Rainbow Rare Earths Phalaborwa project shaping up to be one of the lowest cost producers globally. Watch the video here.
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Have been shafted big time here and not for a load of money. Maybe if the price was around 40-50p at this stage I think shareholders would feel ok maybe.
But the BOD have not delivered any value for existing holders and have not even taken a hit themselves. its a disgrace and its clear to see there will only ever be a few people making money out of AFC
Just to confirm, all this talk about order books and peel ramping this up and the showcase day was all designed to raise this cash at such a low price point.
12.3 per cent of share capital, over 25% discount.
Don’t tell me, ‘more patience needed ?’
This will be back above 20p in no time.
The cash wasn't needed.
AFC Energy were not desperate for cash, they had enough in the bank for a year, plus the profit on all the sales this year.
The cash is to ACCELLERATE the Fuel Cells AND the Ammonia Cracker, so it is a GOOD NEWS fund raise not a bad news one.
I just see it as an opportunity, because there was no way it was going back below 20p unless they did a fund raise below it.
So make the most of it, as I expect a lot of others will, maybe even Helikon, as it will be their last chance to close out on a dip too.
Once the placing cash is in the bag, the ii's may well load up, seeing it as their last chance at the price too, as the Open Offer cash is not even needed, it's just AFC being nice to retail investors by letting them buy the stock at the discount if they want to.
For those that did not scroll down and read the full RNS:
In both the Fuel Cell and Fuel Processing segments, the Company believes it is well positioned to build on the prior three years of investment in technology, commercial readiness and manufacturing scale up, to now accelerate time to market for both its technology platforms. In addition, there is a potential first mover advantage to be exploited in its respective markets and so time to market is critical, underpinning the Company's decision to review its financing activities.
The net proceeds of the Placing and Subscription will be utilised to capitalise on the Company's existing commercial routes to market for its H-Power generators (specifically the roll out of initial orders from Speedy Hydrogen Solutions and TAMGO) and to support commercial development.
Use of proceeds:
· Investment in H-Power 30kW generators - rollout of initial Speedy Hydrogen Solutions' orders and, when placed, TAMGO orders;
· Investment in production equipment to support manufacturing scale up;
· Investment in Speedy Hire Joint Venture (Speedy Hydrogen Solutions); and
· Commercial development and corporate overheads.
Any proceeds from the REX Retail Offer will be used for general corporate purposes.
Oversubscribed Placing and Subscription
AFC Energy plc (AIM: AFC), a leading provider of hydrogen power generation technologies, is pleased to announce that it has conditionally raised gross proceeds of £13.8 million by way of an oversubscribed placing (incorporating a Firm Placing and the Conditional Placing, together the "Placing") of New Ordinary Shares in the Company (the "Placing Shares") and a direct subscription with certain directors of the Company (the "Subscription Shares") (the "Subscription").
In addition to the Placing and Subscription, the Company has also announced a proposed financing on the "REX" platform to existing retail investors at the Issue Price (the "REX Retail Offer", together with the Placing and Subscription is the "Fundraising") to raise up to £2.0 million.
The new Ordinary Shares to be allotted pursuant to the Fundraising are to be issued at an issue price of 15 pence per share (the "Issue Price").
Details of the Placing and Subscription
The Company confirms that it has successfully placed a total of 91,279,000 Placing Shares at the Issue Price comprising 74,074,964 Firm Placing Shares and 17,204,036 Conditional Placing Shares, resulting in gross proceeds of £13.7 million.
Gary Bullard, Adam Bond, Peter Dixon-Clarke and Monika Biddulph (together, the "Subscriber Directors") have agreed to subscribe for an aggregate of 666,666 Subscription Shares at the Issue Price, raising gross proceeds of £0.1 million.
