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Time To ACT plc Pushes Back Loan Repayment Amid Hydrogen Infrastructure Delays
Time To ACT plc (TTA), an Aquis-listed specialist engineering group, has revised the terms of its convertible loan agreement with Honeywell Technologies for its subsidiary Diffusion Alloys.
The initial loan was issued in March 2023 to support Diffusion Alloys' expenditures ahead of expected blue hydrogen-related coating work with Johnson Matthey, now operating as Honeywell Technologies.
However, due to global hydrogen infrastructure delays, the repayment timing had become impractical under current commercial conditions.
The revised agreement extends the first bullet repayment date from March 2027 to the earlier of March 2028 or upon completion of substantial coating volumes.