REG - Proton Motor Power - Update on financing and proposed AIM cancellation

Proton Motor Power SystemsAnnouncement

30/12/2024 07:00

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RNS Number : 5691R  Proton Motor Power Systems PLC  30 December 2024

30 December 2024

 

Proton Motor Power Systems plc

("Proton Motor" or the "Company")

 

Update on financing and proposed cancellation from AIM

 

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, provides the following update.

 

Further to the announcement on 20 November 2024, the Board is now exploring
the possibility of continuing the Company's operations on a significantly
reduced cost basis. In order to do this, it would be required to secure
settlement with its outstanding creditors (save for the debts owed to its
lenders under its debt facilities) and minimise the level of ongoing
contractual obligations, there are therefore no guarantees that it will be
able to achieve this. Notwithstanding this, it is still the intention of the
Board to seek a cancellation of the Company's ordinary shares from trading on
AIM as it does not believe it would be appropriate to maintain the AIM
admission on the reduced cost base. A circular providing further details of
the proposed cancellation is expected to be published early in the New Year.

 

In the intervening period, the Company has sufficient cash resources to
continue to trade solvently, utilising the funding received under its debt
facilities, together with the cash generated from operations and an R&D
tax credit that is expected to be received in early 2025. Further updates will
be provided in due course.

 

For further information:

 

 Proton Motor Power Systems Plc
 Dr Faiz Nahab, CEO
 Roman Kotlarzewski, CFO                              +49 (0) 173 189 0923
                                                      www.protonpowersystems.com
 Allenby Capital Limited
 Nominated Adviser & Broker                           +44 (0) 20 3328 5656
 James Reeve / Vivek Bhardwaj

 Celicourt Communications
 PR Adviser                                           +44 (0) 20 7770 6424 / protonmotor@celicourt.uk
 Mark Antelme / Philip Dennis /

 Charlie Denley-Myerson

 

About Proton Motor

 

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 heavy-duty, 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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