2 plus 2 equals 55 Jul 2020 01:19
I’ve held AFC since October 2010, so I’d like to think of myself as a LTH, certainly long suffering!
First post, so be gentle.
With the latest fundraise having been successfully completed in very short order it’s hard to believe it wasn’t a done deal with ‘several leading institutions’ well in advance of the fundraising being announced. Is it possible therefore that the considerable further additional share issue authority the BOD is seeking (a further 256,876,060 shares in resolution 2 and 3), may already have an agreed destination too? And why such odd but precise values?
I’m intrigued with the following
From the ‘Result of Fundraising’ RNS – 01 July 2020
Adam Bond - “…We also expect the raise to support our credentials in future industrial and strategic partnering which could provide the basis for a transformational underpinning of the business today and into the future."
Am I putting two and two together and coming up with five? Odd that the shares from the current fundraise (assuming resolution 1 gets voted through) will all be issued by 31 July at the latest with the following month being the anniversary of the JDA with De Nora. Is there a clue here or am I getting ahead of myself?
From ‘Extension of Joint Development Agreement’ RNS – 29 August 2019
“… De Nora has agreed to extend its JDA with AFC Energy underlying its commitment to the electrode development for AFC Energy's fuel cell with the parties agreeing (i) specific cost and operational targets, (ii) confirmation of a scaled up 4-year electrode life (building on recent results) and (iii) a mass electrode manufacturing capability, which together will significantly reduce the levelised cost of energy for AFC Energy's fuel cell systems.
Majority of targets scheduled to be met within the first twelve (12) months of the agreement.”
The original JDA was signed between AFC and De Nora during August 2016. Not sure if there was a specific time period of three years on this original agreement and I can’t immediately see a time period for the extension. Just makes me wonder however with the mention in the extension RNS of ‘Majority of targets to be met within the first twelve months of the agreement’ and that twelve months being this August…