Issue of Equity

RNS Number : 6649Y

AFC Energy Plc

03 December 2014

 

AFC Energy PLC

("AFC Energy" or "the Company")

Issuance of Shares

AFC Energy (AIM: AFC), the industrial fuel cell power company, announces that further to his appointment as CEO of AFC Energy, the Company has agreed to issue Adam Bond a signing bonus payable in Ordinary Shares of the Company.

Adam Bond will be issued 1,000,000 Ordinary Shares in the Company at par value immediately and, subject to his continued employment, a further 1,000,000 Ordinary Shares in the Company at par value on 1 March 2015.       

Application has been made to the London Stock Exchange for the first tranche of 1,000,000 shares to be admitted to trading at 8am on Monday 8 December 2014. Subject to Adam Bond being continually employed for a period of three months, application to the London Stock Exchange for the second tranche of 1,000,000 shares to be admitted to trading will be made in due course.  

Following issuance of the first tranche of shares, Adam Bond's interest will be as follows:

	Tranche	Number of shares acquired	Number of shares owned post acquisition	% Holding of Enlarged Share Capital
Adam Bond	First	1,000,000	1,000,000	0.35%

Adam is currently employed at Linc Energy who themselves hold 22,000,705 Ordinary Shares in the Company.

Following admission of the first tranche of shares, the total number of ordinary shares and voting rights in the Company will be 286,683,534. The Company does not hold any shares in treasury. 

The above figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

The issuance of shares to Adam Bond constitutes a related party transaction in accordance with AIM Rule 13.  The Independent Directors, having consulted with the Company's nominated adviser Zeus Capital, consider the terms of the transaction to be fair and reasonable insofar as its shareholders are concerned.

For further information, please contact:

AFC Energy plc Christopher Tawney (Finance Director)	[phone]
Zeus Capital Limited - Nominated Adviser and Joint Broker Dan Bate, John Depasquale (Corporate Finance)                       Alex Davies, John Goold (Institutional Sales)	[phone]
M C Peat & Co LLP - Joint Broker Charlie Peat	[phone]
Lionsgate Communications - Public Relations Jonathan Charles, Rachel Rigby	[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 platinum free, advanced 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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