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(PPS.L) Proton Power Systems PLC Buy/Sell
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Proton Power and its German operating subsidiary Proton Motor have developed a suite of high power (5kW to 250kW+) modular zero-emission energy generation systems for industrial applications like passenger ships, buses, municipal vans and cleaning vehicles, forklifts and back-up power units. Proton Motor's Triple Hybrid systems integrate Proton Motor's fuel cell modules with batteries and supercapacitors to achieve optimal power and cost characteristics for customers looking for larger, industrial scale fuel cell based energy solutions. Volume manufacturing capacity is provided via Deustche Mechatronics, an established German subcontract manufacturerVisit the Proton Power website.
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| Date/Time | Headline | Source |
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| 09-11-09 | RNS |
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RNS Number : 1621C Proton Power Systems PLC 09 November 2009
9 November 2009 Proton Power Systems plc ("Proton Power" or the "Company") Amendment to convertible loan Amendment to convertible loan agreement Proton Power (AIM: PPS), the designer, developer and producer of fuel cells and fuel cell electric hybrid systems, announces that it has agreed with Roundstone Properties Ltd ("Roundstone Properties") to increase by EUR1.62 million the amount of the convertible loan announced on 29 April 2009 (the "Convertible Loan"). All other terms of the Convertible Loan, including the exercise price of 2p per Proton Power ordinary share, are unchanged and as announced on 29 April 2009. Related party Transaction Roundstone Properties is a company connected to Dr. Faiz Nahab, a non-executive director of the Company, and is also a substantial shareholder (as defined in the AIM Rules) of the Company. The amendment to the Convertible Loan from 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, Arbuthnot 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
Arbuthnot Securities Limited
Media enquiries:
Abchurch Communications Limited
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 This information is provided by RNS The company news service from the London Stock Exchange END
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| 30-09-09 | RNS |
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This news article is displayed preformatted as it may contain results tables
RNS Number : 9030Z
Proton Power Systems PLC
30 September 2009
Press Release 30 September 2009
Proton Power Systems plc
("Proton Power" or "the Group")
Interim Results
Proton Power Systems plc (AIM:PPS), a leading designer, developer and producer of fuel cells and fuel cell electric hybrid systems, today announces its interim results for the six months ended 30 June 2009.
John Wall, Executive Chairman of Proton Power, commented: "Proton is moving away from being an R&D focused company to an industrialised commercial provider of fuel cells and fuel cell systems for a wide range of applications. The Group is now in a position to start volume production of its fuel cells. We are taking an integrated approach which addresses our customers' demand for both the product and after-sales operation and maintenance service. With this approach and using our highly scalable fuel cells, we will be in a position in due course to offer large power system packages to original equipment manufacturers (OEMs), a vast market providing numerous opportunities for the Group.
"Further to Proton Power's £2.5 million of new share capital issued over the last 12 months and our share capital reorganisation, we are pleased to say that the Group is currently well funded. Thanks to the committed support of loyal shareholders such as our lead investor, Roundstone Properties, we have all the necessary capital to carry the business forward."
Highlights:
* Revenue: £289,000 (2008: £455,000)
* Loss: £2,052,000 (2008: £1,286,000)
* Share capital reorganisation approved and successfully implemented
* Signed an exclusive, five-year framework collaboration agreement with
Deutsche Mechatronics GmbH to enable immediate volume production capacity
* Launched the world's first fuel cell triple-hybrid passenger city bus for
Skoda Electric in Prague
Highlights since the period end:
* Signed a partnership and exclusivity agreement with L-3 Communications
* Launched the world's first fuel-cell driven street cleaning vehicle
* Appointment of Christian Meyne as the new Chief Operating Officer of Proton
Motor Fuel Cell GmbH
- Ends -
For further information:
Proton Power Systems plc
John Wall, Chairman Tel: +44 (0) 78 0291 7615
Ali Naini, Deputy Chairman Tel: +44 (0) 20 7329 1750
Thomas Melczer, CEO Tel: +49 (0) 89 127 626 599
www.protonpowersystems.com
Arbuthnot Securities Limited
Tom Griffiths / Antonio Bossi Tel: +44 (0) 20 7012 2000
www.arbuthnotsecurities.co.uk
Media enquiries:
Abchurch Communications Limited
Stephanie Cuthbert / Monique Tsang Tel: +44 (0) 20 7398 7712
monique.tsang@abchurch-group.com www.abchurch-group.com
Chairman's and CEO's statement
We are pleased to report our unaudited interim results for the half year ended 30 June 2009.
