I have been an investor in Ceres (AIM:CWR), the fuel cell company, since 2005. In
January 2008 Centrica subscribed for 10% of the company’s shares at price of
300p/share, raising £20m. Soon after that, the company published plans to launch a
microCHP (mCHP) unit in volume, incorporating its fuel cells, in 2H2011. In November
2009 the company raised an additional £31.35m at a share price of 165p via a further
placing to institutional investors. Following these placings (and after some minor option
exercises), there were 86.2m shares ...