Business
Proposed Placing and Open Offer
Proposed Placing and Open Offer.
About this update from Itm Power Plc
[{"type":"text","content":"\n \nRNS Number : 2068S ITM Power PLC 29 September 2017 \n\nThe information contained in this announcement is inside information for the purposes of article 7 of Regulation 596/2014.\nNOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, JAPAN, JERSEY OR SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT.\n29 September 2017, 7.00 a.m.\nITM POWER PLC\nPROPOSED PLACING OF NEW ORDINARY SHARES TO RAISE £25 MILLION AND PROPOSED OPEN OFFER TO RAISE UP TO £4.4 MILLION\nITM Power plc (AIM: ITM) (ITM Power or the Company) is pleased to announce its intention to raise £25 million (before expenses) through a placing of 62,500,000 New Ordinary Shares of 5 pence each in the capital of the Company (the Firm Placed Shares), with certain existing and new institutional investors (the Firm Placing). In addition the Company intends to raise up to c.£4.4 million through an open offer (the Open Offer) of 10,896,225 New Ordinary Shares (the Open Offer Shares). The fundraising is principally to provide working capital to support the delivery of the contract backlog and opportunity pipeline.\nHighlights of the Firm Placing and Open Offer\n· ITM Power intends to raise a total of up to c.£29.4 million pursuant to the Firm Placing and Open Offer at a price of 40 pence per New Ordinary Share (the Issue Price).\n· The Firm Placing is being conducted, subject to the satisfaction of certain conditions, on the Company's behalf by Investec Bank plc (Investec). The Firm Placing and the Open Offer are not being underwritten by Investec.\n· The Issue Price represents a discount of approximately 5.3 per cent to the closing mid-market price of an Existing Ordinary Share on 28 September 2017, the latest practicable date prior to the publication of this announcement.\n· The Firm Placing and Open Offer are to be conditional on, amongst other things, (i) the passing by the requisite majority of Shareholders of resolutions to grant authorities to Directors to allot further shares for cash on a non-pre-emptive basis; and (ii) admission of the New Ordinary Shares to trading on AIM on or before 8.00 a.m. on 19 October 2017 (Admission).\...