News blog

Surgical Innovations

  • BY: Andrew Hore |
  • POSTED: 11/03/2015 |

Surgical instruments developer and manufacturer Surgical Innovations expects significant non-cash write downs in its 2014 figures. 

The review of capitalised product development has not been completed but a substantial impairment charge is anticipated. There will also be a stock write down. 

The cash position is ahead of forecast. Net debt was £2.36m at the end of June 2014. Last November, Surgical Innovations raised £526,000 at 1.3p a share from interim managing director Chris Rea and Gertz Bros – already the two largest shareholders. They each invested a further £250,000 in convertible loan notes and they are expected to invest a similar amount before the end of March. Shareholders need to approve the potential issue of shares on conversion.

Yorkshire Bank converted a £3m revolving credit facility into a loan repayable in April 2017.

Plans to build a new facility have been shelved.

At 1.53p a share, Surgical Innovations is valued at £7.42m.

AIM Journal March 2015 available.

© 2024 Aim Micro. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Browse by issue
All issues
Popular tags
All tags

betbrokers, financial, gold, health, leisure, media, mobile, resources, services, technology

AIM Micro feeds

Keep up to date with articles published at AIMMicro.com. Subscribe to AIM Micro RSS Feeds