Amphion Innovations PLC Re-negotiated terms of Motif CPN (2546J)
September 08 2016 - 2:00AM
UK Regulatory
TIDMAMP
RNS Number : 2546J
Amphion Innovations PLC
08 September 2016
Amphion Innovations plc
("Amphion" or "the Company")
(LSE: AMP)
Re-negotiated terms of Motif Convertible Promissory Note
London and New York, 8 September 2016 - Amphion, a developer of
medical, life science, and technology businesses, announces today
that it has re-negotiated the terms of the convertible promissory
notes issued by Motif Bio plc ("Motif"), amounting to US $3,550,786
(the "CPN"), held by Amphion and its subsidiary Amphion Innovations
US Inc. ("Amphion US", and together, the "Noteholders").
Under the original terms of the CPN, the CPN accrues interest at
7% per annum and the Noteholders are entitled to convert all of the
principal and interest at US $0.2447 (the "Conversion Price") at
any time following maturity at 31 December 2016. By maturity of the
CPN, Motif will have accrued US $441,185 in interest cost under the
CPN. If the CPN is elected to be fully converted by the Noteholders
at the Conversion Price, Motif will be required to issue over 1.8
million ordinary shares in Motif to the Noteholders with a value of
approximately US $1.2 million at the closing mid-market share price
of Motif as at 7 September 2016.
Motif and Amphion have agreed to a re-negotiation in terms of
the CPN, such that the Noteholders received US $314,146 in cash and
will on the date of the CPN receive 409,000 ordinary shares in
Motif in full satisfaction of the interest payments, and that the
ongoing interest payments will now cease. All future payments of
the CPN principal amount to the Noteholders will be by way of
conversion at the Conversion Price only and Amphion will also be
granted a right to convert prior to 31 December 2016.
In addition, in anticipation of Motif's proposed US listing on
NASDAQ, Amphion has entered into an agreement with Motif to provide
additional corporate services, including investor relations, back
office, and accounting functions, that Motif will require to fulfil
its obligations as a NASDAQ listed company (the "Consultancy
Agreement"). Under the terms of the Consultancy Agreement, which is
conditional on Motif listing on NASDAQ, Amphion will provide the
services for a minimum term of 12 months for a fee of US $15,500
per month.
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 3861 6625
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
END
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