TIDMPPS

RNS Number : 5299P

Proton Power Systems PLC

29 May 2018

 
        29 May 2018

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 to increase the existing loan facility with Mr. Falih Nahab and his holding company, Roundstone Properties Limited ("Roundstone"), from EUR28 million to EUR34.5 million.

Mr Falih Nahab is the principal shareholder in Proton, through Roundstone, and is the brother of Dr. Faiz Nahab, the company's CEO. The increased facility will be used to satisfy the Company's working capital needs.

Related Party Transaction

Mr Falih Nahab is indirectly, via Roundstone Properties Limited, a substantial shareholder (as defined in the AIM Rules) of the Company. The entering into the loan agreement with Mr Falih Nahab is therefore classified as a transaction with a related party for the purposes of the AIM Rules. In accordance, therefore, with the AIM Rules, the directors of the Company, 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.

For further information:

 
 Proton Power Systems plc 
 Dr Faiz Nahab, CEO 
 Helmut Gierse, Chairman 
  Sebastian Goldner, Director Customer 
  Project Management and Service 
  Roman Kotlarzewski, Group FD                Tel: +49 89 1276265-81 
  Manfred Limbrunner, Director Sales 
  and Marketing 
                                          www.protonpowersystems.com 
 Stockdale Securities Limited 
  Nominated adviser and broker                  Tel: +44 (0) 20 7601 
                                                                6100 
 Antonio Bossi / David Coaten            www.stockdalesecurities.com

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

MSCLIFVAELIAFIT

(END) Dow Jones Newswires

May 29, 2018 05:40 ET (09:40 GMT)

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