Convertible Promissory Note Extended to December 2017
- Amphion announced that the holders of £5,707,738 Convertible Promissory Notes (CPNs) previously due on 31 December 2015 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 £1 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.
Northland Capital partners view: Amphion has successfully rolled-over its CPNs. In so doing the group has further strengthened its balance sheet. We believe that the group’s significant stakes in both Motif Bio plc and Kromek Group plc, are not reflected in the company’s share price.