Burges Salmon’s Corporate team has advised the energy storage and clean fuel company, ITM Power plc, an AIM quoted company, on the acquisition by JCB Research and Valebond Consultants Limited (a company owned by Jo Bamford) of a strategic shareholding in ITM by way of a subscription for, in aggregate, 16,186,460 new ordinary shares at 30 pence per share (£4.856 million). The investment makes them, in aggregate, ITM’s largest shareholder.
The new ordinary shares were issued under ITM’s existing share allotment authorities and were admitted to trading on 17 March 2015.
Commenting on the investment, Dr Graham Cooley, ITM’s chief Executive, said: “In addition to the new funds that this investment brings to ITM Power we are delighted to have on board a strategic investor who can potentially add significant value to our business. I look forward to working with JCB as we scale up our business and seek to enter new markets with our product offering.”
Burges Salmon Corporate associate Mark Cook advised ITM Power on the investment.