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01 Apr 2019 | 12:52

Amphion Innovations pledges Polarean Imaging stake as security for loan

Amphion Innovations said it had pledged its holding of Polarean Imaging as additional security against a loan facility with its debt provider.

The loan amount under the facility continued to be secured by the company's pledge of around 18m shares of Motif Bio.

Amphion currently held about 18.8m share of Motif, representing 5.5% of thitsshare capital.

From 1 April 2019, the loan was also secured by the company's holding of around 18.4 shares of Polarean.

Currently, the loan balance under the facility was about $3.7m.

The loan was repayable on 30 September 2019.

Under the amended terms of the Facility, the interest rate would remain at 10% per annum.

The lender would also receive 15% of the future appreciation on Amphion's holding of 10m ordinary shares in Motif, above 10p as well as participate in 15% of the appreciation in 10m ordinary shares of Polarean held by the company, above 18p.

At 12:52pm: (LON:AMP) Amphion Innovations PLC share price was 0p at 0.43p

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