Surgical Innovations Share Discussion Threads

[buywell3] 20/7/2015 10:31

You guys don't seem to have discussed this latest RNS

Why is that ?



The Company currently has a term loan of GBP3 million from Yorkshire Bank which is repayable in April 2017. After taking account of cash balances, net indebtedness to Yorkshire Bank was GBP1.54 million at close of business on 29 June 2015. The term loan carries a number of financial covenants, including a profitability covenant requiring EBITDA (earnings before interest, tax, depreciation and amortisation) of a minimum of GBP600,000 for the year ending 31 December 2015 (the "EBITDA covenant").

The Board is now of the view that the Company is unlikely to be able to meet the EBITDA covenant and is therefore commencing formal discussions with Yorkshire Bank in relation to this matter. Further announcements will be made as appropriate.

[gnnmartin] 30/6/2015 15:56

Bad news, but I'm impressed that SUN keep us informed.

[gbh2] 30/6/2015 14:50

Always the optimist PU ;)

Good luck Ken, the gains are lower & slower on the ftse100 but I feel my cash is in safer hands.

[kenone] 30/6/2015 13:55

Another AIM disaster ! You'd have thought having lost a load on Haemocell I wouldn't have made the same mistake again . Got even bigger loss on TRT at present. Think that those will be my last two big mistakes as will leave AIM alone in future.
What to do with my remaining SUN shares ? Down to last 100,000 now having sold most in last few days @ 1.7 & 1.6 ish. More just sold at 1.35 & 1.3
Sh$t or best on the last ones I suppose...

[pugugly] 30/6/2015 13:53

gbh2: There you go again - Looking on the bright side!

[meijiman] 30/6/2015 13:50

Rather surprised by that as would not see it as something which needs to be made public. Usually these bank arrangements get changed -covenants amended or loan term extended.As long as the debt is serviced the banks will usually be happy to alter terms.
Wonder if its a tacit way of flagging de-listing/going private.
When you think it through there are not many reasons for this to a plc.

[gbh2] 30/6/2015 13:48

Just when you thought it couldn't get worse !!!!

[leadingladies] 30/6/2015 13:26

At the AGM Chris Rea inferred that he had been involved in detailed discussions with Yorkshire Bank a few months ago and used his influence to keep the wolves away. Seems like he'll need to do it again........or is he really bothered ??????

[gbh2] 30/6/2015 08:33

Judging by the effect the Greek situation has had on the rest of my holding, I guess there's some benefit in holding a company that's already hit rock bottom ;))

[gbh2] 25/6/2015 14:46

Seems the AGM failed to inspire any new investment !

[leadingladies] 24/6/2015 09:58

Yes sorry - I have a friend called Dave - don't we all !!

[gbh2] 24/6/2015 08:46

Thanks LL, good to know they're still open for business.

[meijiman] 24/6/2015 08:44

LL-assume you meant Doug not Dave?!

[john148] 24/6/2015 08:13

I think Rea knows the company is worth saving.

[kenone] 24/6/2015 07:13

Thanks LL. Not very encouraging. Just sit tight and wait I suppose.

[gnnmartin] 24/6/2015 00:00

I attended too, but have nothing to add to LL's report, which I endorse.

[leadingladies] 23/6/2015 20:57

No mention at all of products. I suspect zero development over the last year. With regard to relations between Chris Rea and Dave Liversidge certainly for the audience it appeared extremely good with Chris defending and backing Dave on more than 1 occasion. Both blamed the previous MD. Mike Thornton remained extremely quiet throughout. He finishes in August inferring no job to go to. We were introduced to a lady called Melanie Ross the new General Manager brought in specifically by Chris. She appeared very switched on which is encouraging.

[jmf69] 23/6/2015 18:58

Any update on the 3mm products that were hyped so much by the previous management?

[meijiman] 23/6/2015 17:16

Many thanks both for attending and giving us the feedback. It might imply that relations between Liversalts and Rea are not exactly cordial -there again it might not.Surprised Rea didn't get some of his numbers men to do a full forensic before investing.

[kenone] 23/6/2015 15:53

Anyone go to AGM ? Any feedback would be welcome. Any clues as to what they are up to ?

[jmf69] 23/6/2015 15:44

All resolutions duly passed

[bashor] 23/6/2015 12:46

AGM at 2.00pm, batten down the hatches

[john148] 11/6/2015 15:08

I doubt the agm will deliver any insight into what is happening. I think the worst is over so sit tight and hope that in time things will come good is my advice,