REG - Proton Power Systems - Loan Extension

Proton Motor Power SystemsAnnouncement

29/05/2018 10:40

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 €28 million to €34.5 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
Manfred Limbrunner, Director Sales and Marketing


 
 
 
Tel: +49 89 1276265-81




 


www.protonpowersystems.com
 




Stockdale Securities Limited
Nominated adviser and broker


 
Tel: +44 (0) 20 7601 6100




Antonio Bossi / David Coaten


www.stockdalesecurities.com
 




 




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