Business development
Proton is in a phase of transition from a research and design focused company to an industrialised commercial provider of fuel cells and related technology. The business has made good progress in the last six months and has made changes to important positions within the Group bringing in experienced and qualified staff. The Group has also entered into new long-term agreements with contract manufacturers and suppliers. On 27 May 2009 Proton Motor signed a five-year collaboration agreement with Deutsche Mechatronics GmbH, a leading contract manufacturer to facilitate the volume production of the Group's fuel cell systems in Germany. We have also continued to invest in the Group's infrastructure, specifically our testing facilities.
The Group has partnered with leading OEM companies and has developed new innovative products during the period including the world's first triple hybrid passenger bus with Skoda Electric and the Bucher Schoerlin street sweeper. The Group also continues to develop new innovative solutions for Auxiliary Power Units ("APU's") for small and large data centres, the market for which is showing strong growth. The Group remains focused and sees strong potential in the following areas:
* maritime transport
* passenger buses
* light duty vehicles
* materials handling
* power modules for stationary backup power
* range extender solutions for commercial vehicles
We have further developed our modular concept, which allows the use of similar modules in different applications. This will lead to the cost savings necessary to make fuel cells and fuel cell hybrid systems an economic alternative to traditional power systems, thereby increasing our opportunities for mass-market sales.
We have also strengthened our sales team and can now service and support new blue chip customers which will be important OEM partners in the near future. Our partnership with L3 Communications in the USA has been renewed and strengthened to better address and support the North American market.
Financial overview
In the six months to 30 June 2009 revenue was £289,000 (2008: £455,000) which was in line with Group expectations. The out-come for the half year was a loss of £2,052,000 which was also in line with Group expectations and compares with a loss for the first half year in 2008 of £1,286,000.
The second tranche of the £2 million share subscription announced in September 2008 was received on 13 of January 2009.
In addition, the Company agreed with Roundstone Properties Limited to accept the surrender of its warrants over 30,000,000 Ordinary Shares issued in February 2009, exercisable at 5 pence per Ordinary Share in return for a convertible loan facility of up to £1.5 million from Roundstone Properties Limited .The Convertible Loan is repayable by 30 June 2012 and is convertible into 75,000,000 new Ordinary Shares, pro-rata, in the capital of the Company at a price of 2 pence per share. The conversion of the loan was subject to a share capital re-organisation and obtaining the approval of shareholders at the Company's Annual General Meeting held in July 2009. The share capital reorganisation was approved and the first tranche was converted into new ordinary shares in the capital of the Company in July 2009. Thereafter, the Convertible Loan may be converted into new shares at Roundstone Properties Limited's request. The Convertible Loan attracts no interest if settlement is made by way of the issue of new shares. However, if by mutual agreement part of the loan is repaid in cash rather than converted to shares at 2 pence per share, then this portion will attract interest equivalent to 10% per annum.
£0.5 million of the Convertible Loan was converted into new Proton shares after the period end, in July 2009.
Since the Annual General Meeting a further loan facility of EUR1.5m has been provided by Roundstone Properties Limited to fund the future growth of the Group. The term of the facility is three years from 30 July 2009 and interest is charged at 10% per annum and is to be settled by the issue of one share for every EUR0.02 in interest due.
People
On behalf of the Board we would like thank all our employees for their hard work and dedication to the Group. We would also like to welcome Dr. Christian Meyne as the new Chief Operating Officer of Proton Motor Fuel Cell GmbH and would like to take this opportunity to thank Benedikt Eska for his contribution as the outgoing Chief Operating Officer.