Adam Bond, Chief Executive of AFC Energy, said:
"We are pleased to announce the successful completion of our oversubscribed Placing and Subscription, subject to shareholder approval at the upcoming General Meeting. I would like to thank all our existing and new shareholders for supporting this raise and we welcome the participation of our retail investors through the REX Retail Offer. We look forward to reporting on the build out of our inventory and delivery of H-Power Generators into the field as we continue our drive to displace diesel generators and be at the forefront of the industry as the transition gains momentum."
Me Roop.
Who's looking looking forward to today then!
Why is the wage bill so high if everyone is sat there twiddling their thumbs waiting to build these units? Nice job if you can get it.
A few at the top need to down scale their very high wages before seeking extra cash from the brokers mates funds.
As the likes of you and I get our value diluted. I fear more fund raising needed before the end of 2025.
If no significant revenue streams in the next 2 years I fear for the stock price.
Let's hope AB is not full of poo like eqtec
Good to see Ramperoo still at it.
Oh, I see, one paragraph was incomplete / lost in translation :-)
(03) The REX issue
13,333,333 shares for existing retail investors (i.e. people like us)
The shares can only be bought in the UK, only through certain brokers and only by existing shareholders. This severely restricts the customer base. Furthermore, the deadline for binding (!) ‘pre-orders’ is tomorrow at 5pm. You might think they don't actually want that.
The shares will also be issued at the beginning of July, if their issue was approved at the AGM. And the company reserves the right not to serve customers, or to serve them only partially, despite a binding order.
After rearranging the two RNSs, things look pretty simple. Basically, the placing consists of three parts:
(01) Unconditional placing:
74,074,964 shares for institutional investors and
666,666 shares for the directors
Together, this happens to be 9.9999% of the shares in issue to date.
This position is relatively certain, the shares are expected to be issued on Thursday morning at 8am or later.
(02) Conditional Placing:
15,258,369 shares for the same (!) institutional investors in shares corresponding to their stake from (01).
This position was created because there is apparently a rule that does not allow the BoD to increase capital by more than 10% without shareholder approval. This is effectively an addition to (01) that requires approval in order to achieve the amount or quantities actually desired.
The prerequisite for this is that (01) is passed and that (02) is approved at the AGM. The shares from this would then be placed on the market after the AGM at the beginning of July.
The shares will also be issued at the beginning of July, if their issue was approved at the AGM. And they reserve the right not to serve customers, or to serve them only partially, despite a binding order.
In my head, this is organised as follows:
Items (01) and (02) go to institutional investors. Provided they are well chosen, and there has been plenty of time for this since the capital market event, these shares will disappear into the drawer for a long time.
Position (03) cannot become a gambling position. Firstly, the circle of buyers is very limited, and secondly, forward selling is highly risky here: you cannot be sure to what extent you will be served. In fact, you can't even be sure whether position (03) will even be approved by the AGM at the end of the month
My shareholding in AFC will be diluted by a maximum of 13.8%. However, AFC will also have £15 million more in its coffers, which will offset 75% of the dilution. I can live with that if it accelerates processes.
Money is currently very, very expensive. Although the ECB cut its base rate a few days ago, it is still above 4%, and the BoE is still at just over 5%. Raising 15 million as an AIM stock in such times is quite a feat in the current economic situation and shows the confidence of investors.
Instead of being wishy-washy like other companies, the RNS clearly states what the money is to be used for.
I don't see anything negative here at the moment (apart from my lower account balance) and will sit it all out. If there weren't quarterly and half-yearly accounts due in three weeks' time, I would even hope for short dips downwards tomorrow to add a few more shares 😊
The amusement is you showing your face again amusement now. Your post from Dec 2022,
‘ Nothing has been lost yet to my knowledge.
And the ABB unit might been delivered.
You and nobody on here can prove otherwise.
Hoping for a positive outcome.
Good luck everyone.’
And weekly since then it was ‘big news soon’, and repeatedly accusing me, Garonne and all the other bashers. Have you come back to apologise and admit we were right ?
