Ceres Power Holdings plc Withdrawal of AGM Resolution 17 and Resolution 18 (3022Z)
12 May 2023 - 11:10PM
UK Regulatory
TIDMCWR
RNS Number : 3022Z
Ceres Power Holdings plc
12 May 2023
12 May 2023
Ceres Power Holdings plc
("Ceres Power" or "the Company")
Withdrawal of Annual General Meeting ("AGM") Resolution 17 and
Resolution 18
Withdrawal of AGM Resolution 17 and Resolution 18
The Board of Ceres Power today announces that it has decided to
withdraw Resolution 17 and Resolution 18 from the agenda of the AGM
of the Company's shareholders to be held at 10.00am London time on
Thursday, 18 May 2023.
Resolution 17 proposed the partial disapplication of pre-emption
rights in order for the Board to allot equity securities of up to
12% (10% plus 2% follow on for a retail offer) of the Company's
current share capital for cash.
Resolution 18 proposed the partial disapplication of pre-emption
rights in order for the Board to allot equity securities of up to
12% (10% plus 2% follow on for a retail offer) of the Company's
current share capital for cash in connection with an acquisition or
specified capital investment.
Resolution 17 and Resolution 18 followed the provisions of the
Pre-Emption Group's 2022 Statement of Principles for the
disapplication of pre-emption rights. The Board had proposed
Resolution 17 and Resolution 18 as it considered the flexibility
afforded by this authority to be in the best interests of the
Company.
However, since publication of the Notice of AGM on 13 April
2023, certain of the Company's shareholders have expressed concerns
regarding the proposed resolutions, given that the Company does not
need the flexibility to raise additional capital. In light of these
concerns the Board has decided to withdraw Resolution 17 and
Resolution 18 from the agenda of the AGM. The Board will consider
further engagement with shareholders on this matter in the
future.
The withdrawal of Resolution 17 and Resolution 18 does not
affect the validity of the Notice of AGM, the proxy form or any
proxy votes already submitted in respect of the remaining
resolutions to be proposed at the AGM. The numbering of all other
proposed resolutions at the AGM remains unchanged.
Arrangements for the AGM are unchanged from those previously
notified.
For further information visit www.ceres.tech or contact:
Ceres Power Holdings plc Tel: +44 (0)7752 470802
Marianne Millard (Deputy Company
Secretary)
Investec Bank PLC (NOMAD & Joint Tel: +44 (0)207 597 5970
Broker)
James Rudd / Patrick Robb/ Ben
Griffiths
Berenberg (Joint Broker) Tel: +44 (0)203 207 7800
Ben Wright/ Mark Whitmore
FTI Consulting (PR Adviser) Tel: +44 (0)203 727 1000
Dwight Burden Email: ceres_power@fticonsulting.com
About Ceres Power
Ceres is a world-leading developer of electrochemical
technologies: fuel cells for power generation, electrolysis for the
creation of green hydrogen and energy storage. Its asset-light,
licensing model has seen it establish partnerships with some of the
world's largest engineering and technology companies, such as
Weichai in China, Bosch in Germany, Miura in Japan, and Doosan in
Korea, to develop systems and products that address climate change
for power generation, transportation, industry, data centres and
everyday living. Ceres is listed on the AIM market of the London
Stock Exchange ("LSE") (AIM: CWR) and is classified by the LSE
Green Economy Mark, which recognises listed companies that derive
more than 50% of their activity from the green economy.
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