LONDON - Proton Motor Power Systems plc (AIM: PPS), a company specializing in the design, development, and production of fuel cells and hybrid systems with a zero-carbon footprint, has announced the approval of its shareholders to delist from the AIM market of the London Stock Exchange (LON:LSEG). The delisting is scheduled to take effect at 7:00 a.m. on February 17, 2025, following the passage of all resolutions during a general meeting held on Friday.
Shareholders cast a total of 1,241,104,921 votes on the special resolutions, with 99.81% voting in favor of both resolutions. The last day for trading the company's ordinary shares on AIM will be February 14, 2025.
In light of the delisting, Proton Motor will re-register as a private company under the name Proton Motor Power Systems Limited and adopt new articles of association. The majority of the directors are expected to step down after the delisting, leaving only one director on the board.
Post-cancellation, there will be no public market for dealing in the ordinary shares, and no publicly quoted price will be available. Shareholders looking to sell their shares after the delisting are advised to contact the company directly, although the sale and valuation of shares may be challenging.
The company, headquartered near Munich, has over 25 years of experience in clean technology power solutions, including hydrogen fuel cells. Proton Motor focuses on stationary, heavy-duty, marine, and rail applications, offering both standard and customized products.
This move to privatize comes after the company's announcement on January 20, 2025, detailing the proposed cancellation. Shareholders seeking further details on the cancellation and the resolutions can refer to the circular published on the company's website.
The information provided is based on a press release statement from Proton Motor Power Systems plc.
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