Outlook
We will continue to put resources into marketing our existing fuel cell solutions, although we will be focusing on supplying packages to OEM partners in the future. We have made strenuous efforts in marketing our products and we will further strengthen our sales team with experienced staff who have strong market experience and knowledge. The potential volume uptake of fuel cells in the different markets we are addressing is significant. Proton is working to produce systems to meet the individual requirements of each market to ensure we are able to take full advantage of the opportunities ahead.
We will also continue to develop our service team. After sales service capabilities are vital for the success of our business and are expected from our customers.
Industrialised manufacturing of our stacks and system will start in the second half of 2009. Our contract manufacturing partner Deutsche Mechatronics is currently assembling our stack as well as modules for our solutions.
Despite the difficult global economic conditions, we continue to see growing interest and demand for clean tech solutions. Governments' initiatives worldwide support new technologies and now with the necessary funding. We expect the second half of 2009 to bring the first volume orders for our new products and solutions.
Looking to the near future, rising energy prices and the demand for environmentally friendly solutions for transportation as well as stationary power will support the growth of our business. The task is to start volume production of fuel cell systems and to be able to offer attractive prices to our customers. Volume manufacturing and future service business will also support profitability and cash. We would like Proton to be a leader in the fuel cell industry in regard to both size and profit. Overall we are delighted about the progress we have seen so far and we are very confident that Proton will play a important role in the exciting hydrogen fuel cell technology.
Finally may we thank the Proton team and our advisors for their hard work and effort, and our customers and suppliers for their continued confidence and support. Importantly, our further business growth would not have been possible without the loyal support of our major shareholders, such as Roundstone Properties. On behalf of our Board and staff we would like to thank them for their unrelenting commitment to the Group.
John Wall FCA Thomas Melczer
Chairman Chief Executive
Consolidated income statement
Note Unaudited Unaudited Audited
6 months to 6 months to Year to 31 December
30 June 30 June 2008
2009 2008
£'000 £'000 £'000
Continuing operations
Revenue 289 455 1,093
Cost of sales (1,567) (1,050) (2,514)
Gross loss (1,278) (595) (1,421)
Other operating income 17 51 74
Administrative expenses 1 (794) (696) (1,416)
Operating loss (2,055) (1,240) (2,763)
Finance income 3 12 26
Finance costs - (58) (61)
Loss for the period (2,052) (1,286) (2,798)
attributable to equity holders
of the parent
Loss per share (expressed as
pence per share)
Basic 2 (2.5) (3.5) (5.4)
Diluted 2 (2.5) (3.5) (5.4)
Consolidated statement of comprehensive income
Unaudited Unaudited Audited
6 months to 6 months to Year to 31 December
30 June 30 June 2008
2009 2008
£'000 £'000 £'000
Loss for the period (2,052) (1,286) (2,798)
Other comprehensive income
Exchange differences on (109) 25 187
translating foreign operations
Other comprehensive income (109) 25 187
Total comprehensive income for (2,161) (1,261) (2,611)
the period
Attributable to equity holders (2,161) (1,261) (2,611)
of the parent
Consolidated balance sheet
Unaudited Unaudited Audited
At 30 June 2009 At 30 June 2008 At 31 December 2008
£'000 £'000 £'000
Assets
Non-current assets
Intangible assets 679 698 783
Property, plant and equipment 539 216 362
1,218 914 1,145
Current assets
Inventories 100 107 137
Trade and other receivables 252 728 270
Cash and cash equivalents 705 1,563 772
1,057 2,398 1,179
Total assets 2,275 3,312 2,324
Liabilities
