Amphion Innovations PLC Convertible promissory note extended to December (4698G)
02 Marzo 2018 - 1:00AM
UK Regulatory
TIDMAMP
RNS Number : 4698G
Amphion Innovations PLC
02 March 2018
AMPHION INNOVATIONS PLC
("Amphion" or "the Company")
Convertible Promissory Note Extended to December 2018
London and New York, 2 March 2018 - Amphion Innovations plc
(AIM: AMP), the developer of medical, life science, and technology
businesses, announces that on 26 February 2018, the holders of
GBP6,013,855.58 Convertible Promissory Notes previously due on 31
December 2017 (the "Notes" and the "Note Holders") unanimously
agreed to amend the terms of the Notes.
The Notes will now be redeemed on 31 December 2018 (subject to
certain early partial redemption options) unless previously
converted; will be convertible into fully paid Ordinary Shares of
the Company at a conversion price of 5 pence per Ordinary Share (3
pence per Ordinary Share after 31 March 2018). The interest on the
Notes is to accrue beginning 1 January 2018 and will be payable
quarterly. The Notes will pay interest of 5% (10% after 31 March
2018) if the Company elects to satisfy such interest in either cash
or additional Notes or 7% (12% after 31 March 2018) if the Company
elects to satisfy such interest in the fully paid Ordinary Shares
(the "Shares") of the Company at the volume weighted average price
of the Shares in the five trading days prior to their issue.
Richard Morgan and Richard Mansell-Jones are directors of the
Company and have an interest in approximately 11.3% and 2.1% of its
Existing Ordinary Shares respectively. By virtue of Mr. Morgan and
Mr. Mansell-Jones being directors of the Company in addition to Mr.
Morgan's current interest in the Company, they are considered to be
a related party as defined under the AIM Rules. Also Mr. Morgan and
Mr. Mansell-Jones are Note Holders, and accordingly the amendment
of the terms of the Notes, as described above, is deemed to
constitute a related party transaction for the purposes of Rule 13
of the AIM Rules. As a result, the independent directors of the
Company, being Robert Bertoldi and Miroslaw Izienicki, consider,
having consulted with the Company's nominated adviser, Panmure
Gordon, that the amendment to the terms of the Notes are fair and
reasonable insofar as the Company's Shareholders are concerned.
Richard Morgan, Chief Executive Officer of Amphion, said, "We
are pleased to be able to report the amendment to the terms of the
Notes, which follows the announcement we made on 22 December 2017
concerning the restructuring of the secured Note. Most of the
remaining loans on the balance sheet are due to the Estate of Jim
Macaleer, our former Chairman, and the Estate has agreed in
principle to extend payment to 31 December 2018. As a result, all
of our major categories of loans have been extended to December
2018."
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 (UK) Limited (Nominated Tel: +44 (0)20
Adviser and Corporate Broker) 7886 2500
Freddy Crossley / Ryan McCarthy
(Corporate Finance)
Charlie Leigh-Pemberton
(Corporate Broking)
Northland Capital Partners Tel: +44 (0)20 3861
Limited (Joint Corporate Broker) 6625
David Hignell (Corporate
Finance)
John Howes (Corporate
Broking)
Walbrook PR Tel: +44 (0)20 7933
8780 or
Anna Dunphy / Paul McManus amphion@walbrookpr.com
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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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