Proton Motor Power Systems PLC Variation to Loan Agreement (2188D)
20 Junio 2023 - 1:00AM
UK Regulatory
TIDMPPS
RNS Number : 2188D
Proton Motor Power Systems PLC
20 June 2023
20 June 2023
Proton Motor Power Systems plc
("Proton" or the "Company")
Variation to Loan Agreement
Proton Motor Power Systems plc (AIM: PPS), the designer,
developer and producer of fuel cells and fuel cell electric hybrid
systems with a zero carbon footprint, announces that it has agreed
to a variation to its existing loan facility with Mr. Falih Nahab
(the " Falih Nahab Facility ").
Pursuant to the loan variation, the Falih Nahab Facility has
been increased by approximately EUR14.5 million to approximately
EUR71.4 million (plus accrued interest of EUR16.4 million as at end
May 2023). In addition, the Company has agreed with Falih Nahab
that all interest accrued under the Falih Nahab Facility from 1
January 2023 onwards will be satisfied via the issue of new
ordinary shares of 0.5p each in the Company (" Ordinary Shares ").
These new Ordinary Shares will be issued to Falih Nahab either once
or twice yearly in February and/or July of each year. The issue
price will be the market price of an Ordinary Share at the time of
issue.
The annual interest rate on the Falih Nahab Facility remains at
12 months EURIBOR + 3% and the principal amount and accrued
interest on the Falih Nahab Facility remains repayable on 31
December 2025. All other terms of the Falih Nahab Facility remain
unchanged, as do the terms of the existing loan facilities between
SFN Cleantech Investment Limited ("SFN") and the Company, and SFN
and SPower, a subsidiary of Proton .
The undrawn portion of the Falih Nahab Facility is expected to
allow the Company to satisfy its working capital needs until at
least June 2024. However, it should be noted that the Company does
not currently expect to generate net free cash by that time and
therefore may require additional funding for its future working
capital needs.
Related Party Transaction
Falih Nahab is a substantial shareholder of the Company (as
defined in the AIM Rules for Companies). The variation to the Falih
Nahab Facility, as set out above, is therefore classified as a
transaction with a related party for the purposes of the AIM Rules
for Companies. The directors of the Company, with the exclusion of
Dr. Faiz Nahab, the Company's Chief Executive, who is the brother
of Falih Nahab, having consulted with the Company's nominated
adviser, Allenby Capital Limited, consider that the changes to the
Falih Nahab Facility are fair and reasonable insofar as the
Company's shareholders are concerned.
For further information:
Proton Motor Power Systems Plc
Dr Faiz Nahab, CEO
Helmut Gierse, Chairman
Roman Kotlarzewski, CFO +49 (0) 173 189 0923
Antonio Bossi, Non-Executive Director
Investor relations: www.protonpowersystems.com
investor-relations@proton-motor.de
Allenby Capital Limited
Nominated Adviser & Broker +44 (0) 20 3328 5656
James Reeve / Vivek Bhardwaj
Celicourt Communications
PR Adviser
Mark Antelme / Philip Dennis +44 (0) 20 8434 2643
About Proton Motor Fuel Cell GmbH
Proton Motor has 25 years of experience in Power Solutions using
CleanTech technologies such as hydrogen fuel cells, fuel cell and
hybrid systems with a zero carbon footprint. Based in Puchheim near
Munich, Proton Motor develops and produces standard Products as
well as customised solutions. The focus of Proton Motor is on
stationary solutions, as well as mobile, marine and rail
applications. The product portfolio consists of base-fuel cell
systems, standard complete, as well as customised systems.
Proton Motor Fuel Cell GmbH is a wholly owned subsidiary of
Proton Motor Power Systems plc. The Company has been quoted on the
AIM market of the London Stock Exchange since October 2006 (code:
PPS).
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END
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