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AIM : THE SI STORY Graham Bowland – CEO Colin Glass – Non Executive Board Member

AIM : THE SI STORY Graham Bowland – CEO Colin Glass – Non Executive Board Member 12 th January 2012. Partner in Winburn Glass Norfolk, Chartered Accountants, interested in growing companies for flotation on AIM Founder director/shareholder in SI when floated on AIM in 1999.

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AIM : THE SI STORY Graham Bowland – CEO Colin Glass – Non Executive Board Member

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  1. AIM : THE SI STORY Graham Bowland – CEO Colin Glass – Non Executive Board Member 12th January 2012

  2. Partner in Winburn Glass Norfolk, Chartered Accountants, interested in growing companies for flotation on AIM Founder director/shareholder in SI when floated on AIM in 1999 Currently non-executive director of SI Non-executive director in GETECH Group plc and Straight plc both quoted on AIM Formerly non-executive director of Coe Group plc and Artisan (UK) plc both former AIM quoted companies COLIN GLASS

  3. AIM is the London Stock Exchange’s (“LSE”) market for smaller and growing companies, launched in 1995 AIM serves as a mechanism for companies seeking access to capital to realise their growth and innovation potential AIM plays a vital role in the funding environment for small and medium sized companies as they develop their business WHAT IS AIM?

  4. Has a defined structure and identifiable leader Can demonstrate relevant experience in business generally and specificallyin sector Can demonstrate a track record of success in executing strategy Has a full set of skills – HR, procurement, production, marketing, sales & finance Has at least 2 Non Executive Directors Has detailed knowledge of markets, competition and developments within sector AIM REQUIREMENTS A company will only be accepted into AIM if it:

  5. Company started with £1,000 share capital in Winburn Glass Norfolk’s offices Initial funding from Barclays Bank through a £250k loan under SFLG scheme Sold 10% of SI to its key supplier Tried venture capital - process too long and drawn out We continued to be short of cash - went to the brink! Obtained investment from Far Eastern distributor Targeted fully listed public company Haemocell involved in autologous blood – recycling own blood THE SI STORY: PART 1

  6. Had money and stock-market quotation - ability to raise money However they did not have a viable business SI had an exciting business – but no money Merged the two companies, raising £2m at the same time At the time of the merger, Haemocell was losing over £1m per year Since its inception had raised £15m equity and had accumulated losses of £14m SI had lost £230k in the 9 months prior to the merger and had £1m of net liabilities But the Brokers could raise £2m cash on the back of the SI story despite the losses 14 years on we have justified that investment THE SI STORY: PART 1 Continued

  7. February 1999 Joined SI as the Financial Controller some eight months after the flotation on AIM September 1999 Financial Director March 2000 Joint MD August 2008 Managing Director April 2010 Group CEO GRAHAM BOWLAND

  8. April 2007 Went to stock market on back of product success/confidence in SI Aimed to raise £2m, actually raised £4m The process was interesting! Preparing documents for the initial roadshows Everything was verified by lawyers Tip - keep things simple Understand your business inside out THE SI STORY: PART 2 The Secondary Placing

  9. Took place over 4 days Brokers set up around 20 meetings Going through presentation, showing the products, explaining the key points: margins/IP/routes to market/USP’s/management/strategy Investors are keen to evaluate the risks as well as the prospects Tips - don’t take the reaction from investors personally and make sure you have answers THE ROADSHOWS

  10. Created a market for the company’s shares, broadening our shareholder base Placed an objective market value on our business Enhanced relationships with financial institutions (banks, lawyers, accountants) Enabled employees to benefit in capital growth of SI – share options scheme Created heightened public profile stemming from increased press coverage/analysts reports, helping to maintain liquidity in the company’s shares Enhanced company’s status with customers and suppliers BENEFITS FOR SI

  11. Annual costs - between £200,000 and £250,000 pa Maintaining growth - hitting numbers every year (now every interim!) Difficult to get institutions to invest Sense of losing control of key decisions, when you have to consider the “market” Lack of liquidity in shares Reporting standards Everything is public THERE ARE ISSUES THOUGH!

  12. WHAT HAS FUNDRAISING DONE FOR SI? • In 2007 we had 10,000 sq ft building and 30 staff • Today we have 32,000 sq ft design/manufacturing facility and150 staff • We are high profile company • Success in recent RGF bid (subject to DD!) • Ultimately this will lead to purpose built facility (Leeds Health Hub) • Ability to recruit more employees and increase apprentices nine fold • Created a step change across the whole company

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