Shows what regard they have for PIs i.e. none! Bond and his BOD have shafted shareholders. The least Bond could do would be to reduce his remuneration package and buy shares until these alleged sales to Speedy and TAMGO start to materialize but he won't because he knows the truth!
Everything you say the opposite happens. So you are my thoughts are that you must be trying to set people up or really bad at predicting share moments.
Like me or hate me I'm constantly correct with all my predictions.
Looks like they are desperate unfortunately.
Still hoping for life changing news for my heirs.
Loll I am unfortunately, BUT stock me old mate, I tell the truth, I could lie ( like lot of w@@kers on here but I don’t
AFC Energy touts fundraise to fast track H-Power delivery
https://www.marketscreener.com/quote/stock/AFC-ENERGY-PLC-4006915/news/AFC-Energy-touts-fundraise-to-fast-track-H-Power-delivery-46941159/
IT IS A GOOD NEWS FUND RAISE!!!
"Any proceeds from the REX Retail Offer will be used for general corporate purposes."
Once the placing is completed, the price can go back up based on "AFC Energy touts fundraise to FAST TRACK H-Power delivery", as the retail offer is not allocated to anything, it would just be used as and when required later in the day.
AFC Energy touts fundraise to fast track H-Power delivery
https://www.morningstar.co.uk/uk/news/AN_1718036880649488500/in-brief-afc-energy-touts-fundraise-to-fast-track-h-power-delivery.aspx
IT IS A GOOD NEWS FUND RAISE!!!
For pity's sake, just admit you were wrong. Again.
“The cash wasn’t needed”.
Oh yes it was Haggis. The company has a small matter of ‘Going Concern’ to satisfy with auditors on an annual basis, hence needed to raise to get through FY24’s eventual audit.
No-one here can gauge whether profits will be raised from any sales as no figures have ever been released to confirm or deny it.
I’m surprised by the timing of the announcement. I thought the company might have used the tailwind of a new ‘greener’ Government to support a higher raise….
This will be back above 20p in no time.
.
The cash wasn't needed.
.
AFC Energy were not desperate for cash, they had enough in the bank for a year, plus the profit on all the sales this year.
.
The cash is to ACCELLERATE the Fuel Cells AND the Ammonia Cracker, so it is a GOOD NEWS fund raise not a bad news one.
.
I just see it as an opportunity, because there was no way it was going back below 20p unless they did a fund raise below it.
.
So make the most of it, as I expect a lot of others will, maybe even Helikon, as it will be their last chance to close out on a dip too.
.
Once the placing cash is in the bag, the ii's may well load up, seeing it as their last chance at the price too, as the Open Offer cash is not even needed, it's just AFC being nice to retail investors by letting them buy the stock at the discount if they want to.
.
.
For those that did not scroll down and read the full RNS:
.
In both the Fuel Cell and Fuel Processing segments, the Company believes it is well positioned to build on the prior three years of investment in technology, commercial readiness and manufacturing scale up, to now accelerate time to market for both its technology platforms. In addition, there is a potential first mover advantage to be exploited in its respective markets and so time to market is critical, underpinning the Company's decision to review its financing activities.
.
The net proceeds of the Placing and Subscription will be utilised to capitalise on the Company's existing commercial routes to market for its H-Power generators (specifically the roll out of initial orders from Speedy Hydrogen Solutions and TAMGO) and to support commercial development.
.
Use of proceeds:
· Investment in H-Power 30kW generators - rollout of initial Speedy Hydrogen Solutions' orders and, when placed, TAMGO orders;
· Investment in production equipment to support manufacturing scale up;
· Investment in Speedy Hire Joint Venture (Speedy Hydrogen Solutions); and
· Commercial development and corporate overheads.
.
Any proceeds from the REX Retail Offer will be used for general corporate purposes.
StockCheque says:
"it's just AFC being nice to retail investors by letting them buy the stock at the discount if they want to"
Are you for Real?
I’m pretty poor when it comes to this sort of thing so a question
How many shares am I entitled to buy at 15p if im a LTSH?