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JCB Research and Valebond become largest shareholder in ITM Power

JCB Research and Valebond Consultants Ltd., a company wholly owned by Jo Bamford have together acquired a strategic shareholding in ITM Power, a manufacturer of integrated hydrogen energy systems (earlier post), by way of a subscription for new ordinary shares, making them, in aggregate, ITM Power’s largest shareholder.

JCB Research and Valebond agreed to subscribe for, in aggregate, 16,186,460 shares at a subscription price of 30 pence per share for £4.856 million (US$7.3 million) in aggregate. The new shares will represent approximately 9.1% of the company’s issued share capital immediately following the subscription. The price of 30 pence per new share represents a 15.4% premium to the closing mid-market price of an ITM Power ordinary share on 11 March 2015.

Under the terms of the agreement, JCB will hold 7.2%, and Valebond 1.9%.

JCB Research has the right to appoint a board member. The Investors have agreed to a two-year lock-in.

ITM Power will use the proceeds as additional working capital as it continues to scale up its business.


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