REG - Ceres Power Holdings - Withdrawal of AGM Resolution 17 and Resolution 18

Ceres Power HoldingsAnnouncement

12/05/2023 14:15

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RNS Number : 3022Z  Ceres Power Holdings plc  12 May 2023

12 May 2023

Ceres Power Holdings plc

("Ceres Power" or "the Company")

 

Withdrawal of Annual General Meeting ("AGM") Resolution 17 and Resolution 18

 

Withdrawal of AGM Resolution 17 and Resolution 18

The Board of Ceres Power today announces that it has decided to withdraw
Resolution 17 and Resolution 18 from the agenda of the AGM of the Company's
shareholders to be held at 10.00am London time on Thursday, 18 May 2023.

Resolution 17 proposed the partial disapplication of pre-emption rights in
order for the Board to allot equity securities of up to 12% (10% plus 2%
follow on for a retail offer) of the Company's current share capital for cash.

Resolution 18 proposed the partial disapplication of pre-emption rights in
order for the Board to allot equity securities of up to 12%  (10% plus 2%
follow on for a retail offer) of the Company's current share capital for cash
in connection with an acquisition or specified capital investment.

Resolution 17 and Resolution 18 followed the provisions of the Pre-Emption
Group's 2022 Statement of Principles for the disapplication of pre-emption
rights. The Board had proposed Resolution 17 and Resolution 18 as it
considered the flexibility afforded by this authority to be in the best
interests of the Company.

However, since publication of the Notice of AGM on 13 April 2023, certain of
the Company's shareholders have expressed concerns regarding the proposed
resolutions, given that the Company does not need the flexibility to raise
additional capital. In light of these concerns the Board has decided to
withdraw Resolution 17 and Resolution 18 from the agenda of the AGM. The Board
will consider further engagement with shareholders on this matter in the
future.

The withdrawal of Resolution 17 and Resolution 18 does not affect the validity
of the Notice of AGM, the proxy form or any proxy votes already submitted in
respect of the remaining resolutions to be proposed at the AGM. The numbering
of all other proposed resolutions at the AGM remains unchanged.

Arrangements for the AGM are unchanged from those previously notified.

 

For further information visit www.ceres.tech (http://www.ceres.tech) or
contact:

 Ceres Power Holdings plc                      Tel: +44 (0)7752 470802

 Marianne Millard (Deputy Company Secretary)

 Investec Bank PLC (NOMAD & Joint Broker)      Tel: +44 (0)207 597 5970

 James Rudd / Patrick Robb/ Ben Griffiths

 Berenberg (Joint Broker)                      Tel: +44 (0)203 207 7800

 Ben Wright/ Mark Whitmore

 FTI Consulting (PR Adviser)                   Tel: +44 (0)203 727 1000

 Dwight Burden                                 Email: ceres_power@fticonsulting.com (mailto:Ceres_power@fticonsulting.com)

 

About Ceres Power

Ceres is a world-leading developer of electrochemical technologies: fuel cells
for power generation, electrolysis for the creation of green hydrogen and
energy storage. Its asset-light, licensing model has seen it establish
partnerships with some of the world's largest engineering and technology
companies, such as Weichai in China, Bosch in Germany, Miura in Japan, and
Doosan in Korea, to develop systems and products that address climate change
for power generation, transportation, industry, data centres and everyday
living.  Ceres is listed on the AIM market of the London Stock Exchange
("LSE") (AIM: CWR) and is classified by the LSE Green Economy Mark, which
recognises listed companies that derive more than 50% of their activity from
the green economy.

 

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