Ceres Power Holdings PLC (LON:CWR) has raised aggregate proceeds of £49mln in total from share subscriptions by existing investors German firm Robert Bosch GmbH and Weichai Power of China.
In a statement, the fuel cell company confirmed that, further to its announcement on 22 January 2020, it has allotted 11,888,070 new ordinary shares in the company to Bosch at the then agreed subscription price of 320p.
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The group said this allotment will increase Bosch's holding from 11.8% of the existing share capital to approximately 18.0% of Ceres’ enlarged issued share capital, and will be satisfied under the current shareholder authorities approved at its last General Meeting.
The company added that, as also highlighted in the announcement on 22 January, Weichai has the option to maintain its holding in Ceres at 20% of the issued share capital.
It said Weichai has confirmed that it will exercise its anti-dilution rights to subscribe for an additional 3,488,980 Ceres ordinary shares at the same subscription price of 320p, which will maintain its shareholding at 20% of the subsequently enlarged issued share capital.
Ceres noted that this additional Weichai subscription is due to complete by mid-April 2020 and will be confirmed at that time.