LONDON (Alliance News) - Amphion Innovations PLC said Monday it has pledged its holding in Polarean Imaging PLC as additional security against its loan facility with its debt provider.
Shares in Amphion Innovations closed down 22% at 0.33 pence on Monday.
Amphion's pledge of 18.0 million shares in partner company Motif Bio PLC shares act as security for the loan. As of Monday, the loan will also now be secured by the company's 18.4 million shares in Polarean.
Currently, the loan balance is about USD3.7 million and is repayable at the end of September.
Amphion retains its beneficial interest in all pledged shares, although it has transferred the legal title to the majority of these.
Amphion amended the loan in March which will see the agreement will end in September 2021 or when Amphion has sold all of its shares in Motif and Polarean.
Shares in Polarean Imaging were untraded Monday but last closed at 17.50 pence each. Motif Bio ended down 2.0% at 6.42p.