ITM Power plc (AIM:ITM) – significant strategic investment by JCB, brilliant news!
The energy storage and clean fuel company has announced the excellent news of a strategic investment by J.C.B. Research and Valebond Consultants Limited , a company wholly owned by Jo Bamford, MD of JCB’s ‘Compact Products’ division.
Mr Bamford’s investment firm has subscribed for 16,186,460 new shares at a price of 30p per share being a 15.4% premium to yesterday’s closing price – industrial buyers often have little regard to the market and will buy at what they believe the shares are worth! The £4.9m investment will make J.C.B Research the largest shareholder in ITM at 9.1% post investment, and is certainly a big vote of confidence in ITM’s brilliant technology in the clean-fuelling space. It sounds like a cracking deal for ITM to have a highly respective UK owned and based global blue-chip engineering and manufacturing…