REG - Proton Motor Power - Loan Extensions

Proton Motor Power SystemsAnnouncement

13/06/2022 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220613:nRSM5441Oa&default-theme=true

RNS Number : 5441O  Proton Motor Power Systems PLC  13 June 2022

 

     13 June 2022

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 agreed to increase each of its
existing loan facilities with SFN Cleantech Investment Limited ("SFN") and Mr.
Falih Nahab by approximately €6.25 million each. The loan facility with SFN
(the "SFN Facility") has therefore been increased to approximately €32.35
million (plus accrued interest of €12.73 million as at end May 2022) and the
loan facility with Mr. Falih Nahab (the "Falih Nahab Facility") has been
increased to approximately €56.85 million (plus accrued interest of €13.04
million as at end May 2022).

 

The principal amounts and accrued interest on the SFN Facility and the Falih
Nahab Facility (together, the "Loan Facilities") are repayable on 31 December
2025. Following the waiver of the conversion rights on interest accrued
announced on 29 December 2021 in respect of both facilities, the Loan
Facilities do not have any conversion rights into ordinary shares of the
Company.

 

Effective from 1 January 2022, the annual interest rate on each of the Loan
Facilities has been amended to 12 months EURIBOR + 3%. Prior to this, from 1
January 2021 to 31 December 2021 the annual interest rate on the Loan
Facilities was 12 months LIBOR +3% and up to 31 December 2020 it was 10%.

 

In addition, the benchmark for the calculation of interest payable on the
existing non-convertible facility from SFN to the Company's subsidiary, SPower
(the "SPower Facility"), comprising €2.29 million (plus accrued interest of
€0.38 million as at end May 2022) has been changed from LIBOR to EURIBOR, so
that interest on this facility accrues, from 1 January 2022, at 12 month
EURIBOR + 2%.

 

All other terms to the Loan Facilities and SPower Facility remain unchanged.

 

The undrawn portions of the Loan Facilities are expected to allow the Company
to satisfy its working capital needs until at least June 2023. 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) of the Company and, therefore both Mr. Falih Nahab and SFN, which
is also a substantial shareholder, are related parties of the Company. The
increases in and amendments to the Loan Facilities and SPower Facility are
therefore classified as transactions with related parties for the purposes of
the AIM Rules for Companies.

 

In accordance with 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 and a shareholder in SFN, having consulted with
the Company's nominated adviser, Allenby Capital Limited, consider that the
changes to the Loan Facilities and SPower Facility, as set out above, are fair
and reasonable insofar as the Company's shareholders are concerned.

 

For further information:

 

 Proton Motor Power Systems Plc
 Dr Faiz Nahab, CEO
 Helmut Gierse,
 Chairman
 Roman Kotlarzewski, CFO                                                                                                                                                                                +49 (0) 173 189 0923
 Antonio Bossi, Non-Executive Director
 Investor relations:                                                                                                                                                                                    www.protonpowersystems.com

                                                                                                                                                                                                        investor-relations@proton-motor.de

 Allenby Capital Limited
 Nominated Adviser & Broker                                                                                                                                                                             +44 (0) 20 3328 5656
 James Reeve / Vivek Bhardwaj

 

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 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).

 

 

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 (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDFLFSRRDIILIF