Proton Mtr Pwr Regulatory News (PPS)

23 Jul 2009 12:20



Proton Power Systems plc

("Proton Power" or the "Company")

Results of AGM, Admission of new shares and Total Voting Rights

Results of AGM

Proton Power Systems plc (AIM:PPS), a leading designer, developer and producer of fuel cells and fuel cell electric hybrid systems, announces that, at the Annual General Meeting of shareholders held today, all resolutions were duly passed.

Admission of 81,990,863 New Ordinary Shares

As announced on 30 June 2009, and in order to implement the reorganisation of the Company's share capital, application has been made for 81,990,863 new ordinary shares of 1 penny each ("New Ordinary Shares") to be admitted to AIM - replacing the existing 81,990,863 ordinary shares of 5 pence each. It is expected that admission of the 81,990,863 New Ordinary Shares will become effective on 24 July 2009. 

The New Ordinary Shares will retain the same ISIN and ticker code as the Company's existing ordinary 5 pence shares, being GB00B140Y116 and PPS, respectively.

Partial conversion of the convertible loan from Roundstone to the Company and admission of the resulting 25,000,000 New Ordinary Shares

As announced on 29 April 2009, and further to the reorganisation of the Company's share capital, Roundstone Properties Limited ("Roundstone") has converted one third of the convertible loan of GBP1.5 million to the Company into 25,000,000 New Ordinary Shares.

Roundstone retains the right to convert the remainder of the convertible loan into a further 50,000,000 New Ordinary Shares.

Application has been made for the 25,000,000 New Ordinary Shares to be admitted to AIM and it is expected that admission will be effective on 24 July 2009.

Following admission of the 25,000,000 New Ordinary Shares, Roundstone will own 69,281,769 New Ordinary Shares - representing approximately 64.8 per cent. of the Company's issued share capital.

Proton Power is a public limited company registered in England; however, as the Company does not have its central place of management and control in the UK, the City Code on Takeovers and Mergers does not apply to the Company. 

Total Voting Rights

Following admissions of the 81,990,863 and of the 25,000,000 New Ordinary Shares, the total number of issued New Ordinary Shares in the Company will be 106,990,863 New Ordinary Shares. The Company does not hold any New Ordinary Shares in treasury. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Service Authority's Disclosure and Transparency Rules.

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About Proton Power

Proton Power 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 Power is gaining access to a broad range of markets through partnerships with leading OEMs such as Skoda Electric, in addition to contract manufacturers such as Deutsche Mechatronics.

Proton Power's motive applications include forklifts, city buses, municipal utility vehicles, commercial vehicles and ferries. Stationary applications focus on the Uninterruptible Power Supply ("UPS") 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.

Through its wholly owned subsidiary, Proton Motor Fuel Cell GmbH ("Proton Motor"), the group has developed and deployed fuel cell modules that can be integrated with energy storage media to create hybrid fuel cell systems. Proprietary, intelligent energy management software balances the power output across the system to maximise efficiency and improve power delivery. The system therefore boasts lower fuel consumption and more consistent levels of power delivery than conventional diesel/combustion engine or fuel cell-only systems, while producing zero harmful emissions. 

Proton Power 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. 

www.protonpowersystems.com