Proton Power Systems PLC Loan Extension (2566F)
16 May 2017 - 5:30PM
UK Regulatory
TIDMPPS
RNS Number : 2566F
Proton Power Systems PLC
16 May 2017
16 May 2017
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,
announces that it has successfully agreed an extension of the
payment terms on four existing loan facilities with Mr Falih Nahab
and his holding company, Roundstone Properties Limited
("Roundstone"), and also to increase one of these facilities from
EUR20 million to EUR28 million.
Mr Falih Nahab is the principal shareholder in Proton, through
Roundstone, and is the brother of Mr Faiz Nahab, the Company's
CEO.
The Company has three loans outstanding with Roundstone with
maturity dates June 2018, May 2019 and September 2019 for a total
of EUR18.9 million. Of these three loans, the interest on the loans
with maturity dates of May and September 2019 currently amounts to
EUR6.02 million and is convertible at 2 pence per share. The
interest on the EUR28 million loan facility mentioned above between
the Company and Mr Falih Nahab is also convertible at 2 pence per
share and has a maturity date of March 2019.
Under the revised terms, all existing loans with Roundstone and
the increased facility with Mr Falih Nahab will incur 10% interest
per annum and will be repayable on 31 December 2019. The interest
payable on the loans (but not the principal) may be satisfied
either by the issue of new shares at 2 pence per share or in cash
at the option of the lenders. The increased facility will be used
to satisfy the Company's working capital needs. Including the
increased facility, the total amount of interest bearing debt owing
to Mr Falih Nahab and Roundstone by the Company is EUR46.9m.
Related Party Transaction
Mr Falih Nahab is, indirectly via Roundstone, a substantial
shareholder (as defined in the AIM Rules) of the Company. The
entering into of the loan agreements with Mr Falih Nahab and
Roundstone 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 Mr Faiz Nahab, who is Mr Falih Nahab's brother,
having consulted with the Company's nominated adviser, Stockdale
Securities Limited, consider that the terms of the transaction are
fair and reasonable insofar as the Company's shareholders are
concerned.
- Ends -
For further information:
Proton Power Systems plc
Dr Faiz Nahab, CEO
Ian Peden, Chairman Tel: +49 (0) 162
101 6470
www.protonpowersystems.com
Stockdale Securities Limited
Nominated adviser and broker Tel: +44 (0) 20
7601 6100
Antonio Bossi / David Coaten www.stockdalesecurities.com
About Proton Motor Fuel Cell GmbH
Proton Motor is an expert in Power Solutions using CleanTech
technologies like industrial fuel cells, fuel cell and hybrid
systems with more than 20 years of experience in this sector. 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 company news service from the London Stock Exchange
END
MSCLIFLDERIRLID
(END) Dow Jones Newswires
May 16, 2017 03:30 ET (07:30 GMT)
Proton Motor Power Systems (LSE:PPS)
Historical Stock Chart
From Apr 2024 to May 2024
Proton Motor Power Systems (LSE:PPS)
Historical Stock Chart
From May 2023 to May 2024