Proton Power Systems PLC Loan Extension (8650Y)
14 Mayo 2019 - 1:00AM
UK Regulatory
TIDMPPS
RNS Number : 8650Y
Proton Power Systems PLC
14 May 2019
14 May 2019
Proton Power Systems plc
("Proton" or the "Company")
Loan Extension
Proton 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 successfully agreed to
extend the maturity of loans outstanding with a total value,
including interest, of EUR65.4 million with Mr. Falih Nahab and the
Company's principal shareholder, SFN Cleantech Investment Limited
("SFN"), by 12 months until 31 December 2020. In addition, the
Company has agreed to increase the existing loan facility from Mr.
Falih Nahab by EUR6.62 million (the "Additional Facility") to
EUR41.12 million. The annual interest rate on the Additional
Facility is 10% and will not be convertible. Interest on certain
existing loan facilities, including the existing facility from Mr.
Falih Nahab, but excluding the aforementioned Additional Facility,
remains convertible, as previously announced.
The undrawn portions of the existing facilities and the
Additional Facility are expected to allow the Company to satisfy
its working capital needs until June 2020. However, it should be
noted that the Company does not currently expect to generate net
free cash by that time and therefore it is likely to require
additional loan facilities from its principal shareholder on terms
to be negotiated at that time.
Related Party Transaction
Mr. Falih Nahab is indirectly, via SFN, a substantial
shareholder (as defined in the AIM Rules) of the Company and
therefore both Mr. Falih Nahab and SFN are related parties to the
Company. The extensions of the existing loan facilities and of the
Additional Facility are therefore classified as transactions with
related parties for the purposes of the AIM Rules. In accordance,
therefore, with the AIM Rules, the directors of the Company, with
the exclusion of Dr. Faiz Nahab, who is the brother of Mr. Falih
Nahab and a shareholder in SFN, having consulted with the Company's
nominated adviser, Stockdale Securities Limited, consider that the
terms of the extensions of the existing loan facilities and of the
Additional Facility are fair and reasonable insofar as the
Company's shareholders are concerned.
For further information:
Proton Power Systems plc
Dr Faiz Nahab, CEO
Helmut Gierse, Chairman
Sebastian Goldner, COO/CTO
Roman Kotlarzewski, CFO Tel: +49 (0) 173 189
Manfred Limbrunner, Director Sales 0923
and Marketing sales@proton-motor.de
www.protonpowersystems.com
Stockdale Securities Limited Tel: +44 (0) 20 7601
Nominated adviser and broker 6100
Antonio Bossi / David Coaten www.stockdalesecurities.com
About Proton Motor Fuel Cell GmbH
Proton Motor is an expert with more than 20 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 offers
complete fuel cell and hybrid systems from a single source - from
the development and production through the implementation of
customized solutions. The focus of Proton Motor is on back-to-base,
for example, for mobile, marine and stationary solutions
applications. The product portfolio consists of base-fuel cell
systems, standard complete systems, as well as customized
systems.
Proton Motor serves IT, Telecoms, public infrastructure and
healthcare customers in Germany, Europe and Middle East with power
supply solutions for DC and AC power demand. In addition to power
supply, SPower also offers solutions for Solar Systems as well as a
new product line for Solar Energy Storage.
Proton Motor Fuel Cells GmbH is wholly owned subsidiary of
Proton Power Systems plc. The Company has been listed on the London
Stock Exchange since October 2006 (code: PPS).
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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