AFC Energy plc (LSE: AFC), a leading developer of alkaline fuel cells, announces that new CEO Ian Williamson, who takes up his post today Monday 7 November 2011, has been granted one million options to subscribe for shares of 0.1 of one penny each in the capital of the Company (the "Shares") at an exercise price of 32 pence per Share (the "Exercise Price") under the rules of the AFC Energy plc Enterprise Management Incentive Share Option Scheme (the "EMI Scheme"). The Exercise Price is the closing middle market price of the Shares as at 4 November 2011.
Vesting of these options is conditional upon:
a successful demonstration of the large-scale fuel cell system, defined as a system operating for at least 90 days without requiring a change of electrode cartridges;
the Company's market capitalisation reaching £90 million or greater for 30 consecutive days; and
the Company being either:
cash flow positive from operating activities over any rolling 12 month period; or
profitable over any rolling 12 month period, at the profit before tax level,
together, the "Performance Conditions".
Subject to the Performance Conditions, 500,000 options will vest between two and 10 years following the date of grant, and 500,000 will vest between three and 10 years from the date of grant.
AFC Energy is also pleased to announce that options over a further 375,000 Shares have been granted in aggregate to other employees under the rules of the EMI Scheme, unconditionally exercisable between three and 10 years following the date of grant, again at the Exercise Price.
The purpose of the EMI Scheme is to incentivise and retain employees during the current key commercialisation phase in the development of the Company.
For further information, please contact:
AFC Energy plc
Tim Yeo, Chairman
Ian Balchin, Deputy Chairman
David Marson, Finance Director
+44 (0)1483 276726
Allenby Capital Limited
Nominated Adviser and Broker
+44 (0)20 3328 5656
+44 (0)20 7653 9850
About AFC Energy
AFC Energy is a leading developer of low-cost alkaline fuel cells. AFC Energy's technology is focused on large scale industrial applications and the objective of producing the lowest possible unit cost electricity. Please visit our website www.afcenergy.com.
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