Proton Motor Power Systems
plc
("Proton" or the
"Company")
New Loan
Facility
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 entered into a new €12 million loan facility
with Mr. Falih Nahab (the "2024 Falih Nahab Facility").
The 2024 Falih Nahab Facility has
been provided on the same terms as the existing €77.5 million loan
facility with Mr. Falih Nahab. The 2024 Falih Nahab Facility has an
interest rate of 12 months EURIBOR + 3%. The interest accrued
on the 2024 Falih Nahab Facility can be settled once or twice
yearly by way of an issue of ordinary shares of 0.5 pence each in
Proton Motor Power Systems PLC ("Ordinary Shares") to Mr. Nahab
with such shares being issued at the prevailing market price of an
Ordinary Share at the time of issue and subject to there being no
closed period at the time of issue.
The principal amount on the 2024
Falih Nahab Facility, along with any accrued interest, is repayable
on 31 December 2025.
The loan facilities provided to the
Company by Falih Nahab and SFN Cleantech Investment Limited ("SFN")
have consistently enabled the Company to progress the development
and commercialization of its hydrogen product offer, without the
need to issue further equity. The 2024 Falih Nahab Facility is
expected to allow the Company to satisfy its working capital needs
until at least June 2025. 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
Mr. Falih Nahab is a substantial
shareholder (as defined in the AIM Rules for Companies). The entry
into the 2024 Falih Nahab Facility is therefore classified as
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 Mr. Falih Nahab, having consulted with the Company's nominated
adviser, Allenby Capital Limited, consider that the entry into the
2024 Falih Nahab Facility is fair and reasonable insofar as the
Company's shareholders are concerned.
For
further information:
|
Proton Motor Power Systems
Plc
Dr Faiz Nahab,
CEO
Ali Naini,
Chairman
Roman Kotlarzewski, CFO
Antonio Bossi, Non-Executive
Director
|
+49 (0) 173 189 0923
|
|
Investor relations:
|
www.protonpowersystems.com
investor-relations@proton-motor.de
|
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Allenby Capital
Limited
Nominated Adviser &
Broker
James Reeve / Vivek
Bhardwaj
|
+44 (0) 20 3328 5656
|
|
Celicourt Communications
PR
Adviser
Mark Antelme / Philip
Dennis /
Charlie Denley-Myerson
|
+44 (0) 20 7770 6424
/ protonmotor@celicourt.uk
|
|
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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).