Business
Proposed Placing to raise approximately £20m
Proposed Placing to raise approximately £20m.
About this update from Ceres Power Holdings Plc
[{"type":"text","content":"\n \nRNS Number : 4907T Ceres Power Holdings plc 03 July 2018 \n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL. \nTHE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED TO CONSTITUTE INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) NO. 596/2014. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN\n3 July 2018\n \nProposed Placing to raise approximately £20 million\nCeres Power (AIM: CWR, \"Ceres Power\", \"Ceres\"), developer of the SteelCell®, a world-leading, low cost Solid Oxide Fuel Cell (SOFC) technology, today announces a proposed fundraising to raise up to £20.0 million (before expenses) by means of a conditional placing of up to 132,625,994 Placing Shares in aggregate with an Issue Price of 15.08 pence, representing approximately 13.0 per cent. of the Company's current issued Ordinary Share capital. The Placing, conducted by way of an accelerated bookbuild (the \"Bookbuild\") will be launched immediately following the release of this Announcement\n \nThis fundraising is in addition to the Weichai Subscription announced on 16 May 2018 which will (following adjustment for the dilution of the Placing) raise approximately £19.3 million (before expenses) by issuing approximately 127,760,800 Ordinary Shares, representing approximately 12.6 per cent. of the Company's current issued Ordinary Share capital. The Weichai Subscription is also priced at 15.08p per share. The value of the Weichai Subscription has increased compared to the Company's announcement on 16 May 2018 as the number of Initial Weichai Shares at the Issue Price has been increased to reflect the dilution of the Proposed Placing. \n \nCeres Power has entered into a placing agreement with Zeus Capital and Berenberg to act as the joint bookrunners in relation to the Placing (together the \"Bookrunners\").\nThe Placing will open with immediate effect following release of this announcement and will be conducted by way of an accelerated bookbuild. The Placing Shares are not being offered or otherwise made available to the publi...