Current liabilities
Short-term borrowings - 678 -
Trade and other payables 2,410 940 1,348
Total Liabilities 2,410 1,618 1,348
Net (liabilities) / assets (135) 1,694 976
Equity
Equity attributable to equity
holders of the parent company
Share capital 4,100 3,070 3,570
Share premium account 6,803 5,925 6,275
Merger reserve 15,656 15,656 15,656
Reverse acquisition reserve (13,862) (13,862) (13,862)
Share based payment reserve 338 564 346
Foreign translation reserve 419 (130) (304)
Capital contributions 1,156 1,076 1,324
Retained earnings (14,745) (10,605) (12,029)
Total equity (135) 1,694 976
Consolidated statement of changes in equity
Share Capital Share Premium Merger Reserve Reverse Acquisition Share Based Payment Translation Reserve Capital Contribution Retained Earnings Total Equity
Reserve Reserve Reserve
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
£'000
Balance at 1 January 2008 1,570 4,735 15,656 (13,862) 430 44 1,002 (9,444) 131
Share based payments credit - - - - 134 - - - 134
Proceeds from share issues 1,500 1,500 - - - - - - 3,000
Share issue costs - (310) - - - - - - (310)
Transactions with owners 1,500 1,190 - - 134 - - - 2,824
Loss for the period - - - - - - - (1,286) (1,286)
Other comprehensive income:
Currency translation - - - - - (174) 74 125 25
differences
Total comprehensive income for - - - - - (174) 74 (1,161) (1,261)
the period
Balance at 30 June 2008 3,070 5,925 15,656 (13,862) 564 (130) 1,076 (10,605) 1,694
Balance at 1 July 2008 3,070 5,925 15,656 (13,862) 564 (130) 1,076 (10,605) 1,694
Share based payments credit - - - - (218) - - - (218)
Proceeds from share issues 500 500 - - - - - - 1,000
Share issue costs - (150) - - - - - - (150)
Transactions with owners 500 350 - - (218) - - - 632
Loss for the period - - - - - - - (1,512) (1,512)
Other comprehensive income:
Currency translation - - - - - (174) 248 88 162
differences
Total comprehensive income for - - - - - (174) 248 (1,424) (1,350)
the period
-
Balance at 31 December 2008 3,570 6,275 15,656 (13,862) 346 (304) 1,324 (12,029) 976
Balance at 1 January 2009 3,570 6,275 15,656 (13,862) 346 (304) 1,324 (12,029) 976
Share based payments credit - - - - (8) - - - (8)
Proceeds from share issues 530 530 - - - - - - 1,060
Share issue costs - (2) - - - - - - (2)
Transactions with owners 530 528 - - (8) - - - 1,050
Loss for the period - - - - - - - (2,052) (2,052)
Other comprehensive income:
Currency translation - - - - - 723 (168) (664) (109)
differences
Total comprehensive income for - - - - - 723 (168) (2,716) (2,161)
the period
Balance at 30 June 2009 4,100 6,803 15,656 (13,862) 338 419 1,156 (14,745) (135)
Share premium account
Costs directly associated with the issue of the new shares have been set off against the premium generated on issue of new shares.
Merger reserve
The merger reserve of £15,656,000 arises as a result of the acquisition of Proton Motor Fuel Cell GmbH during 2006. The merger reserve represents the difference between the nominal value of the share capital issued by the Company and their fair value at 31 October 2006, the date of the acquisition.
Reverse acquisition reserve
The reverse acquisition reserve arises as a result of the method of accounting for the acquisition of Proton Motor Fuel Cell GmbH by the Company. In accordance with IFRS 3 the acquisition has been accounted for as a reverse acquisition.
Share option reserve
The Group operates an equity settled share-based compensation scheme. The fair value of the employee services received for the grant of the options is recognised as an expense. The total amount to be expensed over the vesting period is determined by reference fair value of the options granted. At each balance sheet date the Company revises its estimate of the number of options that are expected to vest. The original expense and revisions of the original estimates are reflected in the income statement with a corresponding adjustment to equity. The share option reserve represents the balance of that equity.
