Scientific Digital Imaging Plc Issue of Equity, Trading Update and Notice of GM (5422H)
June 21 2013 - 6:30AM
UK Regulatory
TIDMSDI
RNS Number : 5422H
Scientific Digital Imaging Plc
21 June 2013
Scientific Digital Imaging PLC
Issue of Equity
and
Trading Update and Notice of General Meeting
GBP850,000 Equity Fundraising
Scientific Digital Imaging plc (AIM: SDI, "SDI" or the
"Company"), the AIM quoted group focused on the application of
digital imaging technology to the needs of the scientific
community, is pleased to announce that it has conditionally raised
approximately GBP850,000 (before expenses) through a placing of
4,833,334 new ordinary shares of 1p each ("Ordinary Shares") at a
price of 15 pence per Ordinary Share, and following the receipt of
subscriptions for 833,334 Ordinary Shares at a price of 15 pence
per Ordinary Share, ("New Shares") (the "Equity Fundraising"). The
issue of the New Shares is conditional, inter alia, on shareholder
approval at a General Meeting.
The proceeds of the Equity Fundraising will be used to repay in
full the GBP379,000 of outstanding convertible loan stock, which is
repayable in July 2013, together with all interest that has accrued
thereon.
Alongside the Equity Fundraising, the Company has also entered
into a loan agreement with an existing shareholder, Dana
Investments BV ("Dana"), whereby Dana will lend to the Company
GBP50,000 as an interest bearing loan (the "Loan"). Dana is also
participating in the Equity Fundraising as to 333,334 New Shares
and on completion of the Equity Fundraising Dana will hold
3,496,494 Ordinary Shares representing 15.2 per cent. of the
Company's issued share capital as enlarged by the New Shares.
The balance of the proceeds of the Equity Fundraising, together
with the Loan, will be used for general working capital purposes
and software development.
Commenting on the above arrangements, Chairman Ken Ford said, "I
am delighted that SDI has received further investor support in this
funding round. We now have a stronger platform on which to build
our business. We look forward to updating the market with
progress."
Trading Update
In the last 12 months the Company has seen revenue growth
globally in the major application areas with improved gross
margins. Over the period SDI has restructured its manufacturing to
reduce the cost base. New systems have been implemented, resulting
in greater efficiencies and cost savings throughout the
Company.
The Company is beginning to see a tentative recovery in its
markets and with the introduction of Synoptics Health within the
Synoptics division and a number of innovative systems, SDI's
current sales pipeline continues to grow. The Board is encouraged
by the response to its newly launched ProReveal system where
technology has been developed to detect nanogram levels of protein
contamination on surgical instruments and could, the Directors
believe, help reduce the number of cases of post-operative
infection.
SDI will further update the market with the issue of its final
results for the year ended 30 April 2013, which are expected to be
in line with market expectations, on or around 23 July 2013.
General Meeting
A notice convening the General Meeting, to be held at the
offices of finnCap Ltd, 60 New Broad Street, London EC2M 1JJ at 11
a.m. on 9 July 2013, will accordingly be posted to shareholders
today and will be available from the Company's website
www.scientificdigitalimagining.com.
As stated at the time of the half year results for the six
months ended 30 October 2012, the Board has taken action to reduce
overheads. The Directors believe that should the Equity Fundraising
not proceed for any reason, the Company will not have adequate
funds to repay the convertible loan stock and thus would need to
find alternative funding. Therefore, the Directors would urge
Shareholders to vote in favour of the proposals set out in this
notice.
The Directors consider the proposals set out in this notice to
be in the best interests of the Company and the Shareholders as a
whole. The Directors who hold ordinary shares in the capital of the
Company intend to vote in favour of the resolutions to be proposed
at the General Meeting in respect of their shareholdings,
representing in aggregate approximately 1.5 per cent. of the
Company's current issued share capital as at the date of this
announcement.
Further Details
Application will be made to the London Stock Exchange for the
New Shares to be admitted to trading on AIM. Assuming that the
resolutions to be proposed at the General Meeting are passed, it is
expected that:
(i) Admission will be effective, and dealings will commence in
respect of the New Shares to be issued pursuant to the placing at
8:00 a.m. on 10 July 2013; and
(ii) Admission will be effective, and dealings will commence in
respect of the New Shares to be issued pursuant to the
subscriptions, at 8:00 a.m. on 2 August 2013.
Unless otherwise defined herein, capitalised terms used in this
announcement shall have the same meanings as defined in the
Circular containing notice of the General Meeting, a copy of which
is available on the Company's website.
FOR FURTHER INFORMATION
Scientific Digital Imaging
plc 01223 727144
Mike Creedon, Chief Executive
www.scientificdigitalimaging.com
finnCap 020 7220 0500
Ed Frisby/Rose Herbert -
Corporate Finance
Simon Starr - Corporate Broking
Note to Editors
Scientific Digital Imaging Plc
Scientific Digital Imaging plc (SDI) is focused on the
application of digital imaging technology to the needs of the
scientific and technology community. Its principal subsidiary is
Synoptics Limited, which designs and manufactures special-purpose
instruments for use mainly in the life sciences, supplying
customers in the academic, research and health sectors. Within
Synoptics, the recently formed Synoptics Health division has
launched the Synoptics Health ProReveal system. This patented
system offers a highly sensitive fluorescence-based test to detect
dirty surgical instruments in hospitals and aims to reduce
incidences of cross contamination of patients. In addition, under
the Atik brand, SDI designs and manufactures high-sensitivity
cameras for both astronomical and life science applications.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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