RESULTS OF FIRM PLACING AND OPEN OFFER

RNS Number : 3187J

ITM Power PLC

03 August 2012

 



THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN, INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA, JAPAN, THE REPUBLIC OF IRELAND, NEW ZEALAND, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A BREACH OF THE RELEVANT SECURITIES LAWS OF SUCH JURISDICTION.

3 August 2012

ITM Power plc

("ITM" or the "Company")

RESULTS OF FIRM PLACING AND OPEN OFFER

On 19 July 2012, ITM Power plc, the energy storage and clean fuel company, announced that it had raised £5 million before expenses through the issue of 10,000,000 New Ordinary Shares by way of a Firm Placing to certain institutional investors and Peter Hargreaves, a Non-Executive Director, at 50 pence per New Ordinary Share.  The Company further announced its intention to issue up to a further 7,797,621 New Ordinary Shares to be issued by way of an Open Offer at 50 pence per New Ordinary Share.  

Defined terms used in this announcement shall have the same meaning as those defined and used in the Circular of the Company dated 19 July 2012.

The Company has received valid acceptances in respect of 1,544,349 Open Offer Shares from Qualifying Shareholders.  This represents approximately 19.8 per cent. of the Open Offer shares offered.  All eligible applications received from Qualifying Shareholders will be allocated their pre-emption entitlements and all eligible application under the Excess Application Facility will be allocated their Open Offer Shares as applied for.

Application has been made to the London Stock Exchange for 1,544,349 Open Offer Shares to be admitted to trading on AIM.  It is expected that Second Admission will become effective and that dealings will commence in the Open Offer Shares at 8 a.m. on 8 August 2012. 

Following Second Admission, the Company's issued share capital will consist of 122,629,879 Ordinary Shares.  There are no Ordinary Shares held in treasury.  Therefore, in accordance with the FSA's Disclosure and Transparency Rule 5.6.1, the Company confirms that following Second Admission, the total number of voting rights in the Company will be 122,629,879.

For further information please contact:

ITM Power plc		0114 244 5111
Graham Cooley, Chief Executive Officer
Singer Capital Markets Limited		0203 205 7500
Shaun Dobson
Samantha New
Tavistock Communications		0207 920 3150
Simon Hudson Andrew Dunn

 

END

 

 

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