Proton Power Systems PLC Loan Extension (5299P)
May 29 2018 - 4:40AM
UK Regulatory
TIDMPPS
RNS Number : 5299P
Proton Power Systems PLC
29 May 2018
29 May 2018
Proton Power Systems plc
("Proton" or the "Company")
Loan Extension
Proton Power Systems plc (AIM: PPS), the designer, developer and
producer of fuel cells and fuel cell electric hybrid systems,
announces that it has successfully agreed to increase the existing
loan facility with Mr. Falih Nahab and his holding company,
Roundstone Properties Limited ("Roundstone"), from EUR28 million to
EUR34.5 million.
Mr Falih Nahab is the principal shareholder in Proton, through
Roundstone, and is the brother of Dr. Faiz Nahab, the company's
CEO. The increased facility will be used to satisfy the Company's
working capital needs.
Related Party Transaction
Mr Falih Nahab is indirectly, via Roundstone Properties Limited,
a substantial shareholder (as defined in the AIM Rules) of the
Company. The entering into the loan agreement with Mr Falih Nahab
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, having consulted with the
Company's nominated adviser, Stockdale Securities Limited, consider
that the terms of the transaction are fair and reasonable insofar
as the Company's shareholders are concerned.
For further information:
Proton Power Systems plc
Dr Faiz Nahab, CEO
Helmut Gierse, Chairman
Sebastian Goldner, Director Customer
Project Management and Service
Roman Kotlarzewski, Group FD Tel: +49 89 1276265-81
Manfred Limbrunner, Director Sales
and Marketing
www.protonpowersystems.com
Stockdale Securities Limited
Nominated adviser and broker Tel: +44 (0) 20 7601
6100
Antonio Bossi / David Coaten www.stockdalesecurities.com
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contact rns@lseg.com or visit www.rns.com.
END
MSCLIFVAELIAFIT
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