Business
Completion of fundraise, result of GM & Open Offer
Completion of fundraise, result of GM & Open Offer.
About this update from Itm Power Plc
[{"type":"text","content":"\n \nRNS Number : 2217P ITM Power PLC 16 February 2016 \n\n16 February 2016\n \nITM Power plc\n(\"ITM Power\" or \"the Company\")\n \nCompletion of £5.8 million fundraise, result of General Meeting and result of Open Offer\n \nITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to announce that at the General Meeting held earlier today, all resolutions were duly passed and the placing and open offer that the Company announced on 29 January 2016 have successfully completed.\n \nITM Power has raised a total of £5.8 million, being £2.1 million through the placing announced 29 January 2016 (the \"Placing\") and £3.7 million through the open offer.\n \nThe Company announces the result of the open offer which closed for acceptances at 11.00 a.m. on 15 February 2016 (the \"Open Offer\"). Valid acceptances, including excess applications, have been received in respect of 24,508,255 ordinary shares of 5p each (the \"Open Offer Shares\"), representing a total of approximately 98 per cent. of the Open Offer Shares available under the Open Offer. The Company has therefore raised gross proceeds of £3.7 million through the Open Offer.\n \nDr Graham Cooley, CEO of ITM Power, commented: \"We are delighted at the take up of the Open Offer, which in addition to the placing investment announced on 29 January 2016, aggregates to a total investment of £5.8 million, and will allow ITM Power to fulfil its current order book and continue to support the working capital of the business.\"\n \nApplication has been made for the Open Offer Shares and the 14,283,722 firm placing shares described in the circular dated 29 January 2016 (\"Placing Shares\") to be admitted to trading on AIM at 8.00 a.m. on 17 February 2016 (\"Admission\").\n \nDirectors' Interests\nGraham Cooley, CEO of ITM Power; Robert Pendlebury, a Non-Executive Director; and Peter Hargreaves, a Non-Executive Director purchased the following Open Offer Shares of ITM Power.\n\n\n\n\nDirector\n\n\nNumber of Open Offer shares purchased\n\n\nNumber of ordinary shares now held\n\n\nNumber of ordinary shares as a % of enlarged share capital\n\n\n\n\nGraham Cooley\n\n\n433,333\n\n\n811,256\n\n\n0.37\n\n\n\n\nRobert Pendlebury (Note)\n\n\n6,354,031\n\n\n19,217,921\n\n\n8.86\n\n\n\n\nPeter Hargreaves\n\n\n8,000,000\n\n...