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Proton Motor Power Systems plc announced on 30 December 2024 that its Board is exploring continuing operations on a significantly reduced cost basis, requiring settlement with outstanding creditors (excluding debt facility lenders) and minimized contractual obligations. The Board still intends to seek a cancellation of the Company's ordinary shares from AIM, with a circular expected early in the New Year. The Company has sufficient cash to trade solvently in the interim, utilizing debt facility funding, operational cash, and an R&D tax credit expected early 2025.
| Date | 30 Dec 2024 |
| Time | 07:00:04 |
| Category | Corporate updates |
| ID | 5691R |
30 December 2024
Proton Motor Power Systems plc
("Proton Motor" or the "Company")
Update on financing and proposed cancellation from AIM
Proton Motor Power Systems plc (AIM: PPS), the designer, developer and producer of fuel cells and fuel cell electric hybrid systems with a zero-carbon footprint, provides the following update.
Further to the announcement on 20 November 2024, the Board is now exploring the possibility of continuing the Company's operations on a significantly reduced cost basis. In order to do this, it would be required to secure settlement with its outstanding creditors (save for the debts owed to its lenders under its debt facilities) and minimise the level of ongoing contractual obligations, there are therefore no guarantees that it will be able to achieve this. Notwithstanding this, it is still the intention of the Board to seek a cancellation of the Company's ordinary shares from trading on AIM as it does not believe it would be appropriate to maintain the AIM admission on the reduced cost base. A circular providing further details of the proposed cancellation is expected to be published early in the New Year.
In the intervening period, the Company has sufficient cash resources to continue to trade solvently, utilising the funding received under its debt facilities, together with the cash generated from operations and an R&D tax credit that is expected to be received in early 2025. Further updates will be provided in due course.
For further information:
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Proton Motor Power Systems Plc |
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Dr Faiz Nahab, CEO |
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Roman Kotlarzewski, CFO |
+49 (0) 173 189 0923 |
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www.protonpowersystems.com |
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Allenby Capital Limited |
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Nominated Adviser & Broker |
+44 (0) 20 3328 5656 |
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James Reeve / Vivek Bhardwaj
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Celicourt Communications |
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PR Adviser |
+44 (0) 20 7770 6424 / [email protected] |
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Mark Antelme / Philip Dennis / Charlie Denley-Myerson
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About Proton Motor
Proton Motor has 25 years of experience in Power Solutions using CleanTech technologies such as hydrogen fuel cells, fuel cell and hybrid systems with a zero carbon footprint. Based in Puchheim near Munich, Proton Motor develops and produces standard Products as well as customised solutions. The focus of Proton Motor is on stationary solutions, as well as heavy-duty, marine and rail applications. The product portfolio consists of base-fuel cell systems, standard complete, as well as customised systems.
Proton Motor Fuel Cell GmbH is a wholly owned subsidiary of Proton Motor Power Systems plc. The Company has been quoted on the AIM market of the London Stock Exchange since October 2006 (code: PPS).