Directorate and Management Changes

RNS Number : 9561M

AFC Energy Plc

03 May 2018

 



The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

3 May 2018

AFC Energy PLC

("AFC Energy" or the "Company")

Directorate and Management Changes

AFC Energy (AIM: AFC), the industrial fuel cell power company, is pleased to announce the appointment of Richard Dunkley as the Chief Financial Officer of the Company. Mr Dunkley has extensive accounting and finance experience as a finance director of both listed and owner managed SME businesses across a range of sectors.  He was most recently Interim Head of Finance - Business Partnering at Boots Contract Manufacturing UK. Richard is not currently a Board member.

In addition, Percy Hayball has been appointed as a non-executive director and is a representative of Ervington Investments Limited ("Ervington"), which originally invested in the Company in 2012 and has supported it since then. Ervington has the right to appoint two non-executive directors to the Board of the Company for such time as it and Eugene Shvidler in the aggregate hold over 10 per cent. of the issued share capital of the Company. Percy currently serves as Legal Counsel at MHC (Services) Ltd.

Eugene Tenenbaum, who has been a non-executive director and a representative of Ervington on the Board since 2013, has decided to step down from the Board with immediate effect.

John Rennocks, Chairman of AFC Energy, said: "We are delighted to welcome Richard and Percy to the Company. The combination of Richard's extensive corporate experience and strong strategic financial management will be most valuable as the Company further progresses its commercialisation strategies. I would also like to thank Eugene for his great work in assisting the Company since he first joined our team in 2013. Eugene has been, and continues to be, a great supporter of AFC Energy and we wish him all the best in his future endeavours."

For further information, please contact:

AFC Energy plc Adam Bond (Chief Executive Officer)	[phone]
Cantor Fitzgerald Europe - Nominated Adviser and Joint Broker David Foreman Richard Salmond	[phone]
M C Peat & Co LLP - Joint Broker Charlie Peat	[phone]
Lionsgate Communications - Public Relations Jonathan Charles	[phone]

Pursuant to Schedule 2 (g) of the AIM Rules for Companies the following is disclosed in relation to Percy Hayball.

Percy Edward Hayball, aged 32, is currently a director of Medical Excellence International, LLC.

Save as set out above, there is no further information required to be disclosed pursuant to Schedule 2 paragraph (g) of the AIM Rules for Companies.

About AFC Energy

AFC Energy plc has developed and successfully demonstrated an alkaline fuel cell system, which converts hydrogen into "clean" electricity. AFC Energy's project POWER-UP demonstrated the world's largest operational alkaline fuel cell system at Air Products' industrial gas plant in Stade, Germany. The Company is now looking to build upon an already established pipeline of commercial opportunities and drive the findings from the development phase of the technology into a technically optimised and commercially relevant fuel cell system. 

For further information, please visit our website: www.afcenergy.com

 

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