Revised Banking Facilities

RNS Number : 5428S

Surgical Innovations Group PLC

22 December 2016

 

Surgical Innovations Group plc

("SI Group" or the "Company")

Revised Banking Facilities

Surgical Innovations Group plc (AIM: SUN), the designer and manufacturer of innovative technology for minimally invasive surgery, announces the revision of banking facilities made available by Yorkshire Bank ("the bank"). The existing term loan of approximately £1.70m has been repaid from available cash resources, and the bank has made available a Revolving Credit Facility of up to £1.30m for working capital and other purposes until 31 March 2020.

Nigel Rogers, Executive Chairman of SI Group, said: "Following the announcement yesterday concerning the conversion of Loan Notes, these changes to the financing structure are a major indicator of the successful transformation that the business has undergone over the last twelve months. The Company is now debt free, and can focus full attention on developing top line growth from additional products and sales channels, and the ongoing identification of suitable acquisition targets."

For further information please contact:

Surgical Innovations Group plc	www.sigroupplc.com
Nigel Rogers, Executive Chairman	Tel: [phone]
Melanie Ross, COO & Finance Director
WH Ireland Limited (NOMAD & Broker)	Tel: [phone]
Tim Feather/Ed Kennedy
Walbrook PR  (Financial PR & Investor Relations)	Tel: [phone] or [e-mail]
Paul McManus	Mob: [phone]

 

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