Business
Withdrawal of AGM Resolution 17 and Resolution 18
Withdrawal of AGM Resolution 17 and Resolution 18.
About this update from Ceres Power Holdings Plc
[{"type":"text","content":"\n\n12 May 2023\nCeres Power Holdings plc\n(\"Ceres Power\" or \"the Company\")\n \nWithdrawal of Annual General Meeting (\"AGM\") Resolution 17 and Resolution 18\n \nWithdrawal of AGM Resolution 17 and Resolution 18\nThe Board of Ceres Power today announces that it has decided to withdraw Resolution 17 and Resolution 18 from the agenda of the AGM of the Company's shareholders to be held at 10.00am London time on Thursday, 18 May 2023.\nResolution 17 proposed the partial disapplication of pre-emption rights in order for the Board to allot equity securities of up to 12% (10% plus 2% follow on for a retail offer) of the Company's current share capital for cash.\nResolution 18 proposed the partial disapplication of pre-emption rights in order for the Board to allot equity securities of up to 12% (10% plus 2% follow on for a retail offer) of the Company's current share capital for cash in connection with an acquisition or specified capital investment.\nResolution 17 and Resolution 18 followed the provisions of the Pre-Emption Group's 2022 Statement of Principles for the disapplication of pre-emption rights. The Board had proposed Resolution 17 and Resolution 18 as it considered the flexibility afforded by this authority to be in the best interests of the Company.\nHowever, since publication of the Notice of AGM on 13 April 2023, certain of the Company's shareholders have expressed concerns regarding the proposed resolutions, given that the Company does not need the flexibility to raise additional capital. In light of these concerns the Board has decided to withdraw Resolution 17 and Resolution 18 from the agenda of the AGM. The Board will consider further engagement with shareholders on this matter in the future.\nThe withdrawal of Resolution 17 and Resolution 18 does not affect the validity of the Notice of AGM, the proxy form or any proxy votes already submitted in respect of the remaining resolutions to be proposed at the AGM. The numbering of all other proposed resolutions at the AGM remains unchanged.\nArrangements for the AGM are unchanged from those previously notified.\n \nFor further information visit www.ceres.tech or contact:\n\n\n\nCeres Power Holdings plc\nMarianne Millard (Deputy Company Secretary)\n \n\n\nTel: +44 (0)7752 470802\n\n\n\n\nInvestec Bank PLC (NOMAD & Joint Broker)\nJames Rud...