9th Aug 2019 16:38
(Alliance News) - Amphion Innovations PLC said Friday it has sold part of its stake in Polarean Imaging PLC in order to partly repay its loan facility.
The medical and life science businesses developer has sold 100,000 shares in the medical technology firm for USD29,000 in total. Following this transaction, Amphion now holds 18.3 million shares in total, reflecting a 16% stake in Polarean Imaging.
Proceeds will go towards reducing the loan balance under the facility, which before the sale of the Polarean shares amount to USD2.8 million. The outstanding loan is due to be repaid on September 30.
Amphion said it is "working hard" to amend or replace the facility to extend the repayment date past the end of September to ensure it does not have to sell any more shares than needed.
"Amphion remains highly cash constrained and continues to consider both its short term and medium term financing options and work with its debt providers," the company said.
In a separate announcement, Amphion said that Non-Executive Directors Philip Tansey and Stephen Austin have resigned with immediate effect, and has started the process of finding suitable replacements.
Shares in Amphion Innovations are currently suspended, while Polarean Imaging Shares are up 1.8% at 24.43 pence on Friday in London.
Related Shares:
AMP.Lpolarean