Results of General Meeting

RNS Number : 1650Q

AFC Energy Plc

24 June 2022

 

24 June 2022

AFC Energy PLC

("AFC Energy" or the "Company")

Results of General Meeting

AFC Energy (AIM: AFC), a leading provider of hydrogen power generation technologies, announces that at a General Meeting held at 9.00am on 24 June 2022 the resolution to adjust the cap for aggregate non-executive fees to £400,000 was passed by a majority of 94.2 %.

	Brief Description	Votes for & Discretion	%	Votes against	%	Total votes (ex. withheld)	Votes withheld
RESOLUTIONS
1	Adjust the cap for aggregate non-executive fees	122 million	94.2 %	8 million	5.8%	130 million	2 million

At the AGM held on 7 April 2022, a special resolution to remove the cap on the aggregate fees for non-executive directors failed to achieve the required 75% majority. Following consultation with shareholders, the Company proposed the £400,000 aggregate cap which has been endorsed. This will provide sufficient but not excessive flexibility over the next few years to recruit and retain suitably experienced and qualified non-executive directors to support and work with the executive team.

Furthermore, as announced on 7 April 2022, a sizeable minority of shareholders voted against the adoption of the financial statements. Following the GM, we will be speaking to our major shareholders to understand the principal concerns for the votes against this resolution.  We intend to write to shareholders in due course to respond to the feedback we have received on this issue.

  For further information, please contact:

AFC Energy plc Adam Bond (Chief Executive Officer)	[phone] [e-mail]
Peel Hunt LLP - Nominated Adviser and Joint Broker Richard Crichton / Tom Ballard / Alexander Allen	[phone]
M C Peat & Co LLP  - Joint Broker Charlie Peat	[phone]
Zeus Capital Limited - Joint Broker Daniel Harris (Corporate Finance) Dominic King (Corporate Broking) / Rupert Woolfenden (Sales)	[phone]
FTI Consulting  - Financial PR Advisors Ben Brewerton / Nick Hennis / Dhruv Soni	[phone] [e-mail]

About AFC Energy

AFC Energy plc is commercialising scalable "fuel flexible" fuel cell systems, to provide clean electricity for on and off grid applications. The technology, pioneered over the past twelve years in the UK, is now deployable in electric vehicle chargers, off-grid decentralised power systems and data centre applications with emerging opportunities across maritime and rail as part of a portfolio approach to the decarbonisation of local electricity needs.

 

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