Issue of Options and Warrants

RNS Number : 2313K
AFC Energy Plc
15 April 2010
 



15 April 2010

AFC Energy PLC ("AFC Energy" or the "Company")

Issue of Share Options and Warrants

AFC Energy is pleased to announce that on 13 April 2010 the board of AFC Energy agreed to grant options over a total of 440,000 ordinary shares in the Company (the "Options") and warrants over a total of 7,806,000 ordinary shares in the Company (the "Warrants"). The Options have been granted under the rules of the AFC Energy Plc Enterprise Management Incentive Share Option Scheme. The purpose of the Options and Warrants is to incentivise and retain employees and directors during the current key commercialisation phase in the development of the company.

The Options are exercisable at a price of 24 pence per ordinary share in the Company, being the closing price on 13 April 2010 and are exercisable between 3 and 10 years following the date of issue. The exercise of the Options is not conditional.

Whilst the majority of employees will be receiving a cost of living increase in salaries, the directors have voluntarily waived any entitlement to salary increases or cash bonuses for 2010.

The Warrants are also exercisable at a price of 24 pence perordinary share in the Company, being the closing price on 13 April 2010 and are exercisable between 3 and 10 years following the date of issue. They include the following Warrants awarded to directors of the Company, the  exercise of which is conditional upon the successful demonstration of the large-scale fuel cell system:

 

Name

 

New Warrants

Total Warrants

Ian Balchin, Managing Director

2,306,000

3,806,000

Gene Lewis, Technical Director

1,954,000

(1)1,954,000

David Marson, Finance Director

586,000

1,086,000

Tim Yeo, Chairman

1,000,000

2,500,000

Mitchell Field, NED

750,000

1,100,000

Simon Hunt

500,000

500,000

(1) Gene Lewis also holds 1,000,000 options exercisable at 3.13p.

The exercise of the Warrants granted to persons other than the directors of the Company is not conditional.

On 13 April 2010 the board of AFC Energy also agreed to grant warrants over 100,000 shares to Allenby Capital Limited in connection with the appointment of Allenby as Broker and Nomad (the "Allenby Warrants"). The Allenby Warrants will be issued on Allenby Capital Limited's standard terms and are exercisable at a price of 30 pence per ordinary share in the Company and are exercisable between 3 and 10 years following the date of issue. The exercise of the Allenby Warrants are not conditional.

Following the issue of the Options, Warrants and Allenby Warrants there will be 9,100,000 options in issue and 11,956,000 warrants in issue, representing 12.3 per cent. of the enlarged issued share capital of the Company.

For further information please contact:

AFC Energy plc
Tim Yeo, Chairman
Ian Balchin, Managing Director
David Marson, Finance Director

 

01483 276726

Allenby Capital Limited                  
Brian Stockbridge
Alex Price

 

020 3328 5656

Madano PartnershipMatthew Moth
Michael Evans                  

020 7593 4000

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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