Ceres Power confirms £9m investment from Bosch

Ceres Power Holdings confirmed on Monday that, further to its announcement on 21 August, 5,973,660 new ordinary shares have been allotted to Robert Bosch at the then-agreed subscription price of 150.8p, and were expected to be admitted to trading on AIM on 25 September.

The AIM-traded company said the investment totalled £9m, with Bosch’s holding to equate to about 4.4% of the expanded issued share capital.

“As a result of the Bosch equity investment, Weichai Power, under the provisions of the existing contract and in order to maintain its current holding level of 10% of the issued share capital, will invest a further £1m to subscribe for an additional 663,740 ordinary shares at the same price,” the Ceres board said in its statement.

“This additional Weichai subscription is due to complete in October.”

It said the issuances would be satisfied using the current shareholder authorities approved at the last general meeting.