10 Sep 2019 16:56
AMPHION INNOVATIONS PLC
("Amphion" or "the Company")
Sale of Partner Company Shares
London and New York, 10 September 2019 - Amphion Innovations plc (AIM: AMP), the developer of medical, life science, and technology businesses, announces that 1,150,000 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 1 April 2019 ("Amendment Agreement"). Following this Sale, Amphion holds 17,122,523 ordinary shares of Polarean, representing 14.96% of the issued share capital.
The Sale generated total proceeds of approximately US $313,127, 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 17,122,523 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 $4.4 million. The outstanding loan is repayable on 30 September 2019. 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 and replace or amend the Facility to extend the repayment date past 30 September 2019 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 7 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. The Partner Companies collectively own or control over 200 separately identified pieces of intellectual property, a number which grows rapidly each year.
On the web: www.amphionplc.com