Amphion Innovations PLC’s (LON:AMP) chief executive has bumped up stake in the tech and medical business development group up to 23.7%, as it ramps up efforts to pay down debts with a view to resuming trading on AIM.
In an update on Wednesday, the company said its CEO Richard Morgan had purchased 26mln shares directly from the wife of former chairman James Macaleer for US$100.
Following the purchase, Morgan owns 23.7% of Amphion’s issued share capital.
The company it was in “advanced discussions” to settle approximately US$10mln in debt owed to the Macaleer Estate.
With Amphion's currently suspended shares resume trading, Morgan will pay Macaleer an additional US$25,000 for Wednesday’s purchase.
On Monday, Amphion, still “highly cash constrained” as it explored options to pay down its debts, sold its stake in medical imaging business Polarean Imaging PLC for US$2.6mln.
Under AIM rules this “fundamental disposal” means Amphion is now required by London Stock Exchange to either complete a reverse takeover or be re-admitted to trading as an investing company, requiring a fundraise of at least US$6mln.