Distressed Assets Media Centre
16 April 2010
SA medical products firm Safety Medical Group in administration
Source: adelaidenow.com.au
ADELAIDE medical products maker Safety Medical is under administration after talks with its financier and a potental investor failed.
The public company last traded at 3.7c on February 26 when the Australian Securities Exchange suspended its shares because it had failed to report interim results in time.
The company had been in talks with its financier National Australia Bank about refinancing arrangements, and was also also looking to secure a 40 per cent stake in Hungarian manufacturer Dispomedicor to grow its business.
National Australia Bank had provided more than $2 million in mixed facilities, and the renegotiations were mostly due to disappointing results for its women's sanitary products subsidiary, Pureste.
The SafetyMed group comprises syringe manufacturer Safety Medical Products, Pureste and auto engineering firm Baratex and has six employees.
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