Amphion Innovations PLC Convertible Promissory Note Extended (8729Q)
March 03 2016 - 2:02AM
UK Regulatory
TIDMAMP
RNS Number : 8729Q
Amphion Innovations PLC
03 March 2016
Amphion Innovations plc
("Amphion" or "the Company")
Convertible Promissory Note Extended to December 2017
London and New York, 3 March 2016 - Amphion Innovations plc
(AIM: AMP), the developer of medical, life science, and technology
businesses, announces that at a meeting on 26 February 2016, the
holders of GBP5,707,738 Convertible Promissory Notes previously due
on 31 December 2015 (the "Notes", and the "Note Holders")
unanimously agreed to amend the terms of the Notes.
The Notes will now be redeemed on 31 December 2017 (subject to
certain early partial redemptions options) unless previously
converted; will be convertible into fully paid ordinary shares of 1
pence in the capital of the Company ("Shares") at 8 pence per
Share; and will pay interest at 7 per cent. if the respective
Noteholder elects to be paid in Ordinary Shares, or will pay
interest at 5 per cent. if the respective Noteholder elects to be
paid in cash or additional Notes, until conversion or redemption.
In addition, for every GBP1 of Note held, the respective Noteholder
will be issued two warrants. Each warrant granted will entitle the
holder to subscribe for Shares at 10 pence per Share.
Mr. Richard Morgan is a Director of the Company and has an
interest in approximately 12.98 per cent. of its issued share
capital. Mr. R. James Macaleer was a former Director of the Company
(within the preceding 12 months) and his estate has an interest in
approximately 13.21 per cent. of its issued share capital. By
virtue of Mr. Morgan being a Director in addition to his current
interests in the Company, and by virtue of Mr. Macaleer having been
a former Director in addition to his estate's current interests in
the Company, Mr. Morgan and the estate of Mr. Macaleer are
considered to be "related parties" as defined under the AIM Rules.
Mr. Morgan and the Estate of Mr. Macaleer are Note Holders, and
accordingly the amendment of the terms of the Notes, as described
above, is deemed a related party transaction for the purposes of
the AIM Rules. As a result, the independent Directors of the
Company consider, having consulted with the Company's nominated
adviser, Panmure Gordon, that the amendment to the terms of Notes
are fair and reasonable insofar as its shareholders are
concerned.
For further information please contact:
Amphion Innovations
Charlie Morgan
+1 212 210 6224
Yellow Jersey PR
Charles Goodwin / Dominic Barretto
+44 (0)7747 788 221
Panmure Gordon Limited (Nominated Adviser and Corporate
Broker)
Freddy Crossley / Duncan Monteith (Corporate Finance)
Charlie Leigh-Pemberton (Corporate Broking)
+44 (0)20 7886 2500
Northland Capital Partners Limited (Joint Corporate Broker)
Patrick Claridge / David Hignell (Corporate Finance)
John Howes (Corporate Broking)
+44 (0)20 7382 1100
Plumtree Capital Limited (Financial Adviser)
Stephen Austin
+44 (0)20 7183 2493
+646 568 7502
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
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