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Proton Power Systems

  • BY: Andrew Hore |
  • POSTED: 09/07/2008 |

Noble has confirmed its resignation as nominated adviser to Proton Power Systems. 

Noble is also broker to the fuel cell systems developer. It had signalled its intention to step down in the recent placing announcement on 29 April. The two parties have agreed a date of 31 July.

If there is no replacement by then the shares will be suspended. The quotation will be cancelled after one month if there is still no replacement nominated adviser.

Germany-based Proton is talking to candidates for the role but the uncertainty about whether there will be a market where the shares can be traded is hurting the share price. Proton raised £3m at 10p in May. The shares have slipped to 6.5p in recent weeks, valuing the company at £4m.

The cash raised this year is required for working capital. Proton needs more cash if it is to invest in increasing its capacity so that it can manufacture on a larger scale. It has a number of impressive partners and potential products but the full benefits of these deals can’t show through if there isn’t any investment.

Proton has jointly developed a prototype zero-emission light commercial vehicle with Wilhelm Karmann GmbH, a leading vehicle manufacturer. It is also supplying fuel cell products to Austrian automotive engineer AVL. Proton has developed a hybrid fork lift truck system but it can’t satisfy potential demand at current production rates.

Felix Heidelberg admits there is a danger that Proton could lose its partners if it doesn’t raise more money. He is trying to do something about this. One possibility is obtaining a quotation on another European market which might be more receptive to the business and its technology.

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