ITM Power announced that Tom Rae, the representative of J.C.B. Research, a significant shareholder in ITM Power, has tendered his resignation as a non-executive director of the Company immediately. This follows completion of the placing (the "Placing") by way of an accelerated bookbuild by Investec Bank plc and Merrill Lynch International, as announced on 14 October 2021. As a result of the Placing, J.C.B. Research's shareholding has fallen below the threshold giving them the right to appoint a non-executive director to the Company's Board.