Result of General Meeting and Open Offer

Wednesday, 11 November 2020 12:32

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. 

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 £7 million and the aggregate amount raised pursuant to the Share Subscription, Firm Placing and Open Offer is approximately £172 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 £29.4m 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-

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ITM POWER HEAD OFFICE
22 Atlas Way
Sheffield
S4 7QQ
+44 (0)114 244 5111

Investor Relations


TAVISTOCK COMMUNICATIONS
Simon Hudson
1 Cornhill
London
EC3V 3ND
+44(0) 20 7920 3150

ITM Power is a public limited company registered in England and Wales. Company Number 05059407