--- ADDS BROKER COMMENT AND SHARE PRICE ---
Patent and intellectual property (IP) group Amphion Innovations (LON:AMP) has agreed an extension to the settlement of its loan notes.
Note holders agreed in a meeting on December 30 to push back the settlement date to February 28, 2016, from December 31, 2015.
Discussions with the note holders about a longer-term resolution are expected to be concluded by the end of February 2016, Amphion said.
The firm has also rearranged its agreement with former chairman James Macaleer.
Amphion will replace the US$3.3mln notes payable to Macaleer, and notes worth US$3.3mln held in trust for his children, with the issue of promissory notes that will now mature on December 31, 2016 rather than on December 31, 2015.
The rate of interest will remain unchanged at 7% on the new notes, which will also contain certain provisions for early repayment.
Additionally, in no case will any payment be made on these notes until the amounts currently owed under Amphion's existing loan facility are fully repaid.
Northland Capital said: “Today's announcement is a positive step forward for Amphion, as the group has effectively rolled over a large tranche of its debt, and is negotiating the roll-over of the balance.”
Amphion has stakes in seven partner companies aiming to support and develop their value. Its partner companies collectively own or control more than 200 separately identified pieces of IP.
Shares rose 4.5% to 4p.