TIDMITM
RNS Number : 0045F
ITM Power PLC
11 November 2020
The information contained in this announcement is inside
information for the purposes of article 7 of Regulation (EU)
596/2014.
THIS ANNOUNCEMENT IS RESTRICTED AND IS NOT FOR RELEASE,
DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA (INCLUDING ITS
TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES AND THE
DISTRICT OF COLUMBIA) (THE UNITED STATES), AUSTRALIA, CANADA,
JAPAN, THE REPUBLIC OF SOUTH AFRICA, THE REPUBLIC OF IRELAND OR ANY
OTHER JURISDICTION WHERE IT IS UNLAWFUL TO RELEASE, PUBLISH OR
DISTRIBUTE THIS ANNOUNCEMENT.
FOR IMMEDIATE RELEASE
11 November 2020
ITM Power plc
("ITM Power" or the "Company")
Result of General Meeting and Open Offer
ITM Power (AIM: ITM), the energy storage and clean fuel company,
published and posted a shareholder circular on 23 October 2020,
including a notice of general meeting ("General Meeting") in
connection with the proposed Subscription, Firm Placing and Open
Offer.
At the General Meeting of the Company held today the requisite
shareholder approval was given by way of a poll. The votes cast at
the General Meeting were as follows:
For Against Withheld
Ordinary Resolution Votes % Votes %
------------ ------ ---------- ----- ---------
To authorize the
directors to allot
ordinary shares 191,464,538 99.88 228,270 0.12 79,457
------------ ------ ---------- ----- ---------
Special Resolution
------------ ------ ---------- ----- ---------
To disapply Section
561 of the Companies
Act 2006 190,125,489 99.24 1,459,019 0.76 187,757
------------ ------ ---------- ----- ---------
The number of Ordinary Shares in issue on 11 November 2020 was
477,461,258. Shareholders are entitled to one vote per share.
The Subscription, Firm Placing and Open Offer remain conditional
on, inter alia, Admission taking place on 12 November 2020 (or such
later time as the Company and Investec may agree, being not later
than 8:00 a.m. on 20 November 2020).
Result of Open Offer
The Open Offer closed for acceptances at 11:00 a.m. on 10
November 2020 in accordance with its terms and was oversubscribed.
The Company therefore announces that it has received valid
acceptances in respect of 2,984,132 New Ordinary Shares pursuant to
Qualifying Shareholders' Open Offer Entitlements representing a
percentage take up of 100 percent of the new Ordinary Shares
available under the Open Offer. Accordingly, the aggregate amount
raised pursuant to the Open Offer is approximately GBP7 million and
the aggregate amount raised pursuant to the Share Subscription,
Firm Placing and Open Offer is approximately GBP172 million.
Allocations under the Open Offer will be confirmed tomorrow
following Admission and allotment to Crest.
Application has been made for the 73,196,897 New Ordinary Shares
to be issued pursuant to the Share Subscription, Firm Placing and
Open Offer to be admitted to trading on AIM. It is expected that
Admission and dealings in the 73,196,897 New Ordinary Shares will
commence at 8.00 a.m. on 12 November 2020.
Total voting rights
Upon Admission, the Enlarged Share Capital is expected to
comprise 550,658,155 Ordinary Shares with one voting right per
share. The Company does not hold any shares in treasury. Therefore,
this figure of 550,658,155 Ordinary Shares may be used by
Shareholders following Admission as the denominator for the
calculations by which they will determine if they are required to
notify their interest in, or a change in their interest in, the
share capital of ITM Power under the FCA's Disclosure Guidance and
Transparency Rules.
Capitalised terms not otherwise defined in the text of this
announcement have the meanings given in the Company's announcement
dated 22 October 2020 in relation to the Share Subscription, Firm
Placing and Open Offer.
For further information please visit www.itm-power.com or
contact:
ITM Power plc (0)114 263 7646
Graham Cooley (CEO) / Andy Allen (CFO)
/ James Collins (IR)
Investec Bank plc (Nominated Adviser
and Broker) (0)20 7597 5970
Jeremy Ellis / Chris Sim / Ben Griffiths
/ Will Fenby
Tavistock (Financial PR and IR) (0)20 7920 3150
Simon Hudson / Edward Lee / Tim Pearson
About ITM Power plc
ITM Power plc manufactures integrated hydrogen energy solutions
for grid balancing, energy storage and the production of green
hydrogen for transport, renewable heat and chemicals. ITM Power plc
was admitted to the AIM market of the London Stock Exchange in
2004. In September 2017, the Company announced the completion of a
GBP29.4m working capital fundraise. The Company signed a forecourt
siting agreement with Shell for hydrogen refuelling stations in
September 2015, which was extended in May 2019 to include buses,
trucks, trains and ships, and subsequently a deal to deploy a 10MW
electrolyser at Shell's Rhineland refinery. The Company entered
into a Strategic Partnership Agreement with Sumitomo Corporation in
July 2018 for the development of multi-megawatt projects in Japan.
The last 12 months saw the establishment of a transformational JV
with Linde in which they invested $50m to take a 20% stake. This
allowed the Company to focus on production of electrolysers for
large scale projects whilst Linde undertakes the bidding and
engineering, procurement and construction. Additional customers and
partners include Ørsted, National Grid, Cadent, Northern Gas
Networks, Gasunie, RWE, Engie, BOC Linde, Toyota, Honda, Hyundai,
Anglo American among others.
-ends-
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCBBBDBXUBDGGB
(END) Dow Jones Newswires
November 11, 2020 06:55 ET (11:55 GMT)
Grafico Azioni Itm Power (LSE:ITM)
Storico
Da Mar 2024 a Apr 2024
Grafico Azioni Itm Power (LSE:ITM)
Storico
Da Apr 2023 a Apr 2024
