Amphion had pledged the shares as security against a loan and had no say in the decision to sell the shares
The 15.97mln shares in () held by ’s () loan facility provider as security against the loan have been sold.
Amphion, which expressed regret at the need for the shares to be sold, does not yet have full details of the application of the sale proceeds; however, total proceeds are estimated at around US$2.5mln.
The last reported loan balance of the credit facility was US$2.3mln.
“The directors consider it to be unfortunate that repayment of the facility required the sale of Amphion's shares in Polarean. Amphion remains committed to Polarean's success and looks forward to supporting the company in the future,” Amphion’s statement said.
Following the sale, Amphion no longer holds any shares in the medical imaging technology company.
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