CERES GROUP

Ceres Power has raised gross proceeds of £103 million by issuing 18 million new ordinary shares at 570 pence each. Around 17.8 million shares were placed with institutions, 180,000 via RetailBook to retail investors and 31,051 subscribed by directors; the issue price was 6.5% below Monday’s closing price. The new shares represent 9.2% of the pre-placement share capital and will rank pari passu with existing shares on admission to the main market. The company intends to use the proceeds to commercialise its solid oxide technology and to establish the platform as an industry standard. » More on de.investing.com

Ceres Power announced a capital raise of approximately £100 million, consisting of a private placement excluding subscription rights, a subscription by certain directors (around £180,000) and a public offer for UK retail investors via Retail Book Limited. Net proceeds are intended to strengthen the balance sheet, support growth and fund investment in scaling its solid oxide fuel cell technology, intellectual property and a components supply facility. The placing is being conducted as an accelerated bookbuild with Joh. Berenberg, Gossler & Co. and UBS as joint bookrunners; the new shares are to be admitted to the main market of the London Stock Exchange. The company reported cash of £78.7 million as of 31 May and a 180-day lock-up. » More on de.investing.com