Proton Power Systems PLC Conversion of Loans and Financing (1746T)
13 Noviembre 2019 - 1:00AM
UK Regulatory
TIDMPPS
RNS Number : 1746T
Proton Power Systems PLC
13 November 2019
Proton Power Systems plc
("Proton" or the "Company")
Conversion of Loans and Financing
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 Mr Falih Nahab has requested
the conversion of part of the interest matured on loans provided by
him into 20,000,000 ordinary shares of 1 penny each in Proton
("Ordinary Shares"). The conversion price is 2p per Ordinary Share
and the interest converted therefore has a value of GBP400,000.
Application has been made for the admission to AIM of the
20,000,000 Ordinary Shares resulting from the above loan
conversion. Admission to trading on AIM of the new Ordinary Shares
is expected to take effect on or around 15 November 2019
("Admission").
Mr Falih Nahab has further agreed with a European commercial
bank (the "Bank") to deposit any proceeds from the sale of these
Ordinary Shares as collateral against an increase in the financing
facility to the Company which was announced on 11 July 2019 (the
"Project Finance Facility"). The increased Project Finance facility
will be up to EUR10 million. As a result of the new collateral
being provided by Mr Falih Nahab, the cash collateral provided by
Dr Faiz Nahab as per the announcement of 11 July 2019 has been
released back to Dr Nahab. The Project Finance Facility will
continue to support funding for various projects which the Company
is undertaking for its customers.
Mr Falih Nahab is a 28 per cent. shareholder in SFN Cleantech
Investment Ltd ("SFN"), the Company's largest shareholder, and
brother of Dr Faiz Nahab, CEO of the Company.
Following Admission, Mr Falih Nahab will hold a direct holding
in 20 million Ordinary Shares representing 3.0 per cent of the
Company's issued share capital and an indirect interest, via his 28
per cent holding in SFN, in approximately 163,967,969 Ordinary
Shares representing 24.5 per cent. of the Company's issued share
capital; his aggregate direct and indirect interest amounts to
183,967,969 Ordinary Shares representing 27.5 per cent. of the
Company's issued share capital.
The collateral being provided by Mr Falih Nahab is cost free to
Proton and the financing will allow Proton to fund a number of
projects it is currently undertaking for its customers at a very
competitive rate.
Total Voting Rights
Following Admission, the Company's issued share capital will
comprise 668,468,288 Ordinary Shares. The Company does not hold any
Ordinary Shares in treasury. This figure may be used by
shareholders in the Company as the denominator for the calculations
by which they will determine if they are required to notify their
interest in, or a change to their interest in, the share capital of
the Company under the Financial Conduct Authority's Disclosure
Guidance and Transparency Rules.
Related Party Transaction
As Mr Falih Nahab is, via his interest in SFN, a substantial
shareholder of the Company, the provision of a loan facility
guaranteed by the proceeds of the sale of the Ordinary Shares is
classified as a transaction with a related party for the purposes
of the AIM Rules. Therefore, in accordance with the AIM Rules, the
directors of the Company, with the exclusion of Dr Faiz Nahab, who
is the brother of Mr Falih Nahab, having consulted with the
Company's nominated adviser, Shore Capital & Corporate Limited,
consider that the provision by Mr Falih Nahab of the collateral
against the loan being provided by a commercial bank is 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 www.protonpowersystems.com
Shore Capital
Nominated adviser and broker
Antonio Bossi / David Coaten Tel: +44 (0) 20 7408
4050
www.shorecap.co.uk
About Proton Motor Fuel Cell GmbH
Proton Motor has 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 quoted on the AIM
market of the London Stock Exchange since October 2006 (code:
PPS).
This information is provided by RNS, the news service of the
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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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