Consolidated statement of cash flows
Unaudited Unaudited Audited
6 months to 6 months to Year to 31 December 2008
30 June 2009 30 June 2008
£'000 £'000 £'000
Cash flows from operating
activities
Loss for the period (2,052) (1,286) (2,798)
Adjustments for:
Depreciation and amortisation 321 63 489
Interest income including loan (3) (12) (26)
waivers
Interest expense - 58 60
Share based payments (8) 134 (84)
Movement in inventories 37 1 (26)
Movement in trade and other 18 210 661
receivables
Movement in trade payables (547) (417) (53)
Net cash used in operations (2,234) (1,249) (1,777)
Interest paid - (60) (65)
Net cash used in operating (2,234) (1,309) (1,842)
activities
Cash flows from investing
activities
Purchase of intangible assets (178) (302) (643)
Purchase of property, plant (216) (53) (162)
and equipment
Interest received 3 9 28
Net cash used in investing (391) (346) (777)
activities
Cash flows from financing
activities
Proceeds from issue of share 1,058 2,690 3,540
capital
Loan repayments - (154) (831)
Loan received 1,500 - -
Net cash generated from 2,558 2,536 2,709
financing activities
Net (decrease) / increase in (67) 881 90
cash and cash equivalents
Opening cash and cash 772 682 682
equivalents
Closing cash and cash 705 1,563 772
equivalents
Notes to the interim report
1. Share based payments
The Group has incurred an expense in respect of share options and shares issued to employees as follows:
Unaudited Unaudited Audited
6 months to 6 months to Year to 31 December 2008
30 June 2009 30 June 2008
£'000 £'000 £'000
Share options (8) 134 102
2. Loss per share
Basic loss per share is calculated by dividing the loss attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the period.
Diluted loss per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. The Company has one category of dilutive potential ordinary shares, share options, however these have not been included in the calculation of loss per share because they are anti dilutive for these periods.
Unaudited Unaudited Audited
6 months to 6 months to Year to
30 June 2009 30 June 2008 31 December 2008
Basic Diluted Basic Diluted Basic Diluted
£'000 £'000 £'000 £'000 £'000 £'000
Loss attributable to equity (2,052) (2,052) (1,286) (1,286) (2,798) (2,798)
holders of the Company
Weighted average number of 81,991 81,991 36,965 36,965 51,418 51,418
ordinary shares in issue
(thousands)
Shares issuable (weighted) - - 2,815 - 1,138 - 1,124
share options (thousands)
Adjustment - (2,815) - (1,138) - (1,124)
Adjusted weighted average 81,991 81,991 36,965 36,965 52,542 52,542
number of ordinary shares
Pence per share Pence per share Pence per share Pence per share Pence per share Pence per share
Loss per share (pence per (2.5) (2.5) (3.5) (3.5) (5.4) (5.4)
share)
The adjustment to the weighted average number of shares used in the calculation of diluted loss per share reflects share options in issue where the exercise price exceeds the average market price of shares in the period.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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| 28-09-09 | RNS |
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RNS Number : 7095Z Proton Power Systems PLC 28 September 2009
Press release 28 September 2009 Proton Power Systems plc ("Proton Power" or "the Company") Proton Power Systems plc Signs Agreement with L-3 Communications Proton Power (AIM: PPS), a designer, developer and producer of fuel cells and fuel cell electric hybrid systems, announced that it has signed a Partnership and Exclusivity Agreement with L-3 Communications Combat Propulsion Systems (L-3 CPS). Under this agreement, L-3 CPS will market and sell Proton Power*s Fuel Cell Power Systems for use in propulsion systems, marine and Universal Power Supply (UPS) applications to the North American military and civilian applications market. The PEM Fuel Cell runs on pure Hydrogen and is one of the most efficient methods of converting Hydrogen into electrical energy with an efficiency rating of close to 50%. Combined with thermal energy conversion for use in UPS applications, efficiencies reach over 90%. The combination and integration of this technology in modern propulsion systems offers an emission free and carbon neutral alternative to conventional international combustion engines plus with the added bonus that the systems are ultra quiet, and has a very low heat signature. The only by-product of this process is pure water. Michael Soimar, President, L-3 CPS said, "Proton's alternative energy fuel cell propulsion systems provide an environment-friendly method to our customers' transportation and power products requirements." Thomas Melczer, CEO of Proton, commented:" We are delighted about the partnership with L-3 CPS. North America is a lead market for Fuel Cell Technology. Together with L-3 CPS, we plan to play a leading role in that market."
