Member Info for athansius

Thanks Peterperfect. Really helpful and really funny.

I know who it's not.

Am I missing something Peterperfect?

Oddly enough Hotchips, 12% is about the size of the spread. Funny that.

Hi BumbleB

Thank you for correcting my factual inaccuracies. I do feel that you rather make my point for me though. So Jim Gibson, who earns £200k a year (from memory so may not be exact) holds shares worth about £5,400. Hardly a stunning endorsement of his confidence.

And the Sp is not quite at its lowest ever. It was lower a decade ago. Well that's progress then!!

I think we all want the same thing here. I fully accept that we have herd nothing to suggest that AFC will not be successful and I still believe in the product hence the reason I remain invested. But I remain of the view that JR and AB have not responded well and show their contempt for PIs. This may come back to bite them.

Best wishes

A

I'm sorry BumbleB but I'm going to disagree with you re the options. Releasing that news yesterday, with the price at its lowest point ever and in the absence of any other communication was cynical in the extreme. Jim continues to take his huge salary (and where is the evidence of all this great work he is doing), has these options at absolutely no risk to himself and has still not purchased a single AFC share.

And of course he is the only director benefiting. There are only two executive directors and the other one has millions of options already.

Why has not a single director bought a single share in recent times.

Whatever happens, even if the SP reaches £1, the recent behaviour of this board is, and will be in retrospect come what may, shocking.

UNBLOODY BELIEVABLE!!!!!

Total inactivity from the board whilst the Sp sinks into the mud. Why??

Because they were too busy sticking their snouts in the trough. Do these people have no shame?

Is that £5 per share or £5 for all of them??

Wonder how Adam feels his options at 51p are looking.

Rennocks and Bond.
Hang your heads in abject shame. Dancing whilst Rome burns.

Loyalty?

I'd be happy if they would show us anything other than utter contempt. They seem to have forgotten their duty of care to us, the owners of the company.

I think Bond is on borrowed time unless he delivers something substantial before the end of Q4. Wherever he ends up I will ensure his AFC track record is not forgotten be it, in the fullness of time, fabulous or the car crash it is now.

It certainly is.

And still AFC make no comment.

I used to think these would contribute considerably to my retirement fund. I have now all but written them off I'm afraid and if I'm wrong to do that it will be a pleasant surprise. I am simply no longer of the view that the management has the desire or ability to progress this. Nor does it seem to care.

Thanks for that BumbleB.

You have now accused me of making ridiculous statements (your opinion, and you are entitled to it, but I am also entitled to mine. Are you this rude to people who vote differently to you?), telling lies about my occupation (you are wrong) and now to being a disgruntled ex-employee (you are again wrong. I have never worked for AFC).

I accept that work other than the electrode work has happened. It was needed as shown by the failure of Kore 1 to succeed as planned. It was also put right quite quickly. The BOP stuff is important but it is just engineering.

Anyway, you continue to take my comment too literally. Let me re-phrase:

it is only a fuel cell. And we are now 12 years into trying to make it work with no apparent commercial product. Does that feel like acceptable progress? I have also said that I note progress has been made since AB started (although not the rapid pace he would claim...look at how the rest of the world is overtaking AFC), but I think much of what went before was a waste of time and money.

I'm not going to respond to any further insults from you BumbleB. I don't deserve them and I thought you were better than that. I'm sorry if you do not like my views, but they are no less valid than yours. I am also sorry if you feel I am telling lies but I can't help you with that.

It was not a ridiculous statement. I have probably been invested here for as long as you, if not longer, and have supported this company through thick and thin. Like many, my confidence is wearing thin, and I dont see why I should not say so on this board. I'm afraid it really is about the electrode...it is the longevity of this that has held everything up. And AFC really does not have much else to concentrate on.

I am sorry that you felt the need to ask sarcastically if you are taking my statements too literally. I promise I will never do the same back to you. Several times I have been accused of lying on this board; I never have. I have a PhD from Imperial College, London, in cell membrane technology and this has a lot of overlap with some of the AFC electrode stuff. Like many scientists, and as you have astutely spotted, my primary profession is not related...many pure scientists end up in either very different fields like engineering, or completely different things such as finance, management etc etc. I do retain a passing interest however.

Don't take the sentence too literally BumbleB. I understand the technology very well and have had a personal demonstration within the last year from one of the AFC team. I also have a PhD in a relevant subject so can grasp the detail.

The point I am making is that AFC has one job and one job only. That's to get the electrode right....it's the electrode longevity that is holding things up. If someone had told you in 2009 when they floated that they would still not be there would you have felt that reasonable? Would you have invested?

A work in progress.

