LONDON - Clean Power Hydrogen Plc (AIM:CPH2), a company specializing in hydrogen production technology, has announced a new retail offer seeking to raise up to £0.3 million through the issue of new ordinary shares. The offer, which opened at 5:00 p.m. on Wednesday, is part of a broader fundraising strategy that includes a conditional placing and subscription aiming to raise an additional £6.0 million.
The retail offer entails up to 4,000,000 new ordinary shares priced at 7.5 pence each, reflecting a 4.5% discount to the closing share price on December 17, 2024. This initiative is designed to enable retail shareholders in the United Kingdom (TADAWUL:4280) to invest alongside institutional participants. Clean Power Hydrogen values the support from its retail shareholder base since its initial public offering and aims to provide them with the opportunity to participate in the company's growth.
The fundraising efforts, including the retail offer, are subject to shareholder approval at a General Meeting scheduled for January 8, 2025, at Apex Office Space in Doncaster. If approved, the new shares are expected to be admitted to trading on the London Stock Exchange’s AIM market on January 9, 2025.
Completion of the retail offer is contingent upon the successful closing of the placing and subscription, but not vice versa. The retail offer is set to close at 4:30 p.m. on December 20, 2024, with results to be announced on December 23, 2024. However, investors are advised that financial intermediaries may impose earlier deadlines.
Cavendish Capital Markets Limited is acting as the retail offer coordinator. Retail shareholders interested in the offer are encouraged to contact their brokers or wealth managers, who must be registered on the BookBuild platform and agree to the offer's final terms to participate.
The proceeds from the retail offer, placing, and subscription are earmarked for the same purposes, with the company planning to utilize the funds to advance its business objectives. This announcement, based on a press release statement, is intended to provide information to potential investors about the ongoing retail offer and does not constitute an endorsement or recommendation of the company's securities.
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