REG - Ceres Power Holdings - Bosch Completes Equity Investment

Ceres Power HoldingsAnnouncement

12/03/2020 07:00

RNS Number : 7650F
  
Ceres Power Holdings plc
  
12 March 2020
  
 

12 March 2020
Ceres Power Holdings plc
Bosch Completes Equity Investment
Ceres Power Holdings plc (AIM: CWR, "Ceres", "the Company") confirms that, further to the announcement on 22 January 2020, 11,888,070 new ordinary shares of 10 pence each ("Ordinary Shares") will be allotted to Robert Bosch GmbH at the then agreed subscription price of 320p. Application has been made and the shares will be admitted to trading on AIM on 13 March 2020 ("Admission"). 
 
This will increase Bosch's holding from 11.8% of the existing share capital to approximately 18.0% of the enlarged issued share capital.  The issuance will be satisfied under the current shareholder authorities approved at the last General Meeting. 
 
As highlighted in the announcement on 22 January 2020, Weichai Power ("Weichai") has the option to maintain its holding at 20% of the issued share capital.  Weichai has confirmed that it will exercise its anti-dilution rights to subscribe for an additional 3,488,980 Ordinary Shares at the subscription price of 320p.  This will maintain its shareholding at 20% of the subsequently enlarged issued share capital.  This additional Weichai subscription is due to complete by mid-April 2020 and will be confirmed by RNS at that time.
 
The aggregate proceeds of the subscriptions by Bosch and Weichai for new shares in Ceres will total £49 million.  
 
Following the allotment of the above Bosch subscription and the exercise of share options since January, Ceres confirms that on Admission on 13 March 2020, the Company will have 167,074,420 Ordinary Shares in issue, with one voting right each.  The Company does not hold any shares in treasury.  The number of Ordinary Shares with voting rights on 13 March 2020 will therefore be 167,074,420.  Accordingly, until the issue of shares pursuant to the additional Weichai subscription due to complete by mid-April 2020, these figures may be used by shareholders as a denominator for the calculations by which they will determine if they are required to notify their interest in, or change to their interest in, the Company, under the Disclosure and Transparency Rules.
 
 
For further information visit www.Cerespower.com or contact:




Ceres Power Holdings plc
Elizabeth Skerritt


 


Tel: +44 (0)1403 273 463




 
Investec Bank plc (Nominated Adviser and Broker to Ceres)
Jeremy Ellis / Patrick Robb / Ben Griffiths / Cassie Herlihy


 


 
Tel: +44 (0) 20 7597 4000




Berenberg (Joint Broker to Ceres)
Ben Wright / Mark Whitmore


 


Tel: +44 (0) 20 3207 7800




 
Powerscourt (PR adviser to Ceres)
Peter Ogden/James White 


 


 
Tel: +44 (0) 207 250 1446




 
About Ceres Power
Ceres is a world-leading developer of fuel cell and electrochemical technology that enables its partners to deliver clean energy at scale and speed. Its asset-light, licensing model has seen it embed its technology in some of the world's most progressive companies - such as Weichai in China, Bosch in Germany, Miura in Japan, and Doosan in South Korea - to develop systems and products that address climate change and air quality challenges for transportation, industry, data centres and everyday living.  Ceres is listed on the AIM market of the London Stock Exchange ("LSE") (AIM: CWR) and was awarded the Green Economy Mark by LSE, which recognises listed companies that derive more than 50% of their revenues from the green economy.
 


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