Amphion Innovations PLC Sale of Partner Company Shares (5522P)
11 Oktober 2019 - 8:00AM
UK Regulatory
TIDMAMP
RNS Number : 5522P
Amphion Innovations PLC
11 October 2019
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 GBP172,500). 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 Tel: +44 (0)20
and Corporate Broker) 7886 2500
Emma Earl/ Freddy Crossley (Corporate
Finance)
Charles Leigh-Pemberton (Corporate
Broking)
SP Angel Corporate Finance LLP (Joint Corporate Tel: +44 (0) 20
Broker) 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
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END
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