Amphion Innovations plc Convertible Promissory Note Extended to December 2017

Amphion Innovations plc (AIM: AMP), the developer of medical, life science, and technology businesses, has told DirectorsTalk that at a meeting on 26 February 2016, the holders of £5,707,738 Convertible Promissory Notes 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. 

 

Mr. Richard Morgan is a Director of the Company and has an interest in approximately 12.98 per cent. of its issued share capital. Mr. R. James Macaleer was a former Director of the Company (within the preceding 12 months) and his estate has an interest in approximately 13.21 per cent. of its issued share capital. By virtue of Mr. Morgan being a Director in addition to his current interests in the Company, and by virtue of Mr. Macaleer having been a former Director in addition to his estate’s current interests in the Company, Mr. Morgan and the estate of Mr. Macaleer are considered to be “related parties” as defined under the AIM Rules. Mr. Morgan and the Estate of Mr. Macaleer are Note Holders, and accordingly the amendment of the terms of the Notes, as described above, is deemed a related party transaction for the purposes of the AIM Rules. As a result, the independent Directors of the Company consider, having consulted with the Company’s nominated adviser, Panmure Gordon, that the amendment to the terms of Notes are fair and reasonable insofar as its shareholders are concerned.

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