Proton Motor Power Systems PLC Loan Extensions (7192Q)
23 Junio 2020 - 1:00AM
UK Regulatory
TIDMPPS
RNS Number : 7192Q
Proton Motor Power Systems PLC
23 June 2020
23 June 2020
Proton Motor Power Systems plc
("Proton" or the "Company")
Loan Extensions
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
successfully agreed to increase the existing loan facilities with
SFN Cleantech Investment Limited ("SFN") and Mr. Falih Nahab by
EUR3.6 million each (the "Additional Facilities"). The loan
facility with SFN has therefore been increased to EUR20.2 million
and the loan facility with Mr. Falih Nahab has been increased to
EUR44.7 million.
The annual interest rate on both of these Additional Facilities
is 10%, and will be convertible into the Company's ordinary shares
("Ordinary Shares") at 48 pence per Ordinary Share. The maturity of
these loans outstanding with a total value, including interest, of
EUR80.8 million is extended to by 12 months to 31 December
2021.
In addition, an existing non convertible facility of c.EUR2.6
million (including interest) provided by SFN has been extended
until 31 December 2021.
The undrawn portions of the existing facilities and the
Additional Facilities are expected to allow the Company to satisfy
its working capital needs until at least June 2021. 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 funding.
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, which is a substantial
shareholder, are related parties to the Company. The extensions of
the existing loan facilities and of the Additional Facilities 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, Shore
Capital, 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
Investor-relations@proton-motor.de
www.protonpowersystems.com
Shore Capital
Nominated adviser and broker
Tel: +44 (0) 20 7408
4050
Antonio Bossi / David Coaten www.shorecap.co.uk
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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