RE: Shorting ITM9 Jun 2025 18:51
@das180, institutional investor bought in at £4/share
15 October 2021
ITM Power PLC
("ITM Power" or the "Group" or the "Company")
ITM Power raises £250m
Manufacturing expanded to 5GW per annum by 2024
Results of Capital Raise and Notice of General Meeting
On 14 October 2021, ITM Power plc (AIM: ITM), the energy storage and clean fuel company, announced the launch of a placing (the "Placing") by way of an accelerated bookbuild (the "Launch Announcement") by Investec Bank plc ("Investec") and Merrill Lynch International ("BofA Securities"). The Placing has now closed.
The Company is pleased to announce that the Placing was oversubscribed, and that it has conditionally placed 57,495,000 Placing Shares with institutional investors and certain directors at a price of 400 pence per New Share (the "Issue Price"). In conjunction with the Placing, Linde and a member of the senior management have subscribed for 5,005,000 new ordinary shares (the "Subscription Shares", and together with the Placing Shares, the "New Shares") in the capital of the Company (the "Subscription" and together with the Placing, the "Capital Raise"). The total gross proceeds of such Director and management participation will be approximately £0.5 million.
The total gross proceeds from the Capital Raise will be, approximately £250 million. The New Shares will, when issued, be credited as fully paid and will rank pari passu in all respects with the existing issued Ordinary Shares. The New Shares being issued represent approximately 11.4 per cent of the existing issued ordinary share capital of the Company prior to the Capital Raise.
Application will be made to the London Stock Exchange for the New Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will take place at 8.00 a.m. on 4 November 2021 (or such date as may be agreed between the Company and Investec, being no later than 8.00 a.m. on 18 November 2021).
The Capital Raise is conditional upon, amongst other things, shareholder approval and Admission becoming effective. The Placing is also conditional on the Placing Agreement not being terminated in accordance with its terms.
Following Admission, the total number of ordinary shares in issue in the Company will be 613,158,155. The Company holds no shares in treasury, and therefore the total number of voting rights in the Company will be 613,158,155 following Admission, and this figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.
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