AMP.L

Amphion Innovations Plc
Amphion Innovations - Sale of Partner Company Shares
3rd October 2019, 06:00
TwitterFacebookLinkedIn
To continue viewing RNS, please confirm that you are a Private Investor*

* A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:

  1. Obtains access to the information in a personal capacity;
  2. Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
  3. Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
  4. Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
  5. Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
  6. Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
RNS Number : 5914O
Amphion Innovations PLC
03 October 2019
 

 

AMPHION INNOVATIONS PLC

 ("Amphion" or "the Company")

 

 

Sale of Partner Company Shares

 

London and New York, 3 October 2019 - Amphion Innovations plc (AIM: AMP), the developer of medical, life science, and technology businesses, announces that between 23 September and 2 October 750,000 shares in Partner Company, Polarean Imaging plc ("Polarean") have been sold ("Sale") for partial repayment of the loan facility (the "Facility") originally announced on 5 June 2014 and most recently amended as announced on 25 September 2019 ("Amendment Agreement"). Following this Sale, Amphion holds 15,972,523 ordinary shares of Polarean, representing 13.96% of the issued share capital. 

 

The Sale generated total proceeds of approximately US $172,000, which will be applied to reduce the loan balance under the Facility.  The loan amount under the Facility continues to be secured by the pledge of 15,972,523 ordinary shares of Polarean. 

 

Following the Sale, the loan balance outstanding is approximately US $2.3 million (excluding the lender's share of the pledged share price appreciation which is currently approximately US £172,500).  The current value of the remaining shares pledged as security for the outstanding loan is approximately US $3.3 million.  The outstanding loan is repayable on 30 September 2020.  Amphion has transferred the legal title to, but retains the beneficial interest in, the total pledged shares in Polarean.   

 

Amphion is working hard to try to ensure the Company does not have to sell more shares than entirely necessary.  We are excited by and steadfastly believe in the future prospects of Polarean and its important technology. 

 

Amphion remains highly cash constrained and continues to consider both its short term and medium term financing options and work with its debt providers. Further to the Company's announcement on 27 June 2019, the Company's shares remaining suspended from trading on AIM.

 

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 ("MAR").

 

 

For further information please contact:

 

Amphion Innovations

Tel: +1 (212) 210 6224

Charlie Morgan




Panmure Gordon Limited (Nominated Adviser and Corporate Broker)

Tel: +44 (0)20 7886 2500

Emma Earl/ Freddy Crossley  (Corporate Finance)


Charles Leigh-Pemberton (Corporate Broking)




SP Angel Corporate Finance LLP (Joint Corporate Broker)

Tel: +44 (0) 20 3470 0470

David Hignell (Corporate Finance)


Vadim Alexandre (Corporate Broking)




Walbrook PR

Tel: +44 (0)20 7933 8780 or amphion@walbrookpr.com

Anna Dunphy / Paul McManus




 

About Amphion Innovations plc

 

Amphion Innovations is a developer of medical, life science and technology businesses.

 

We use our extensive experience in company building to invest and build shareholder value in high growth companies in the US and UK. Amphion has significant shareholding in a few Partner Companies developing proven technologies targeting substantial commercial marketplaces. The Amphion model has been refined to optimise the commercialisation of patents and other intellectual property within the Partner Companies.

 

On the web: www.amphionplc.com 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
DISMTBBTMBBMTIL ]]>
TwitterFacebookLinkedIn