REG - Proton Motor Power - New Loan Facility

Proton Motor Power SystemsAnnouncement

28/06/2024 07:00

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RNS Number : 2363U  Proton Motor Power Systems PLC  28 June 2024

 

     28 June 2024

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                                             +49 (0) 173 189 0923

 Dr Faiz Nahab, CEO

 Ali Naini, Chairman

 Roman Kotlarzewski, CFO

 Antonio Bossi, Non-Executive Director

 Investor relations:                                                        www.protonpowersystems.com (http://www.protonpowersystems.com)

                                                                            investor-relations@proton-motor.de (mailto:investor-relations@proton-motor.de)

 Allenby Capital                                                            +44 (0) 20 3328 5656
 Limited

 Nominated Adviser & Broker

 James Reeve / Vivek Bhardwaj

 Celicourt Communications                                                    +44 (0) 20 7770 6424 / protonmotor@celicourt.uk

 PR Adviser

 Mark Antelme / Philip Dennis /

 Charlie Denley-Myerson

 

 

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).

 

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