Last checked at 6 May 2014 07:01
6 May 2014 |
Proton Power Systems plc
("Proton Power" or the "Company")
Loan agreement
Proton Power Systems plc (AIM: PPS), the designer, developer and producer of fuel cells and fuel cell electric hybrid systems, announces that it has agreed the terms of a €10.9 million loan (the "Loan") with Roundstone Properties Limited ("Roundstone"). The Loan is repayable on 6 May 2017 and is on the same terms as the loan previously announced on 28 November 2012, including the conversion right of the interest payable on the Loan, and will be used to satisfy the Company's working capital needs.
Related Party Transaction
Roundstone is a company connected to Dr. Faiz Nahab, the Chief Executive Officer of the Company, and is also a substantial shareholder (as defined in the AIM Rules) of the Company. Entering into the agreement in relation to the Loan with Roundstone 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, with the exclusion of Dr. Faiz Nahab, having consulted with the Company's nominated adviser, Westhouse Securities Limited, consider that the terms of the transaction are fair and reasonable in so far as the Company's shareholders are concerned.
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For further information:
Proton Power Systems plc | |
John Wall, Chairman | Tel: +44 (0) 7802 917 615 |
Achim Loecher, FD | Tel: +49 (0) 89 127 626 550 |
www.protonpowersystems.com | |
|
Westhouse Securities Limited Nominated adviser and broker |
Tel: +44 (0) 20 7601 6100 |
Antonio Bossi | www.westhousesecurities.com |
About Proton Power
Proton Motor Fuel Cell GmbH is an expert in industrial fuel cells, fuel cell and hybrid systems with more than 17 years of experience in this sector. 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 customised solutions. The focus of Proton Motor is on back-to-base mobile, marine and stationary applications. The product portfolio consists of base-fuel cell systems, standard complete systems, as well as customised systems.
Proton Motor acquired SPower GmbH in 2013. Established in 2007, SPower serves IT, Telecoms, public infrastructure and healthcare customers in Germany, Europe and the 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 Cells GmbH is a wholly owned subsidiary of Proton Power, which has been quoted on the AIM market of the London Stock Exchange since October 2006 (code: PPS).