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LiDCO Group

  • BY: Andrew Hore |
  • POSTED: 21/05/2009 |

LiDCO Group has raised £3.19m at 10p a share.

The cost of the placing, which was oversubscribed, was £150,000. All of the directors subscribed for new shares. Their total investment is £114,000.

The share price dipped 0.5p to 12.5p, valuing LiDCO at £17.8m prior to the fund raising.

There was cash in the bank of £487,000 and net debt of £131,000 at the end of January 2009. There is an overdraft facility of £250,000 and a £1m invoice discounting facility but the cash raised will mean that they should not be needed.

LiDCO develops and manufactures minimally invasive monitoring technology, which monitors the amount of blood flowing round the body.

House broker FinnCap forecasts a much lower loss in 2009-10 and a move into profit in 2010-11. Updated forecasts will be published after the AGM on 24 June.

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