For further information:
Proton Power Systems plc
Arbuthnot Securities Limited
Media enquiries:
Abchurch Communications Limited
About L-3 CPS L-3 CPS develops, manufactures, integrates and supports propulsion and mobility systems that include engines, transmissions, turret drives and suspensions for military combat platforms worldwide. L-3 CPS is an established alternative energy provider, already having asserted itself in the development of small, light weight fuel efficient engines for power generation; auxiliary power units; and hybrid electric vehicle technologies. L-3 CPS is based in Muskegon, Michigan and is a division of L-3 Communications, the U.S.'s 6th largest defence company. Headquartered in New York City, L-3 Communications employs over 66,000 people worldwide and is a prime contractor in aircraft modernization and maintenance, C3ISR (Command, Control, Communications, Intelligence, Surveillance and Reconnaissance) systems and government services. L-3 is also a leading provider of high technology products, subsystems and systems. The company reported 2008 sales of $14.9 billion. About Proton Power Systems plc Proton Power Systems plc 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 Systems plc 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 This information is provided by RNS The company news service from the London Stock Exchange END
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| 24-09-09 | RNS |
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RNS Number : 6244Z Proton Power Systems PLC 24 September 2009
Proton Power Systems plc ("Proton Power" or "the Company") Debenture agreement Proton Power (AIM: PPS), the designer, developer and producer of fuel cells and fuel cell electric hybrid systems, announces that further to the convertible loan agreement entered into with Roundstone Properties Ltd ("Roundstone") and announced on 31 July 2009 (the "Convertible Loan"), and following the registration of a declaration of satisfaction in respect of a guarantee and debenture granted by the Company on 30 March 2006, it has entered into a debenture agreement with Roundstone which creates fixed and floating charges against the assets of the Company in favour of Roundstone. Related Party Transaction Roundstone is a company connected to Dr. Faiz Nahab, a non-executive director and a substantial shareholder of the Company (as defined in the AIM Rules). The entering into the debenture agreement 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, Arbuthnot 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
Arbuthnot Securities Limited
Media enquiries:
Abchurch Communications Limited
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 This information is provided by RNS The company news service from the London Stock Exchange END
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Oh no, please not another AIM dog.
CEO promising the world and then ..............silence More | View thread (1) | Respond | Login to Vote up | Login to Vote down |
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Morning Spec
Thanks for your comments. I'm having to hold off for a while (change of plan) but will be keeping a watchful eye for future dabbles. Hope these work out for you. JJ More | View thread (6) | Respond | Login to Vote up | Login to Vote down |
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| 15-10-09 |
BUY
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Thanks afro.
Hi Jumbo, I bought 40k @7.75. I'm banking on PPS to be the first to benefit from the green revolution. Someone has got to benefit big time from all the ideas and alternative fuel options in the pipeline (nice play on there) I thought it would be TAN and got burnt but they are now coming across as a government dependent charity case and I think it's the vehicle cost and payback time are too long and charging points are also holding them back so I got out. The SPP CEO said recently .. "We expect the second half of 2009 to bring the first volume orders for our new products and solutions." At least not much of 2009 to go. My only worry is it's the word of another AIM CEO !! They haven't got the best of records overall. Here's hoping and one things is for sure, if the decent volume order does arrive these will rocket past 3op in a matter of weeks. The company have put all the pieces in place in terms of production and sales partners, now they have to deliver the promise. As always with AIM still a gamble despite everything. good luck mate. More | View thread (6) | Respond | Login to Vote up | Login to Vote down |
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heat emissions( sorry
as you can imagine thsi may be a good prospect for the military low heat emmisions, silent takes 2 minutes to recharge... More | View thread (6) | Respond | Login to Vote up | Login to Vote down |
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