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Annual Report and Accounts Update

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RNS Number : 7034D
Amphion Innovations PLC
27 June 2019
 

Amphion Innovations

 ("Amphion" or "the Company")

27 June 2019

Update 2018 Annual report and accounts

 

London and New York, 27 June 2019 - Amphion Innovations plc (AIM: AMP), the developer of medical, life science, and technology businesses, announces that it has become apparent that the Company will not be in a position to publish its audited financial statements for the year ended December 2018 ("2018 Accounts") by 30 June 2019, in accordance with the AIM Rules for Companies.

The reason for the delay is continuing work with the Company's auditors in relation to the going concern status of the Company.  As previously announced, the Company is highly cash constrained and the Company's total debts significantly exceed the Company's total assets. The value of the Company's assets has decreased significantly in 2019 following a sharp reduction in the value of Motif Bio plc ("Motif") shares and the current unaudited value of the Company's assets is approximately US $8.3 million compared to the debts of the Company which are approximately US $30.3 million. The Directors currently believe that the Company remains a going concern and that there are grounds for the Company to produce its accounts on the going concern basis taking into account, inter alia, its holdings in its investee companies and the future prospects of those investee companies; ongoing discussions with creditors (including loan note holders) for potential extension and/or restructuring of existing debt and potential opportunities to raise additional funds, however the outcome of these discussions and opportunities is currently uncertain. The Directors are currently in the process of trying to progress these initiatives in order to finalise the 2018 Accounts.

Further to the Company's announcement on 12 June 2019 in respect of the Company's loan facility, following the sale of further shares in Motif by the Company's debt provider (the "Lender"), the loan balance outstanding as at 26 June 2019 pursuant to the loan facility is approximately US $2.9 million (including fees and accrued interest) and the number of Motif shares held is now 3.9 million.  The Board continues to work closely with the Lender regarding potential resolution in connection with the Lender's collateral requirement and further announcements will be made as appropriate.

As a result of the delay in publishing of the annual report and accounts for the year ended December 2018 by 30 June 2019, in accordance with the AIM Rules for Companies, dealings in the Company's ordinary shares will be temporarily suspended under AIM Rule 40 from 7.30 a.m. on 01 July 2019. It is intended that the suspension will be lifted at such time as the 2018 Accounts have been duly published in compliance with AIM Rule 19.

Notwithstanding the temporary suspension of trading in the Ordinary Shares, the Company will continue to make announcements as and when there are any developments that require announcement under the AIM Rules.

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 [email protected]

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.

 

On the web: www.amphionplc.com

 

 

 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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