11 Oct 2019 07:00
AMPHION INNOVATIONS PLC
("Amphion" or "the Company")
Sale of Partner Company Shares
London and New York, 11 October 2019 - Amphion Innovations plc (AIM: AMP), the developer of medical, life science, and technology businesses, announces that Amphion's total holding in Polarean Imaging plc ("Polarean") of 15,972,523 shares has been sold ("Sale") by the lender of its loan facility (the "Lender" and the "Facility"). The terms of the Facility were originally announced on 5 June 2014 and most recently amended as announced on 25 September 2019. As previously announced, Amphion's holding in Polarean shares was pledged as security against the Facility and the shares were sold pursuant to this security arrangement.
The last reported loan balance of the Facility was US $2.3 million (excluding the Lender's share of the pledged share price appreciation which is currently approximately £172,500). Amphion does not yet have full details of the application of the Sale proceeds, however total proceeds are estimated at approximately US $2.5 million.
Amphion remains highly cash constrained however the Directors had hoped to avoid significant sales of Polarean shares whilst Amphion considers both its short term and medium financing options and works with its debt providers. The Directors consider it to be unfortunate that 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.
Further to the Company's announcement on 27 June 2019, the Company's shares remaining suspended from trading on AIM. The Company expects to make a further announcement when it has more details on the Sale and on the Facility balance.
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