That would be a bit like the AFC fuel cell then which has been a work in progress for 12 years for a company that has been a PLC for nearly a decade.

And that's the problem. This may be a "complex" project but it's only a couple of electrodes for goodness sake. Many many companies have done much more complex things in a fraction of the time. And AFC doesn't actually have anything else to do!!

Personally I think the pre AB days should be written off. AFC was run by snake oil salesmen and I think Gene Lewis led us down a technical dead end and lost us years. AB seems delighted with the progress since he took over; I am less so but at least it is progress. But we are not leaders in any sense now. We need to make the commercial transformation. Is AFC able to do that? Who knows......certainly not us PIs.

Presumably some people means me Barnacles.

I don't completely disagree with your last post. I understand the market very well for a PI (I think!) and accept that a few deals will alter the price....algorithms alone do that. However I do not think comment on this board has any influence whatsoever. The lack of dealing and hence the ability of small volumes to move the price is down to a complete lack of news and progress. Full stop.

If you look back at AFC over the last 5 years by the way rapid SP moves are closely associated with periods of high or very high volume. The attrition we are seeing at present does not reflect that....it's just a slow spiral down, and will continue until AFC update the market.

I'm afraid AB and JR have not performed well.

Completely disagree Barnacles.

If you really think what is said on these boards moves the SP then you do not understand the markets. This share is dropping like a stone because no one wants to buy it or there is a large overhang. No one wants to buy it because there is no news flow and target after target over the last 4 years has been missed. The performance is dire. Yes, they may turn it around, but the market has taken a view.

AFC has absolutely not as yet done what it said it would do this year. If it does then fair play (and fair SP), but recent history is not on its side.

Past failures combined with over promising and under delivering are the root cause here. We now require some success. We have not had it yet (unless you include the Southern contract which was a study to confirm that it may or may not be possible to supply a fuel cell to power a couple of kettles. Unfair? possibly. But 1 BW by 2020? Well I refer you to the above. It's more likely that Darlington will win the FA cup this year.

Many thanks BB. I was hoping to be reassured, but as I read your post I'm afraid I found the targets somewhat less than comforting. I accept that the current woeful SP may be heightening my levels of cynicism. Comments below

1. Finalise the scope and scale of AFC Energy's fuel cell technology package to Southern Oil in Australia; They said in the last release that engineering studies had started with southern, for completion in early October, with reporting this quarter...............This is the most important one. Miss this and it's game off.

2. Confirm a decision on the final scope and scale of the Company's fuel cell deployment programme at Dunsfold Park; That has to be influenced by the appeal currently in Court. But there will be news one way or the other...........I have never had much faith in the Dunsfold project and even with PP I don't think AFC involvement will get off the ground.

3. Release details of one or more hydrogen technology licenses with third party technology companies with the prospect of one or more projects to demonstrate the integrated technology platform;.....what does this actually mean? What is a hydrogen technology license and why does it only give us prospects of one or more projects.

4. Execute a mass manufacturing agreement with De Nora ready for commercial deployment.....fine, but why is it taking so long. And of no use without longevity and orders.

5. Make strides towards a four year operability of the electrodes with De Nora.......This is not only obvious but vague. I could make strides towards Newcastle, but I won't get there any time soon.

6. Continued progression towards further commercial fuel cell deployment opportunities and partners in support of this ambition across key target markets.....Even more obvious and vague. What on earth should they be doing if not this. Making strides towards is not a target as no achievement is defined.

We need firm information with respect to longevity, manufacturing, the current pipeline and level of interest (Lisa Jordan once described the AFC cell as looking for a problem to fix). I find the above underwhelming.

I wonder if the market cap will eventually be less than AB's salary.

In the context of the current sp and confirmed technical progress, his salary is simply obscene. he should go. Leave Jim Gibson in charge as he does seem to actually know a bit about the environment in which the company operates. This will reduce the wage bill and any cash raised will last longer.

The non-execs should be all over this. Sadly Rennocks appears impotent and the rest are there to represent absent Russians. Not the governance function of a non exec I would suggest.

Roll on the AGM (although I see no one seemed to comment on the suggestion yesterday of a shareholder action group that was put forward).

And still not a word from AFC. I hope AB feels really uncomfortable when he looks in the mirror tonight. If this goes under I will be chasing him trough the FCA and any other means possible.

If his more recent promises come to fruition I will be the first to acknowledge, but that would still not mitigate the poor Comms.

I too have received no response.
The sp is heading towards 5p and the board has ignored shareholders. Comms is non existent.
This is a worrying set of circumstances ....I hope we are not seeing the beginning of the end.
We need coordinated shareholder action. Roll on the AGM.