Keyhole surgery firm to raise cash for investment

The Leeds-based group said the fundraising follows a recovery in revenues in the third quarter and the expected increase in levels of elective surgery by key healthcare providers in the UK and overseas.

The net proceeds will enable it to reinflate working capital as further anticipated recovery in activity occurs, and to invest in additional growth opportunities including new product development and the sustainability agenda that is driving awareness of interest in products such as the company’s "resposable" range.

Many of SI’s products are based on a “resposable” concept, where the products are part re-usable, part disposable, offering a high-quality, low cost solution which significantly reduces clinical waste.

The firm said that its environmentally sustainable product ranges are gaining market traction in the UK and overseas. It added that the sustainability agenda is driving product evaluations at five major NHS Trusts in the UK.

The fundraising will be priced at 1.6p per new ordinary share.

It is being arranged within the company’s existing non pre-emptive authority and will therefore not be subject to shareholder approval.

N+1 Singer Capital Markets Limited is acting as sole broker.

The maximum gross proceeds from the fundraising will be £2.5m.