(Alliance News) - Amphion Innovations PLC on Friday said it has sold its entire holding in Polarean Imaging PLC, and estimates proceeds of USD2.5 million.
On Thursday last week, Amphion sold 750,000 shares in partner company Polarean for the partial repayment of a loan facility.
The developer of medical, life science, and technology businesses on Friday said it has disposed of a further 16.0 million shares, or a 14% holding.
The company noted its interest in Polarean was pledged as security against a loan facility and the shares were sold as part of this security arrangement. Amphion does not yet have full details of the application of the sale proceeds, but expects them to total USD2.5 million.
Amphion said it remains "highly cash constrained", and it had hoped to avoid "significant" sales of Polarean shares whilst it considers both short and medium-term financing options and works with debt providers.
"The directors consider it to be unfortunate repayment of the facility required the sale of Amphion's shares in Polarean. Amphion remains committed to Polarean's success and looks forward to supporting the company in the future," Amphion said in its statement Friday.
Amphion shares remain suspended due to the failure to publish audited financial statements for 2018 by June 30. Polarean shares were trading 1.1% higher in London on Friday at 22.75 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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