£58.8M Fundraise and Linde JV Approved by shareholders

At the General Meeting of the Company held today the requisite shareholder approval was duly given. The proxy votes cast at the General Meeting were as follows:

	For		Against		Withheld
Ordinary Resolution	Votes	%	Votes	%	Votes
To authorize the directors to allot ordinary shares	117,498,280	94.7	6,502,682	5.2	29,346
Special Resolution
To disapply Section 561 of the Companies Act 2006	117,317,517	94.7	6,547,940	5.3	164,851

The number of Ordinary Shares in issue on 18 October 2019 was 324,009,401. Shareholders are entitled to one vote per share.

The Share Subscription, Firm Placing and Open Offer remain conditional on, inter alia, Admission taking place on 23 October 2019 (or such later time as the Company and Investec may agree, being not later than 1 November 2019).

Result of Open Offer

The Open Offer closed for acceptances at 11.00 a.m. on 21 October 2019 in accordance with its terms and was oversubscribed. The Company therefore announces that is has received valid acceptances in respect of 17,053,126 New Ordinary Shares pursuant to Qualifying Shareholders’ Open Offer Entitlements representing a significant oversubscription of the new Ordinary Shares available under the Open Offer. Accordingly, the aggregate amount raised pursuant to the Open Offer is approximately £6.8 million and the aggregate amount raised pursuant to the Share Subscription, Firm Placing and Open Offer is approximately £58.8 million.

Application has been made for the 147,053,126 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 147,053,126 New Ordinary Shares will commence at 8.00 a.m. on 23 October 2019.

Upon Admission, the Enlarged Share Capital will comprise 471,062,527 Ordinary Shares with one voting right per share. The Company does not hold any shares in treasury. Therefore, this figure of 471,062,527 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 3 October 2019 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)114 244 5111
Nicola Ham Edmonds, Company Secretary

Investec Bank plc (Nominated Adviser and Broker)
(0)20 7597 5970
Jeremy Ellis / Chris Sim / Ben Griffiths / Tejas Padalkar

Tavistock (Financial PR and IR)
(0)20 7920 3150
Simon Hudson / Barney Hayward / Edward Lee