Result of AGM and Grant of Options

RNS Number : 6484W

AFC Energy Plc

28 April 2016

 

28 April 2016

AFC Energy PLC

("AFC Energy" or the "Company")

Result of Annual General Meeting and Grant of Options

under Sharesave Scheme

Result of Annual General Meeting

AFC Energy (AIM: AFC), the industrial fuel cell power company, is pleased to announce that, at the Company's Annual General Meeting ("AGM") held earlier today, all resolutions were duly passed.

A copy of the presentation given to shareholders at the AGM will be available on the Company's website at www.afcenergy.com.

Grant of Share Options

The Company today agreed to grant certain employees options over 399,537 ordinary shares of 0.1 pence each in the Company ("Ordinary Shares") (the "Options"). The Options have been granted to participating employees under the rules of the AFC Energy plc Sharesave Scheme (the "Scheme"). The Scheme is an all-employee share option scheme, which was approved by Her Majesty's Revenue and Customs and was introduced to encourage wider employee share ownership of the Company.

The Options are exercisable at a price of 12.20 pence and will vest on the third anniversary of the date of grant of the Options. The Options will be exercisable between the third and tenth anniversary of the date of grant but are otherwise unconditional.

Following the issue of Options there will be options over 13,855,000 Ordinary Shares representing approximately 4.5% of the current issued share capital of the Company, warrants over 6,947,800 Ordinary Shares representing approximately 2.3% of the current issued share capital of the Company and Scheme Options over 970,884 Ordinary Shares representing approximately 0.3% of the current issued share capital of the Company.

For further information, please contact:

AFC Energy plc Adam Bond (Chief Executive Officer)	[phone]
Cantor Fitzgerald Europe - Nominated Adviser and Joint Broker Andrew Craig Richard Salmond	[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 has developed and successfully operated an alkaline fuel cell system ("KORE"), which converts hydrogen into "clean" electricity. AFC Energy's key project POWER-UP demonstrated the world's largest operational alkaline fuel cell system at Air Products' industrial gas plant in Stade, Germany in January 2016.  The Company is now looking to build upon an already established pipeline of commercial opportunities and drive the findings from the development phase of the technology into a technically optimised and commercially relevant fuel cell system.  For further information, please visit our website: www.afcenergy.com

 

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