LONDON (Alliance News) - Amphion Innovations PLC on Tuesday revealed an extension to the terms of its convertible promissory notes and of the promissory notes held by its former chairman.
The company, which develops medical and technology businesses, said the extension follows a meeting of the holders of its unsecured convertible promissory notes 2008-2015 on December 30.
"After due consideration, it was resolved by a large majority of the note holders that the terms of the notes be amended such that the due date for settlement be February 28, 2016 rather than December 31, 2015," Amphion said.
Talks about reaching a resolution in the longer term are expected to be concluded by the end of February, it said.
In addition, the company said it has agreed in principle to replace the USD3.3 million of notes payable to James Macaleer, former Amphion chairman, and the USD3.3 million payable to the RJM Amphion Trust, a trust set up for the benefit of his children.
The notes will be replaced with an issue of promissory notes that will mature on December 31, 2016, rather than December 31, 2015.
The rate of interest on the notes remains at 7.0%. The new notes contain provisions for early repayment.
However, no payment will be made on the new notes unless the company repays in full its existing loan facility.
Shares in Amphion were up 4.5% at 4.05 pence on Tuesday morning.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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