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Surgical Innovations’ finance chief to stay as trading improves

Published: 09:52 11 Dec 2015 GMT

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The firm's technology is used in surgery...

Surgical Innovations (LON:SUN), the medical technology group, saw shares move higher as its finance chief did a U-turn on leaving and it has extended its banking facilities.

Melanie Ross has withdrawn her resignation notice due to take effect in April and has taken up the position of managing director as well as finance director.

A  further agreement with Yorkshire Bank sees the term of existing  loan facilities extended  by six months to October 31, 2017 and also includes an accelerated capital repayment of £700,000 met by existing cash.

The financial covenants for 2016 have been modified to reflect current financial forecasts, the group added.

Meanwhile, trading in the second half  has continued to demonstrate the improvement reported in the interim results, and the board are satisfied with progress.

Shares added 15.38% to stand at 1.875p.

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