Ceres Power Regulatory News (CWR)

12 March 2020

Ceres Power Holdings plc

Bosch Completes Equity Investment

Ceres Power Holdings plc (AIM: CWR, "Ceres", "the Company") confirms that, further to the announcement on 22 January 2020, 11,888,070 new ordinary shares of 10 pence each ("Ordinary Shares") will be allotted to Robert Bosch GmbH at the then agreed subscription price of 320p. Application has been made and the shares will be admitted to trading on AIM on 13 March 2020 ("Admission").

This will increase Bosch's holding from 11.8% of the existing share capital to approximately 18.0% of the enlarged issued share capital. The issuance will be satisfied under the current shareholder authorities approved at the last General Meeting. 

As highlighted in the announcement on 22 January 2020, Weichai Power ("Weichai") has the option to maintain its holding at 20% of the issued share capital. Weichai has confirmed that it will exercise its anti-dilution rights to subscribe for an additional 3,488,980 Ordinary Shares at the subscription price of 320p. This will maintain its shareholding at 20% of the subsequently enlarged issued share capital. This additional Weichai subscription is due to complete by mid-April 2020 and will be confirmed by RNS at that time.

The aggregate proceeds of the subscriptions by Bosch and Weichai for new shares in Ceres will total £49 million.

Following the allotment of the above Bosch subscription and the exercise of share options since January, Ceres confirms that on Admission on 13 March 2020, the Company will have 167,074,420 Ordinary Shares in issue, with one voting right each. The Company does not hold any shares in treasury. The number of Ordinary Shares with voting rights on 13 March 2020 will therefore be 167,074,420. Accordingly, until the issue of shares pursuant to the additional Weichai subscription due to complete by mid-April 2020, these figures may be used by shareholders as a denominator for the calculations by which they will determine if they are required to notify their interest in, or change to their interest in, the Company, under the Disclosure and Transparency Rules.

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About Ceres Power

Ceres is a world-leading developer of fuel cell and electrochemical technology that enables its partners to deliver clean energy at scale and speed. Its asset-light, licensing model has seen it embed its technology in some of the world's most progressive companies - such as Weichai in China, Bosch in Germany, Miura in Japan, and Doosan in South Korea - to develop systems and products that address climate change and air quality challenges for transportation, industry, data centres and everyday living. Ceres is listed on the AIM market of the London Stock Exchange ("LSE") (AIM: CWR) and was awarded the Green Economy Mark by LSE, which recognises listed companies that derive more than 50% of their revenues from the green economy.