LONDON - Ceres Power Holdings plc (CWR.L) announced today a conditional retail offer of new ordinary shares through RetailBook, according to a press release statement.
The retail offer is part of a broader capital raise that includes a placing to institutional investors and a subscription by certain company directors. The issue price for the new ordinary shares will be determined following the close of a bookbuilding process.
The retail offer is available to both existing shareholders and new investors resident in the United Kingdom. Investors can participate through RetailBook’s partner network of retail brokers, wealth managers and investment platforms, subject to such partners’ participation. The minimum subscription is £250 per investor.
Applications can be made from tax-efficient savings vehicles such as ISAs or SIPPs, as well as general investment accounts. RetailBook will not charge commission on applications to the retail offer.
The retail offer is conditional on admission of the new ordinary shares to the Official List of the Financial Conduct Authority and to trading on the main market of London Stock Exchange. Admission is expected to occur at 8:00 a.m. on June 12.
The company stated it will use the net proceeds of the capital raise to establish the appropriate balance sheet to drive growth and enable selective investment to support partner scale-up. Ceres Power describes itself as a developer of solid oxide fuel cell technology.
The retail offer is expected to close at the same time as the institutional placing and may close earlier at the company’s discretion or if oversubscribed. The company reserves the right to scale back orders and will give priority to applications by existing shareholders.
The new ordinary shares will rank equally with existing ordinary shares, including the right to receive all dividends and distributions declared after their date of issue.
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