Itm Power Regulatory News (ITM)

1 Jul 2005 07:00

ITM Power PLC01 July 2005 1 July 2005 ITM Power Plc ("ITM" or "the Company") Placing of Founders' Shares ITM announced today that John Wreford, Finance Director, intends to retire fromthe Board and the Company in December 2005. Mr Wreford, aged 63, was one of the co-founders of the Company in 2000 and theBoard of ITM wishes to thank him for his valuable contribution over the lastfive years. Mr Wreford intends to place a part of his interest in ITM, subjectto market demand, to fund his retirement. Dr John Lloyd and Dr Donald Highgate, co-founders of ITM, also intend to place asmall proportion of their shareholdings, subject to market demand. Mr Wreford,Dr Lloyd and Dr Highgate have all agreed not to sell any further shares for aperiod of twelve months. In aggregate, the total proposed placing will represent less than 10% of ITM'sissued share capital. The Board of ITM believes that a placing of a proportion of the founders' stockwill widen the Company's shareholder base and meet market demand for increasedliquidity in the Company's shares. For further information please contact: Jim Heathcote, Chief Executive Gemma ChandlerITM Power PLC Tavistock CommunicationsTel: 01780 740574 Tel: 020 7920 3150 Simon Hurst/ Richard Swindells/Katherine RoePanmure Gordon & CoTel: 020 7459 3600 This information is provided by RNS The company news service from the London Stock Exchange