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Bell Potter lines up investors for Medical Developments
Sarah Thompson, Anthony Macdonald and Tim BoydDec 10, 2020 – 9.49am

Emergency pain relief products maker Medical Developments is after $30 million fresh capital via Bell Potter. The broker was seeking buyers for 3.8 million new shares to raise $25 million in a placement and expects there will be a share purchase plan to raise another $5 million. Medical Developments is seeking $30 million in fresh funds. The placement was at $6.50 a share which was an 8.5 per cent discount to the last close. Bell Potter was calling for bids by 2pm Thursday, according to terms sent to potential buyers .Medical Developments had a $466 million market capitalisation prior to the raising. The company is best known for its "green whistle" pain relief, which is used in emergency services in Australia and offshore. Outgoing chairman David Williams was due to sell $1 million of stock at the same time as the placement, the term sheet said. The buyer was incoming chairman Gordon Naylor.