Issue of Share Options

RNS Number : 8006Q

AFC Energy Plc

20 April 2009

AFC Energy plc

('AFC Energy' or the 'Company')

Issue of Share Options

On 16 April 2009 the Board of AFC Energy agreed to grant options over a total of 6,600,000 ordinary shares in the Company, and to grant warrants over a total of 4,750,000 ordinary shares in the Company.

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 employees and directors during a key phase in the development of the company during which many will not receive pay increases.

The options granted included an award of 1,000,000 options to Terry Walsh, a director of the Company.

The options are exercisable at a price of 3.13 pence per ordinary share, being the closing price on 16 April 2009 and are exercisable between 3 and 10 years following the date of issue.

The warrants granted include the following warrants awarded to Directors of the Company (and Ian Balchin, who is Managing Director but is not a Board member):

Name	New Warrants	Total Warrants
Tim Yeo, Chairman	1,500,000	2,617,490
Ian Balchin, Managing Director	1,500,000	1,500,000
Michael Mangan, NED	350,000	700,000
Mitchell Field, NED	350,000	350,000

The warrants are exercisable at a price of 3.13 pence per ordinary share, being the closing price on 16 April 2009 and are exercisable between 3 and 10 years following the date of issue. The warrants are subject to certain performance criteria.

Following the issue of these options and warrants there will be 10,144,990 options in issue and 8,789,980 warrants in issue, representing 12.9% of the fully diluted share capital of the Company. Of the warrants previously in issue 1,550,000 warrants with an exercise price of 10p and 2,489,980 warrants with an exercise price of 22p will expire on 22 February 2010 if not exercised.