Business
Resignation of Tom Rae as Non-executive Director
Resignation of Tom Rae as Non-executive Director.
About this update from Itm Power Plc
RNS Number : 5604S ITM Power PLC 16 November 2021 16 November 2021 ITM Power plc ("ITM", "ITM Power", the "Group" or the "Company") Resignation of Tom Rae as Non-executive Director ITM Power (AIM: ITM), the energy storage and clean fuel company, announces that Tom Rae, the representative of J.C.B. Research, a significant shareholder in ITM Power, has tendered his resignation as a non-executive director of the Company from today. This follows completion of the placing (the "Placing") by way of an accelerated bookbuild by Investec Bank plc and Merrill Lynch International, as announced on 14 October 2021. As a result of the Placing, J.C.B. Research's shareholding has fallen below the threshold giving them the right to appoint a non-executive director to the Company's Board. Sir Roger Bone, Chairman of ITM Power, said: "On behalf of the Board, I would like to thank Tom for his invaluable contribution during his year with us as a non-executive director. His expertise and experience in procurement and supply chain have been of great benefit to the Group. We are therefore pleased to confirm that Tom will continue to provide consultancy support to the Group in this important area as we continue to increase manufacturing capacity." For further information please visit www.itm-power.com or contact: ITM Power plc James Collins, Investor Relations Justin Scarborough, Investor Relations +44 (0)114 551 1205 +44 (0)114 551 1080 Investec Bank plc (Nominated Adviser and Broker) +44 (0)20 7597 5970 Jeremy Ellis / Chris Sim / Ben Griffiths Tavistock (Financial PR and IR) +44 (0)20 7920 3150 Simon Hudson / David Cracknell / Tim Pearson About ITM Power plc: ITM Power manufactures integrated hydrogen energy solutions for grid balancing, energy storage and the production of renewable hydrogen for transport, renewable heat and chemicals. ITM Power plc was admitted to the AIM market of the London Stock Exchange in 2004. In October 2019, the Company announced the completion of a £58.8m fundraising, including an investment by Linde of £38m, together with the formation of a joint venture to deliver renewable hydrogen to large-scale industrial projects worldwide. In November 2020, ITM Power completed a £172m fundraising, including a £30m investment by Snam, one of the world's lead...