital patients. Use of LiDCO's technology has been shownto significantly reduce the complications (particularly infections) and costsassociated with major surgery. The technology was invented in the Department ofApplied Physiology based at St Thomas' Hospital, London where the Companymaintains a research base. The Company's manufacturing facility is in Hoxton, London and its currentproducts are: • LiDCOplus and PulseCO monitors: computer-based platforms for displaying arange of real-time, continuous hemodynamic parameters including cardiac output,oxygen delivery and fluid volume; • LiDCO disposables: used in conjunction with the LiDCOplus Monitor toaccurately determine cardiac output in a minimally-invasive manner. Distribution Network: The Company has now achieved registration of its products in 13 markets inEurope, the USA, Brazil and Japan. It sells direct to the NHS in the UK, andthrough a worldwide network of specialty critical care distributors. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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