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Polarean Imaging jumps as Amphion agrees loan extension

Amphion's institutional lender has agreed to allow the loan maturity date of the loan to be pushed back by a year to next September

Polarean Imaging PLC -

Shares in Polarean Imaging PLC (LON:POLX) jumped as major stakeholder Amphion Innovations PLC (LON:AMP) extended the duration of a loan facility.

Amphion’s lender has agreed to extend the maturity date of the loan facility to 30 September 2020. All other terms of the loan have been left unchanged.

Amphion’s loan facility is secured by its 16.7mln shares in Polarean. Amphion has transferred ownership of the Polarean shares to the lender but remains the beneficial owner of the shares.

Earlier this month, Amphion sold 400,000 shares in the MRI scan innovator to repay a chunk of its loan, leaving it with a 14.61% stake in Polarean.

Amphion’s said that at 18p a Polarean share, its stake is currently valued at around US$3.7mln; shares in Polarean rose 9.3% to 20p on the announcement, increasing the value of the stake to around US$4.1mln – more than enough to cover the outstanding loan amount of around US$2.4mln.

Amphion said it remains highly cash-constrained and continues to consider both its short term and medium-term financing options and work with its debt providers.

Trading in Amphion’s shares is currently suspended.

Quick facts: Polarean Imaging PLC

Price: 21.5 GBX

AIM:POLX
Market: AIM
Market Cap: £24.6 m
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