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European funds deal for MEDEC

PERTH-BASED health care equipment company MEDEC Ltd has signed an agreement with an international investment bank for the placement of up to 8.5 million shares to raise $1.8 million, with several international investors agreeing to provide MEDEC with further funding. MEDEC CEO Josef Plattner said the group of international investors was well connected in the European health care, wellness and fitness industries. “I therefore expect the international investors to support MEDEC in the growth of the European operations by providing contacts with synergy effects. “The investors have also agreed to support MEDEC in structuring our operation to meet the requirements of our growing business in Europe.” MEDEC signed the agreement with German-based investment bank Gebhard & Co Wertpapierhandelsbank AG for the private placement to be finalised by June 15. The placement shall increase the cash reserves of MEDEC from a present level of $4.1 million to $6 million, providing the funding for planned future acquisitions. MEDEC was established in 2001 and listed on the Australian Stock Exchange in October 2003.

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