Result of General Meeting

RNS Number : 3328V

Ceres Power Holdings plc

20 July 2018

 

20 July 2018

Ceres Power Holdings PLC

("Ceres Power" or the "Company")

Result of General Meeting

Ceres Power Holdings plc (AIM: CWR), is pleased to announce that at the General Meeting of shareholders held earlier today, at 1 Tudor Street, London, EC4Y OAH, all resolutions were duly passed.

The results of the poll on the resolutions put at the General Meeting were as follows:

Resolution	For/ discretionary (number/%)	Against (number/%)	Votes withheld (number)	Total votes cast exc. withheld (number)	% of issued share capital represented by the votes cast
1.   Authority to allot shares in connection with the Weichai Subscription and Warrant Instrument	501,500,204 99.99%	63,829 0.01%	8,107	501,564,033	49.06%
2.   Authority to allot shares in connection with the Placing and Subscription	501,505,428 99.99%	46,805 0.01%	19,907	501,552,233	49.06%
3.   Disapplication of pre-emption rights pursuant to resolutions 1 & 2	501,507,245 99.99%	49,729 0.01%	15,166	501,556,974	49.06%
4.   Additional authority to allot shares	501,503,461 99.99%	44,593 0.01%	24,086	501,548,054	49.06%
5.   Additional disapplication of pre-emption rights	495,115,984 98.72%	6,440,990 1.28%	15,166	501,556,974	49.06%
6.   Share consolidation	501,520,742 99.99%	44,932 0.01%	6,466	501,565,674	49.06%

Further to the announcement on 4 July 2018, admission of the 132,625,994 Fundraising Shares and the 128,326,275 Initial Weichai Shares is expected to occur on 27 July 2018. The Fundraising Shares and Initial Weichai shares will be issued at 15.08 pence per share and, conditional on Admission, will raise £20.0 million and £19.4 million respectively before deducting any expenses. In addition, the Company will issue a Warrant Instrument to Weichai Power allowing it to subscribe for new shares to increase its holding to 20 per cent. of the Company's issued share capital by the end of November this year subject to signing further commercial agreements.

Pursuant to the approval by shareholders of the Share Consolidation in resolution 6, every 10 Ordinary Shares will be consolidated into one Consolidated Ordinary Share.  The Effective Date of the Share Consolidation is expected to be 7 August 2018 and the Record Date is expected to be 6 August 2018.  Shareholders who hold Ordinary Shares in uncertificated form will have such shares disabled in their CREST accounts at close of business on the Record Date, and their CREST accounts will be credited with Consolidated Ordinary Shares following admission of the Consolidated Ordinary Shares. Following the Share Consolidation, the Company's new ISIN Code will be GB00BG5KQW09 and its new SEDOL Code will be BG5KQWO.

- Ends -

The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.

For further information, please contact:

Ceres Power Holdings plc Dan Caesar		Tel: [phone]
Zeus Capital (Nominated Adviser and Broker) Giles Balleny / Andrew Jones / Dom King		Tel: [phone]
Berenberg (Joint Broker) Ben Wright / Mark Whitmore / Laure Fine		Tel: [phone]
Powerscourt Peter Ogden/Andy Jones		Tel: [phone]

Notes to Editor:

About Ceres Power

Ceres Power is a world leader in low cost, next generation fuel cell technology for use in distributed power products that reduce operating costs, lower CO2, SOx and NOx emissions, increase efficiency and improve energy security. The Ceres Power unique patented SteelCell® technology generates power from widely available fuels at high efficiency and is manufactured using standard processing equipment and conventional materials such as steel, meaning that it can be mass produced at an affordable price for domestic and business use. Ceres Power offer its partners the opportunity to develop power systems and products using its unique SteelCell® technology and know-how, combined with the opportunity to supply the SteelCell® in volume through its manufacturing partners. For further information please visit: http://www.cerespower.com/

 

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