Amphion Innovations PLC Sale of Partner Company Shares (5914O)

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RNS Number : 5914O

Amphion Innovations PLC

03 October 2019

AMPHION INNOVATIONS PLC

("Amphion" or "the Company")

Sale of Partner Company Shares

London and New York, 3 October 2019 - Amphion Innovations plc (AIM: AMP), the developer of medical, life science, and technology businesses, announces that between 23 September and 2 October 750,000 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 25 September 2019 ("Amendment Agreement"). Following this Sale, Amphion holds 15,972,523 ordinary shares of Polarean, representing 13.96% of the issued share capital.

The Sale generated total proceeds of approximately US $172,000, 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 15,972,523 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 GBP172,500). The current value of the remaining shares pledged as security for the outstanding loan is approximately US $3.3 million. The outstanding loan is repayable on 30 September 2020. 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 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: [phone] 
 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: [phone] or [e-mail] 
 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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October 03, 2019 02:00 ET (06:00 GMT)