Notification of change in significant shareholders

RNS Number : 8352A

AFC Energy Plc

01 October 2015

 

1 October 2015

AFC Energy PLC

("AFC" or the "Company")

AFC Notification of change in significant shareholders

Highlights

·    Yady Worldwide S.A. BVI ("Yady"), a company wholly owned by Ben White, son of AFC's founder, increases holding by 7.04% by acquiring all of the 20,269,705 ordinary shares in AFC held by Linc Energy Ltd ("Linc Energy")

·    Yady affirms its confidence in the commercialisation strategy of AFC and the Company's Executive team

AFC Energy plc (AFC.L), the industrial fuel cell power company, announces a change in its significant shareholders.     

Yady has acquired all of Linc Energy's 20,269,705 ordinary shares in AFC, increasing Yady's shareholding in AFC by 7.04%. Yady, a company wholly owned by Ben White, decided to pursue the transaction when it identified an opportunity to acquire a substantial block of shares in AFC in a single transaction. The transaction was made off market.

Ben White said "The opportunity to acquire Linc Energy's position in AFC presented a rare opportunity to increase Yady's position in the Company at a time when we believe the future value of the Company is undervalued by the market."   

Ben White further noted, "Through this transaction, Yady wishes to acknowledge its continued strong support of the Company's executive team and its Chief Executive who has continued to meet each of the strategic milestones AFC announced in December 2014 alongside a range of commercial opportunities."

Mr Adam Bond, AFC's Chief Executive Officer, said: "We wish to acknowledge Linc Energy's support of AFC over the past few years during which time it has been one of the Company's largest shareholders.  I also wish to welcome Yady's decision to further support the Company at this time of accelerated growth and drive towards commercialisation."

Linc Energy's spokesperson outlined that whilst maintaining a significant shareholding in AFC is no longer aligned with Linc Energy's corporate strategy, Linc Energy continues to have an ongoing commercial relationship with AFC via its licensing arrangements and as such will continue its strong support of the development of the Company into the future. 

For further information, please contact:

AFC Energy plc Adam Bond (Chief Executive Officer)	[phone]
Zeus Capital Limited - Nominated Adviser and Joint Broker Phil Walker, John Treacy                       Alex Davies, John Goold	[phone]
M C Peat & Co LLP - Joint Broker Charlie Peat	[phone]
Lionsgate Communications - Public Relations Jonathan Charles, Rachel Rigby	[phone]

About AFC Energy

AFC Energy plc is fast approaching commercialisation for its proven low-cost alkaline fuel cell system ("KORE"), which converts hydrogen into 'clean' electricity. AFC's key project POWER-UP will demonstrate the world's largest alkaline fuel cell system at Air Products' industrial gas plant in Stade, Germany. The date for the demonstration of the 240kW KORE system has been fast tracked to December 2015, representing the final phase of AFC's pre-commercialisation technical development programme and creating the platform for the Company's global commercial fuel cell deployment. For further information, please visit our website: www.afcenergy.com

 

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