Sabien Technology Group PLC Proton Technologies (5869N)
September 26 2023 - 2:00AM
UK Regulatory
TIDMSNT
RNS Number : 5869N
Sabien Technology Group PLC
26 September 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT)
REGULATIONS 2019/310.
26 September 2023
Sabien Technology Group plc
("Sabien", the "Company" or the "Group")
Proton Technologies
Sabien Technology Group plc (AIM:SNT), the company focused on a
green aggregation strategy, today announces that it has reviewed
the value of its investment in Proton Technologies Canada Inc.,
("Proton") following the proposed investment in and restructuring
of Proton.
On 14 October 2021, Sabien invested GBP100,000 in Proton, giving
the Company a 0.08% shareholding. Subsequently, Sabien entered into
a licensing agreement with Proton on 1 February 2022. This
agreement allowed Sabien to deploy Proton's technology within the
UK and the right to install a plant for the City Oil Field, Inc.
plastic to oil technology on Proton's Saskatchewan site. Sabien
retains the rights conferred by this licensing agreement.
On 8 September 2023, Proton informed its shareholders that it
had received a proposal from a third party to inject new capital,
restructure its balance sheet, and reform its management team (the
"Proposal"). The Proposal remains subject to shareholder
approval.
Following a review of the Proposal and ahead of approval by
Proton shareholders, the Board of Sabien has concluded that the
value of the Company's stake (GBP100,000) may require a material
impairment provision in the accounts for the financial year to 30
June 2023. The Board expects that this provision will allow for a
potential material diminution in the value of existing Proton
equity to reflect the notional value of Proton ascribed by the
Proposal. The level of provision will require agreement with the
Company's auditors as part of the current audit process. Details of
the provision, if any, will be provided in the Company's final
results which are expected to be published in October 2023.
Richard Parris, Executive Chairman of Sabien, commented:
"While it is disappointing to provide for a possible short-term
reduction in Proton's equity value, the Board is encouraged by the
constructive details of the Proposal. It is clear that Proton
requires a larger capital base from which to develop its leading
hydrogen technology and we are supportive of the intention to
re-balance the business. It remains to be seen as to the outcome of
this Proposal, but Sabien is intent on a prudent approach to its
balance sheet and the values contained within it."
For Further Information:
Sabien Technology Group plc +44 20 7993 3700
Richard Parris, Executive Chairman Scott.fulton@sabien.com
Scott Fulton, Investor Relations
Allenby Capital Limited (Nominated
Adviser)
John Depasquale / Nick Harriss /
Vivek Bhardwaj +44 203 328 5656
Peterhouse Capital Limited (Broker)
Duncan Vasey / Lucy Williams +44 207 469 0930
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END
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