Amphion Innovations PLC Related Party Transaction (2529T)
October 11 2017 - 2:00AM
UK Regulatory
TIDMAMP
RNS Number : 2529T
Amphion Innovations PLC
11 October 2017
Amphion Innovations plc
("Amphion" or "the Company")
Related Party Transaction
Amphion Innovations plc (AIM: AMP), the developer of medical,
life science, and technology businesses, provides further details
on the Deed of Postponement as announced on 29 September 2017 in
the Company's interim results.
Certain directors of the Company, being Richard Morgan and
Robert Bertoldi (the "Directors"), entered into a Deed of
Postponement with the Company on 15 May 2017 where they agreed to
postpone the repayment of the amounts owed to them by the Company
as at 31 December 2016, which total US$4.3 million, plus any
interest which may accrue thereon ("Director Debt") until all other
debts of the Company are repaid. Furthermore, the Directors agreed
that any amount owed by the Company other than the Director Debt
(the "Debt") shall rank for all purposes and at all times ahead of
the Director Debt.
Richard Morgan and Robert Bertoldi are directors of the Company
and have an interest in approximately 23,642,499 and 6,436,431
Ordinary Shares respectively (representing an interest of
approximately 11.39% and 3.10% of the Existing Ordinary Shares
respectively). By virtue of Mr Morgan and Mr Bertoldi being
directors in addition to Mr Morgan's current interests in the
Company, the Directors are considered to be a related party as
defined under the AIM Rules. Thus, entering into the Deed of
Postponement constitutes a related party transaction for the
purposes of Rule 13 of the AIM Rules.
The independent directors, being Richard Mansell-Jones and
Miroslaw Izienicki, consider, having consulted with the Company's
nominated adviser, Panmure Gordon, that the terms of the Deed of
Postponement as entered into by the Company with the Directors are
fair and reasonable insofar as the Company's Shareholders are
concerned.
For further information please contact:
Amphion Innovations Tel: +1 (212) 210 6224
Charlie Morgan
Panmure Gordon Limited (Nominated Tel: +44 (0)20
Adviser and Corporate Broker) 7886 2500
Freddy Crossley / Duncan Monteith
(Corporate Finance)
Charlie Leigh-Pemberton
(Corporate Broking)
Northland Capital Partners Tel: +44 (0)20 3861
Limited (Joint Corporate Broker) 6625
Patrick Claridge / David
Hignell (Corporate Finance)
John Howes (Corporate
Broking)
Walbrook PR Tel: +44 (0)20 7933 8780
or
Mike Wort/ 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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