By Sheri Kasprzak
New York, July 12 - Medisys plc intends to close a private placement of its stock for £4.7 million in order to help it transition from a company that makes medical diagnostic products to a company that invests in such concerns.
The company has agreed to sell 156,666,665 shares at 3p each to 3i Investments plc and directors of the company.
Once the deal is done, 3i will own 23% of Medisys's enlarged share capital.
Medisys is not only changing its business; it also intends to change its name and listing on the London Stock Exchange's Alternative Investments Market to MDY Healthcare plc.
Connected to the offering, Charles Spicer was named Medisys' new chief executive officer and, once the deal is settled, Alan MacKay will join the company as a non-executive director. MacKay is currently the head of health care at 3i.
As previously mentioned, Medisys is changing its line of business from making medical diagnostic tools to investing in biopharmaceutical companies and companies that make health care-related products.
Medisys has headquarters in Woodbridge, England.
| Issuer: | Medisys plc
|
| Issue: | Stock
|
| Amount: | £4.7 million
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| Shares: | 156,666,665
|
| Price: | 3p
|
| Warrants: | No
|
| Investor: | 3i Investments plc
|
| Announcement date: | July 12
|
| Stock symbol: | London: MDY
|
| Stock price: | 3.10p at close July 11
|
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