logo-loader
RNS
viewAmphion Innovations PLC

Sale of Partner Company Shares

/**/ p{margin-right:0cm;margin-left:0cm;font-size:12.0pt;font-family:"Times New Roman","serif";}link{ color: blue }visited{ color: #954F72 } .w{size:595.3pt 841.9pt;margin:72.0pt 72.0pt 72.0pt 72.0pt;}div.w{}p.bn{margin:0cm;margin-bottom:.0001pt;line-height:115%;font-size:11.0pt;font-family:"Calibri","sans-serif";font-weight: bold; line-height: normal}span.bl{font-size:12.0pt}p.bo{margin:0cm;margin-bottom:.0001pt;line-height:115%;font-size:11.0pt;font-family:"Calibri","sans-serif";border: none; font-weight: bold; line-height: normal; text-align: center}span.bj{font-variant:small-caps}p.bp{margin:0cm;margin-bottom:.0001pt;line-height:115%;font-size:11.0pt;font-family:"Calibri","sans-serif";border: none; font-weight: bold; line-height: normal}p.bq{margin:0cm;margin-bottom:.0001pt;line-height:115%;font-size:11.0pt;font-family:"Calibri","sans-serif";text-align:justify;line-height:normal}span.bg{background:white}p.br{margin:0cm;margin-bottom:.0001pt;line-height:115%;font-size:11.0pt;font-family:"Calibri","sans-serif";text-align:justify} p.bc{margin:0cm;margin-bottom:.0001pt;text-align:justify;background:white}span.bd{font-size:11.0pt;font-family:"Calibri","sans-serif"}p.bs{margin:0cm;margin-bottom:.0001pt;line-height:115%;font-size:11.0pt;font-family:"Calibri","sans-serif";font-div: italic; line-height: normal; text-align: justify}span.bb{color:black}p.ay{font-weight: bold; margin: 0cm; margin-bottom: .0001pt}span.az{font-size:11.0pt;font-family:"Calibri","sans-serif";color:black}table.bt{margin-left:5.65pt;border-collapse:collapse;border:none}tr.au{height:12.0pt}td.ax{width:216.05pt;border:none; padding:4.0pt 4.0pt 4.0pt 4.0pt;height:12.0pt}td.av{width:219.0pt;border:none; padding:4.0pt 4.0pt 4.0pt 4.0pt;height:12.0pt} p.bu{margin:0cm;margin-bottom:.0001pt;line-height:115%;font-size:11.0pt;font-family:"Calibri","sans-serif";border: none; line-height: normal; text-align: right}p.bv{margin:0cm;margin-bottom:.0001pt;line-height:115%;font-size:11.0pt;font-family:"Calibri","sans-serif";line-height:normal;border:none}p.a,li.a,div.a{margin:0cm;margin-bottom:.0001pt;line-height:115%;font-size:11.0pt;font-family:"Calibri","sans-serif";}tr.aq{height:24.0pt}td.as{width:317.9pt;border:none; padding:4.0pt 4.0pt 4.0pt 4.0pt;height:24.0pt}td.ar{width:117.15pt;border:none;padding:4.0pt 4.0pt 4.0pt 4.0pt; height:24.0pt}td.ap{width:259.25pt;border:none; padding:4.0pt 4.0pt 4.0pt 4.0pt;height:12.0pt}td.ao{width:175.8pt;border:none; padding:4.0pt 4.0pt 4.0pt 4.0pt;height:12.0pt}td.an{width:216.05pt;border:none; padding:4.0pt 4.0pt 4.0pt 4.0pt;height:24.0pt}td.am{width:219.0pt;border:none; padding:4.0pt 4.0pt 4.0pt 4.0pt;height:24.0pt} span.al{color:#1A1A1A}td.ak{width:251.25pt;border:none; padding:4.0pt 4.0pt 4.0pt 4.0pt;height:12.0pt}td.aj{width:183.8pt;border:none; padding:4.0pt 4.0pt 4.0pt 4.0pt;height:12.0pt}td.ai{width:147.7pt;border:none;padding:4.0pt 4.0pt 4.0pt 4.0pt; height:12.0pt}td.ag{width:287.35pt;border:none; padding:4.0pt 4.0pt 4.0pt 4.0pt;height:12.0pt}span.ah{color: blue; text-decoration: underline}p.bw{margin:0cm;margin-bottom:.0001pt;line-height:115%;font-size:11.0pt;font-family:"Calibri","sans-serif";line-height:normal}td.ae{border:none}p.ab{margin:0cm;margin-bottom:.0001pt}span.ac{font-size: 11.0pt;font-family:"Calibri","sans-serif";color:black} p.bx{margin-right:0cm;margin-left:0cm;font-size:10.0pt;font-family:"Times","serif";margin:0cm;margin-bottom:.0001pt;text-align:justify}span.by{color: black; font-family: "Calibri","sans-serif"; font-size: 11.0pt; font-weight: bold}span.bz{color:black}span.ca{font-size:11.0pt;font-family:"Calibri","sans-serif"; color:black}span.cb{font-size:11.0pt;font-family:"Calibri","sans-serif";color:black}span.x{font-size:11.0pt;font-family: "Calibri","sans-serif";color:black} /**/
RNS Number : 6177I
Amphion Innovations PLC
09 August 2019
 

 

AMPHION INNOVATIONS PLC

 ("Amphion" or "the Company")

 

 

Sale of Partner Company Shares

 

London and New York, 9 August 2019 - Amphion Innovations plc (AIM: AMP), the developer of medical, life science, and technology businesses, announces that 100,000 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 18,272,523 ordinary shares of Polarean, representing 15.97% of the issued share capital.  Amphion's percentage holding changed from 18.1% to 16.05% following a placement of 11,666,667 ordinary shares on 22 July and an exercise of warrants by Mr. John Sudol on 24 July 2019. 

 

The Sale generated total proceeds of approximately US $29,000, 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 18,272,523 ordinary shares of Polarean.  Since the announcement on 27 June 2019, the significant majority of the remaining 3.9 million pledged Motif Bio plc shares were sold to reduce the loan balance under the Facility.

 

The loan balance outstanding pursuant to the Facility at 17 July 2019 after the sale of Motif shares, but prior to Polarean sales was approximately US $2.8 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 $5.3 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 [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. 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 


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.
 
END
 
 
DISPLMITMBIMBPL

Quick facts: Amphion Innovations PLC

Price: 0.15

Market: AIM
Market Cap: £314.96 k
Follow

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Amphion Innovations hails favourable court ruling

Richard Morgan, chief executive of Amphion Innovations (LON:AMP), explains the ins and outs of the ruling it has received in a US federal court relating to its patented intellectual property. He tells Proactive Investors that the company has been striving to protect a software patent related...

on 04/14/2014