Proton Motor Power major shareholder converts interest into shares

Fuel cell and electric hybrid systems developer Proton Motor Power Systems announced on Friday that SFN Cleantech Investment has requested the conversion of part of the interest matured on loans provided, into 20,000,000 shares in Proton.

The AIM-traded firm said the conversion price was 2p per share, so the interest converted has a value of £0.4m.

It said an application has been made for the admission to AIM of the new shares, which was expected to take effect on or around 15 July.

“As a result of this loan conversion, SFN´s interest in the share capital of Proton will comprise 609,341,686 ordinary shares, representing 83.29% of the company's issued share capital,” the board said in its statement.

At 0857 BST, shares in Proton Motor Power Systems were down 1.84% at 80p.