Business
Bosch to increase holding in Ceres Power to c.18%
Bosch to increase holding in Ceres Power to c.18%.
About this update from Ceres Power Holdings Plc
[{"type":"text","content":"\n \nRNS Number : 5150A Ceres Power Holdings plc 22 January 2020 \n\nTHIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH SUCH PUBLICATION OR DISTRIBUTION IS UNLAWFUL. THE INFORMATION CONTAINED HEREIN DOES NOT CONSTITUTE AN OFFER OF SECURITIES FOR SALE IN ANY JURISDICTION, INCLUDING THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR IN ANY OTHER JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL. \n \n \nCeres Power Holdings plc\n Bosch to increase holding in Ceres to c.18% to extend strategic relationship and Ceres to raise £38.0 million new equity to broaden available markets\n \nHighlights\n \n· Bosch to increase its stake to c.18% of the enlarged issued share capital of Ceres via a combination of new and existing Ceres shares at a price of 320p per share\n· Bosch investment in new Ceres shares will raise gross proceeds of approximately £38.0 million for Ceres which will be used to fund further product uses for solid oxide fuel cells and diversify R&D activity to potential electrolysis applications for Ceres' technology \n· Strengthens the long-term partnership with Bosch and, alongside Weichai, the Company now has two commercial partners as significant strategic investors in the Company\n \nCeres Power Holdings plc (AIM: CWR, \"Ceres\", \"the Company\" and together with its subsidiaries, \"the Group\"), a world-leading developer of next generation solid oxide fuel cell (SOFC) technology, is pleased to announce that Robert Bosch GmbH (\"Bosch\") will increase its equity shareholding in Ceres from c.4% to c.18%. This is a significant strategic step forward in the partnership established in August 2018 and follows successful collaboration on technology development and manufacturing in both the UK and Germany.\n \nThe increased shareholding will be achieved in two transactions: -\n \n· A subscription by Bosch for 11,888,070 new ordinary shares of 10 pence each in Ceres (the \"Subscription Shares\") under the disapplication of pre-emption righ...