Proton Motor Power Systems’ Largest Shareholders Waive Loan Conversion Rights

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by Kyle Morris

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Proton Motor Power Systems Plc said on Tuesday that it has reached an agreement with its largest shareholders and lenders to eliminate all of its share-conversion rights and that it is proposing to subdivide each existing ordinary share into two new ordinary shares. Used to be.

An AIM-listed manufacturer of fuel cell and fuel-cell electric hybrid systems said SFN Cleantech Investments Ltd and Falih Nahab, subject to the passage of the share subdivision resolution at a general meeting, would waive all existing conversion rights.

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The proposed subdivision into two new ordinary shares of each existing ordinary share shall require the approval of the shareholder at a general meeting to be held in due course.

The company currently has a loan facility of 50.7 million euros ($57.2 million) with Falih Nahab and a 26.1 million euro loan facility with SFN.

Shares of Proton Motor Power Systems were up 2.50 pence, or 8%, at 42.0 pence at 1436 GMT.

Write to Kyle Morris at [email protected]

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