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Ceres Power Announces Update on Weichai Power Equity Investment

By April 15, 2020 2   min read  (244 words)

April 15, 2020 |

Ceres Weichai Power Fuel Cell Extender Bus for China

Ceres Power Holdings plc (AIM: CWR, “Ceres”, “the Company”) confirms that, further to the announcement on 12 March 2020, Weichai Power has completed taking up its anti-dilution rights resulting from Bosch’s equity investment, to subscribe for an additional 3,488,980 new ordinary shares of 10 pence each (“Ordinary Shares”) at the same subscription price of 320p.

The shares are expected to be admitted to trading on AIM on 16 April 2020. This investment totals £11.2 million and was completed under the provisions of the existing agreement to maintain Weichai’s holding level at 20% of the issued share capital. The allotment will be satisfied using the current shareholder authorities approved at the last Annual General Meeting.

The aggregate proceeds of the subscriptions by Bosch and Weichai for new shares in Ceres total £49 million, adding to the Company’s already strong cash position of £64.6 million as at 31 December 2019.

Total Voting Rights

Following the allotment of 3,488,980 new Ordinary Shares to Weichai and the exercise of employee and PDMR share options, Ceres confirms that as of 15 April 2020, the Company will have 170,626,079 ordinary shares of 10 pence each in issue, with one voting right each. The Company does not hold any shares in treasury. The number of Ordinary Shares with voting rights will, therefore, be 170,626,079.

Accordingly, 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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