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Amphion Innovations - Amended Terms on Loan Facility

RNS Number : 5431N
Amphion Innovations PLC
25 September 2019


 ("Amphion" or "the Company")


Amended Terms on Loan Facility: Maturity Date Extension


London and New York, 25 September 2019 - Amphion Innovations plc (AIM: AMP), the developer of medical, life science, and technology businesses, announces that the Company has agreed to amend the terms under the loan facility (the "Facility") with the Company's debt provider ("the Lender") as originally announced on 5 June 2014 (the "Facility") and following the most recent amendment announced on 1 April 2019.


The Lender has agreed to extend the maturity date of the Loan Facility to 30 September 2020.  No other terms have been amended.


The loan amount under the Facility will continue to be secured by the Company's pledge of 16,722,523 ordinary shares of Polarean Imaging plc ("Polarean").  Amphion has transferred the legal title of the total pledged shares in Polarean to the Lender, but retains the beneficial interest in the shares.


Since the 10 September 2019 announcement, 400,000 ordinary shares of Polarean have been sold (the "Sale") for partial repayment of the Facility. Following this Sale, Amphion holds 16,722,523 ordinary shares of Polarean, representing 14.61% of the issued share capital.  The Sale generated total proceeds of approximately US $94,000, which will be applied to reduce the loan balance under the Facility. The loan balance outstanding is approximately US $2.4 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 $3.7 million at a share price of 18 pence


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 pending publication of the Company's annual report and account for the year ended 31 December 2018. The Company's unaudited interim results for the 6 months ended 30 June 2019 will not be published until such time as the 2018 accounts have been published.


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


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Quick facts: Amphion Innovations PLC

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Market: AIM
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