Proton Motor Power to slash costs, delist from AIM

(Sharecast News) - Zero-carbon fuel cell and hybrid systems developer Proton Motor Power announced plans to operate on a significantly reduced cost basis on Monday, while pursuing the cancellation of its shares from trading on AIM.

The firm said the move followed an earlier update on 20 November, with the board citing the cost structure as incompatible with maintaining its listing.

It said it aimed to secure settlements with outstanding creditors, excluding debts under its existing debt facilities, and to minimise ongoing contractual obligations.

However, Proton acknowledged that achieving those objectives remained uncertain.

A circular detailing the proposed AIM delisting was expected to be published in early 2025.

In the interim, Proton said it had sufficient cash resources to remain solvent, supported by operational cash flows, funding from its debt facilities, and a research and development tax credit expected early in the new year.

The company said it would provide further updates as the situation evolved.

At 0914 GMT, shares in Proton Motor Power Systems were down 18.46% at 0.27p.

Reporting by Josh White for Sharecast.com.