Proton Motor Power Systems PLC Loan Extensions (3978B)
June 10 2021 - 2:00AM
UK Regulatory
TIDMPPS
RNS Number : 3978B
Proton Motor Power Systems PLC
10 June 2021
10 June 2021
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
EUR5.9 million each. The loan facility with SFN has therefore been
increased to approximately EUR26.1 million (the "SFN Facility") and
the loan facility with Mr. Falih Nahab has been increased to
approximately EUR50.6 million (the "Falih Nahab Facility"). The
principal amounts of the SFN Facility and the Falih Nahab Facility
are not convertible and are repayable on 31 December 2025. The
interest accrued on both facilities up to and including 30 June
2020 is convertible into new ordinary shares of the Company at 2p
per share, whilst interest accrued beyond that date is not
convertible, as set out in the Company's announcement of 2 November
2020.
As from 1 January 2021 the annual interest rate on both the
above mentioned SFN Facility and the Falih Nahab Facility is 12
months LIBOR + 3% (up to 31 December 2020 the annual interest rate
on these facilities was 10%).
In addition, the maturity of the existing non-convertible
facility of EUR2.6 million (including interest) provided by SFN has
also been extended from 31 December 2022 until 31 December 2025
(together with the SFN Facility and the Falih Nahab Facility, the
"Loan Facilities"). The annual interest rate on this facility
remains 12 months LIBOR + 2%.
The undrawn portions of the Loan Facilities are expected to
allow the Company to satisfy its working capital needs until at
least May 2022. 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 future working capital
needs.
Related Party Transaction
Mr. Falih Nahab is indirectly, via SFN, a substantial
shareholder (as defined in the AIM Rules for Companies) of the
Company and, therefore both Mr. Falih Nahab and SFN, which is a
substantial shareholder, are related parties of the Company. The
increases in and extensions of the Loan Facilities are therefore
classified as transactions with related parties for the purposes of
the AIM Rules for Companies.
In accordance, therefore, 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, Shore Capital and Corporate, consider that the
changes to the Loan Facilities, as set out above, 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
Brendan Bilton, Investor and Business Tel.: +44 (0) 7798 554
Relations 191
Sebastian Goldner, COO/CTO
Roman Kotlarzewski, CFO Tel: +49 (0) 173 189
Manfred Limbrunner, Director Sales 0923
and Marketing
Investor-relations@proton-motor.de
www.protonpowersystems.com
Shore Capital
Nominated adviser and broker Tel: +44 (0) 20 7408
4050
Tom Griffiths / David Coaten www.shorecap.co.uk
About Proton Motor Fuel Cell GmbH
Proton Motor is an expert with 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 wholly owned subsidiary of Proton
Power Systems plc. The Company has been listed on the London Stock
Exchange since October 2006 (code: PPS).
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