Grant of Options Under Sharesave Scheme

RNS Number : 9330D

AFC Energy Plc

03 May 2013

 

3 May 2013

AFC Energy PLC

("AFC Energy" or the "Company")

Grant of options under sharesave scheme

AFC Energy announces that on 3 May 2013 the Company granted options over a total of 610,354 new ordinary shares of 0.1 pence each in the Company ("Ordinary Shares") (the "Options").

The Options have been granted to participating employees under the rules of the AFC Energy Plc Sharesave Scheme (the "Scheme"). The Scheme is an all-employee share option scheme, which was approved by the UK Revenue and Customs and which was introduced to encourage wider employee share ownership of the Company. The Company is pleased to report a 69 per cent take up by employees following the first round of invitations.

The Options are exercisable at a price of 22 pence per Ordinary Share, being a 20 per cent discount to the market value of the Company's shares on the dealing day immediately prior to the date of invitation to apply for options (5 April 2013). The Options are exercisable on 1 June 2016 in accordance with the rules of the Scheme.

The grant of options represents, in aggregate, 0.27 per cent of the Company's existing issued share capital. Following the issue, there will be 9,560,354 options and 9,506,000 warrants in issue, representing 7.93 per cent of the fully diluted share capital of the Company.

The Company also advises that 40,909 of the Options have been granted to each of Ian Williamson, AFC's Chief Executive Officer and Gene Lewis, its Technical Director. Following this grant of options, Ian Williamson and Gene Lewis will each hold 40,909 Options under the Scheme.

For further information, please contact:

AFC Energy plc Ian Williamson, Chief Executive Ian Balchin, Deputy Chairman David Marson, Finance Director & Company Secretary	[phone]
Luther Pendragon	[phone]
Neil Thapar Alexis Gore
Peat & Co. - Corporate Broker	[phone]
Charlie Peat
Allenby Capital Limited Jeremy Porter James Reeve	[phone]

About AFC Energy

Founded in 2006, AFC Energy plc is re-engineering proven alkaline fuel cell technology to reduce the cost of electricity. Alkaline fuel cells have been used on US and Russian manned space missions for decades to provide electrical power and drinking water. By using modern materials, design tools and manufacturing processes at scale, AFC Energy is developing fuel cells that will compete with conventional technologies such as turbines for electrical power generation. Today, AFC Energy is pursuing opportunities in several sectors where hydrogen is readily available including the chlorine, clean coal and waste-to-energy industries as well as applications for distributed/back-up power. For further information, please visit our website: www.afcenergy.com.

 

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