Last checked at 6 Oct 2008 07:00
6 October 2008
Proton Power Systems plc
("Proton Power" or "the Company")
Equity Issue and Director shareholding
Proton Power (AIM: PPS), the designer, developer and producer of fuel cells and fuel cell electric hybrid systems, announces that, on 3 October 2008, it has agreed to issue 600,000 new ordinary shares of 5 pence each (the "New Ordinary Shares") at 10 pence per share to Turquoise International Limited.
The New Ordinary Shares will be issued subject to the Directors obtaining the requisite authorities at the general meeting of the Company to be held shortly and to admission of the New Ordinary Shares to AIM.
Following this transaction, Turquoise International Limited, of which Ali Naini, a director of the Company, is Managing Director and a major shareholder, will have a direct interest of 775,000 ordinary shares representing 1.26% of the issued share capital of the Company.
In addition, as previously disclosed, Turquoise Capital LLP, of which Ali Naini is a partner, has a direct interest in 792,739 ordinary shares representing 1.29% of the issued share capital of the Company. Ali Naini controls the voting rights over 505,409 of the ordinary shares held by Turquoise Capital LLP.
Ali Naini therefore will, after admission of the New Ordinary Shares, control the voting rights over an aggregate of 1,280,409 Ordinary Shares representing 2.09% of the issued share capital of the Company.
In addition, Ali Naini holds options over 500,000 ordinary shares. He also has, by way of a contract for difference, an economic interest in 63,233 ordinary shares.
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For further information:
| Proton Power Systems plc | |
| John Wall, Chairman | Tel: +44 (0) 78 0291 7615 |
| Ali Naini, Deputy Chairman | Tel: +44 (0) 20 7329 1750 |
| Thomas Melczer, CEO | Tel: +49 (0) 89 127 626 599 |
| www.protonpowersystems.com |
| Arbuthnot Securities Limited | |
| Tom Griffiths / Antonio Bossi | Tel: +44 (0) 20 7012 2000 |
| www.arbuthnotsecurities.co.uk |
Media enquiries:
| Abchurch Communications Limited | |
| Heather Salmond / Justin Heath / Monique Tsang | Tel: +44 (0) 20 7398 7700 |
| monique.tsang@abchurch-group.com | www.abchurch-group.com |
Notes to Editors
Proton Power Systems plc is a developer and manufacturer of fuel cells and fuel cell hybrid systems for motive and stationary power supply. Its sales-driven strategy focuses on identifying applications with the greatest market needs and supplying large volumes of cost-competitive systems to fulfil those needs. Proton is targeting a global opportunity, accessing a broad range of markets through partnerships with leading OEMs such as Skoda Electric and Karmann.
Motive applications include forklifts, city buses, municipal utility vehicles and ferries; 'back-to-base' markets which can readily utilise the modularity and scalability of the Company's hydrogen fuel cell systems, and which do not depend on the existence of a ubiquitous hydrogen infrastructure, thereby facilitating swift commercialisation.
Stationary applications focus on the Uninterruptible Power Supply sector, where there is a large demand for mission-critical, grid-independent secure power supply in places such as telecommunications stations, data centres, hospitals, and power substations. Further market potential lies in industrial and chemical processing plants, where the otherwise wasted hydrogen by-product can be harnessed for producing local power.
Through its wholly owned subsidiary, Proton Motor Fuel Cell GmbH ("Proton Motor"), the Group has developed and produced a fuel cell module that can be integrated with energy storage media to create a hybrid fuel cell system. A proprietary, intelligent energy management software balances the power output across the fuel cell storage unit(s) to maximise efficiency and improve power delivery. The system thus boasts lower fuel consumption and more consistent levels of power delivery than conventional diesel/combustion engine or fuel cell-only systems, in addition to producing zero harmful emissions.
Proton Power Systems plc was admitted to trading on AIM on 31 October 2006 and is incorporated in the UK. Proton Motor has more than 15 years of experience in the fuel cell market and is located in Puchheim, near Munich, Germany, where its manufacturing facility is based.