Conversion of Loan

RNS Number : 6732F

Proton Power Systems PLC

18 January 2010

 



18 January 2010

Proton Power Systems plc

("Proton Power" or the "Company")

Conversion of Loan, Admission of new shares and Total Voting Rights

Conversion of a convertible loan from Roundstone to the Company and admission of the resulting 50,000,000 new Ordinary Shares

Further to the announcements of 29 April 2009, 23 July 2009 and 9 November 2009, Proton announces that Roundstone Properties Limited ("Roundstone") has decided to convert £1 million of a convertible loan to the Company (the "Convertible Loan") into 50,000,000 New Proton ordinary shares of 1p each (the "Ordinary Shares").

Following this conversion, the outstanding amount of the Convertible Loan owed by Proton to Roundstone is Euro1.62 million which is convertible into new Ordinary Shares at 2p per share. In addition, as announced on 31 July 2009, Roundstone has provided a separate Euro1.5 million loan to the Company which remains outstanding.

Application has been made for the 50,000,000 new Ordinary Shares to be admitted to AIM and it is expected that admission will be effective on 21 January 2010.

Following admission of the 50,000,000 new Ordinary Shares, Roundstone will own 117,981,769 Ordinary Shares representing approximately 75.15 per cent. of the Company's issued share capital.

Total Voting Rights

Following admissions of the 50,000,000 new Ordinary Shares, the total number of issued New Ordinary Shares in the Company will be 156,990,863 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.

- ENDS -

For further information:

Proton Power Systems plc
John Wall, Chairman	Tel: [phone]
Ali Naini, Deputy Chairman	Tel: [phone]
Thomas Melczer, CEO	Tel: [phone]
	www.protonpowersystems.com

Arbuthnot Securities Limited
Tom Griffiths / Antonio Bossi	Tel: [phone]
	www.arbuthnotsecurities.co.uk

Media enquiries:

Abchurch Communications Limited
Heather Salmond / Justin Heath / Monique Tsang	Tel: [phone]
[e-mail]	www.abchurch-group.com

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

 

END

 

 

MSCGGUPGGUPUGMA