Charles Russell Speechlys advises LiDCO Group plc on its £30m share premium account cancellation
Charles Russell Speechlys has advised AIM-listed LiDCO Group plc on the cancellation of its £30.3 million share premium account and the subsequent credit of the sum arising on the cancellation to the company’s profit and loss reserve.
The transaction has enabled the company to eliminate accumulated losses and achieve a positive balance on its profit and loss reserve. Amongst other things, the transaction improves the company’s eligibility for certain grants.
The UK-based group manufactures and supplies invasive, minimally and non-invasive hemodynamic monitoring equipment for high-risk patients in intensive care and surgical settings. The company’s core technologies are patented and recurring revenues are generated for example through monitor usage licences.
Corporate Partner Andrew Collins, who led on the deal, commented: “We were delighted to advise LiDCO Group plc on this transaction which included gaining court approval for the cancellation of the share premium account at court hearings held remotely due to Covid-19. We wish the group every success for the future.”