20th Nov 2019 15:45
(Alliance News) - Amphion Innovations PLC on Wednesday said it is now considered to be a cash shell under AIM rules following the sale of its Polarean Imaging PLC holding for USD2.6 million.
Medical, life science, and technology business developer Amphion announced on Monday this week that its loan facility lender had hold the Polarean stake. Given previously asset sales in the past 12 months, the Polarean deal is considered a fundamental disposal according to AIM rule 12 and Amphion is now a cash shell.
Amphion must complete a reverse takeover in the next six months or be re-admitted as an investing company. Should neither of those things occur, the company's share will be suspended from trading.
It should be noted that Amphion's share are already suspended because it still hasn't published either its annual results for 2018 or for the first half of 2018. If trading does not resume by the end of 2019 then Amphion's AIM shares will be cancelled.
The firm said it is still "highly cash constrained" and is looking into funding options, as well as the possible restructure of existing debt.
In addition, Amphion said its Chief Executive Richard Morgan has agreed to buy 26.1 million shares from L. Jean Lacaleer, wife of former Amphion chair R. James Macaleer, for USD100.00.
If the shares resume trading by the end of the year, Morgan will pay another USD25,000 for the shares. Morgan now holds 49.7 million Amphion shares or a 24% stake.
By Anna Farley; [email protected]
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