Ceres Power arrives on AIM

CeresPower Holdings plc 25 November 2004 Ceres Power Holdings Plc ('Ceres Power' or the 'Company') Placing of New Ordinary Shares by Numis Securities Limited raising approximately £16 million for the Company and a placing of Sale Shares on behalf of certain Selling Shareholders raising approximately £5.6 million Admission to AIM and first day of dealings For immediate release 25 November 2004 Ceres Power, the fuel cell developer and manufacturer, today announces the commencement of dealings of its Ordinary Shares on the Alternative Investment Market ('AIM') of the London Stock Exchange. Ceres Power has raised approximately £16.0 million before expenses, to fund the development and commercialisation of its fuel cell products and to meet the costs of admission, through the placing of 13,333,333 New Ordinary Shares of 5p each at 120p per share. In addition, Numis Securities Limited, on behalf of certain Selling Shareholders, has placed 4,633,085 Sale Shares of 5 p each at 120p per share. The total number of ordinary shares in issue immediately following admission to AIM will be 55,096,393. Dealings in the shares began this morning. Placing statistics: Issue Price 120p Number of New Ordinary Shares being placed 13,333,333 Gross proceeds raised by the Placing £21.6 million Number of ordinary shares in issue following the placing 55,096,393 Market capitalisation following the placing at the issue price £66.1 million Net proceeds of the Placing receivable by the Company £14.6 million Percentage of the enlarged share capital available in the Placing 32.6% Commenting on Ceres Power's admission to AIM, Peter Bance, Chief Executive, said: 'We have achieved a genuine technology breakthrough and our arrival on AIM positions us strongly to capitalise on the major commercial opportunities open to us'. For further information, please contact: Ceres Power Holdings plc 01293 400 404 Peter Bance, Chief Executive First City Financial Limited 020 7436 7486 Allan Piper, Director 07736 064 982 Numis Securities Limited 020 7776 1500 Jag Mundi, Head of Corporate Finance This information is provided by RNS The company news service from the London Stock Exchange