ITM Power PLC Result of General Meeting and Open Offer (7240Q)

TIDMITM

RNS Number : 7240Q

ITM Power PLC

22 October 2019

ITM Power plc

("ITM Power" or the "Company")

Result of General Meeting and Open Offer

ITM Power (AIM: ITM), the energy storage and clean fuel company, published and posted a shareholder circular on 4 October 2019, including a notice of general meeting ("General Meeting") in connection with the proposed Share Subscription, Firm Placing and Open Offer.

At the General Meeting of the Company held today the requisite shareholder approval was duly given. The proxy votes cast at the General Meeting were as follows:

 
                                 For               Against       Withheld 
 Ordinary Resolution         Votes       %       Votes      %     Votes 
                         ------------  -----  ----------  ----  --------- 
 To authorize the 
  directors to allot 
  ordinary shares         117,498,280   94.7   6,502,682   5.2    29,346 
                         ------------  -----  ----------  ----  --------- 
 Special Resolution 
                         ------------  -----  ----------  ----  --------- 
 To disapply Section 
  561 of the Companies 
  Act 2006                117,317,517   94.7   6,547,940   5.3   164,851 
                         ------------  -----  ----------  ----  ---------

The number of Ordinary Shares in issue on 18 October 2019 was 324,009,401. Shareholders are entitled to one vote per share.

The Share Subscription, Firm Placing and Open Offer remain conditional on, inter alia, Admission taking place on 23 October 2019 (or such later time as the Company and Investec may agree, being not later than 1 November 2019).

Result of Open Offer

The Open Offer closed for acceptances at 11.00 a.m. on 21 October 2019 in accordance with its terms and was oversubscribed. The Company therefore announces that is has received valid acceptances in respect of 17,053,126 New Ordinary Shares pursuant to Qualifying Shareholders' Open Offer Entitlements representing a significant oversubscription of the new Ordinary Shares available under the Open Offer. Accordingly, the aggregate amount raised pursuant to the Open Offer is approximately GBP6.8 million and the aggregate amount raised pursuant to the Share Subscription, Firm Placing and Open Offer is approximately GBP58.8 million.

Application has been made for the 147,053,126 New Ordinary Shares to be issued pursuant to the Share Subscription, Firm Placing and Open Offer to be admitted to trading on AIM. It is expected that Admission and dealings in the 147,053,126 New Ordinary Shares will commence at 8.00 a.m. on 23 October 2019.

Upon Admission, the Enlarged Share Capital will comprise 471,062,527 Ordinary Shares with one voting right per share. The Company does not hold any shares in treasury. Therefore, this figure of 471,062,527 Ordinary Shares may be used by Shareholders following Admission as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of ITM Power under the FCA's Disclosure Guidance and Transparency Rules.

Capitalised terms not otherwise defined in the text of this announcement have the meanings given in the Company's announcement dated 3 October 2019 in relation to the Share Subscription, Firm Placing and Open Offer.

For further information please visit www.itm-power.com or contact:

 
 ITM Power plc                            (0)114 244 5111 
 Nicola Ham Edmonds, Company Secretary 
 
 Investec Bank plc (Nominated Adviser 
  and Broker)                             (0)20 7597 5970 
 Jeremy Ellis / Chris Sim / Ben 
  Griffiths / Tejas Padalkar 
 
 Tavistock (Financial PR and IR)          (0)20 7920 3150 
 Simon Hudson / Barney Hayward / 
  Edward Lee

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