Member Info for doc7

Does anyone know anything about TUVA. I emailed them ten days ago and got no reply. Their website has precisely zero info....they are a PR company for goodness sake!!

They seem to have made a grand total of 26 tweets and to have 36 followers. And they seem only to tweet about one other company.

Is this a legitimate PR company as the activity does not seem compatible. What on earth do the employees do all day??

As an AFC shareholder I am very concerned that this outfit has been deemed suitable by the AFC board. Why?

Interesting article in the Sunday Times today. Shell is apparently to pressure the government to up its game with regard to electric vehicles, and particularly the infrastructure for charging. Shell plans rapid charging points on all its forecourts.

Wouldn't it be great if AFC could be a part of that? We can certainly provide a green solution for Shell's ambitions and AFC/Rolec between then can provide a complete solution.

It would be lovely to think that Shell is aware of AFC, and even nicer to think that they might have had conversations. Shell is a member of the Hydrogen Council after all.

Hi BumbleB. I'm glad Jim felt able to stay behind and talk to you. I have been impressed by him in the past and I genuinely think he and Adam could be a winning team. My implication was that the vibes being given by the board today may have reflected their feelings about the behaviour of the chairman. Jim also talks passionately about AFC and I think him and Adam each presenting would have been powerful. Maybe they will consider it for the future.

Did you learn anything of note from Jim afterwards?

Part3

So in summary where do I think we are?

• We have a technology that for the first time is actually up to the task
• Only now has AFC given us enough information to understand the real issues of the last 4 years
• On reflection I think Adam is to be commended for getting us from where we were in 2015. I think he believes in the company, is charismatic enough to drive it forward, and deserves our support
• The chairman is toxic to AFC and needs to be replaced. If my guess that he enjoys the support of neither the board nor the employees is right then the board needs to take action and ask him to go.
• The rest of the board need to step up and support Adam and show some leadership. Today there was none
• TUVA: Very unconvinced, especially as they could not be bothered to defend themselves today. their chap just grinned inanely.
• I think we now have a target market (or range of opportunities). However AFC needs to give itself a jolly good polish if it is to succeed. The website (our shop window) describes a very different company to that I heard about today. Much of it is now frankly misleading. It needs a total revamp
• The news flow and comms policy must now be very different going forwards - regular, positive, articulate. The media need to be courted

I honestly do not know if AFC will make it, but I remain invested. That is partly as the downside is minimal from this lamentably low level, but also because I can see that the product may just penetrate what is a big market in a very significant way. I no longer think in terms of pounds for AFC (not anytime soon anyway), but I do see significant a significant re rating of the SP as the promised news starts to flow.

It was really good to meet in person some well known contributors…..BumbleB, Notes, Eddietheo and Beachandsurf and I hope we will get a chance to reflect on all this at the 6 month meeting!

Best wishes

Doc

pt 2

And so to the Q&As. This is where the board let themselves down, and John Rennocks more than all. Many questions were asked, and in fairness the board did not try to truncate the session. Questions by Richlist and Notes have already been alluded to. BumbleB asked a series of well thought out questions and I'm sure will give a summary of the responses in one of his characteristic summaries (n fact he has done so whilst I have been writing this).

I asked about TUVA given their lamentable website and their lack of any apparent activity. A TUVE rep was there and I suggested that he might like to comment. He didn't, just smiled inanely. Adam replied, but unconvincingly.

Rennocks became increasingly frustrated as the session went on. I am afraid that I have to agree with the adjectives used to describe him earlier. He comes across as a gruff man, lacking in wisdom or charisma, and he is not the right person to be leading this company. This was the main topic of conversation afterwards and opinions (there were many) were unanimous. A chairman sets the tone for a company and dictates the culture. Rennocks is rude and in no way an asset.

I was particularly annoyed that he chastised one questioner for asking if the 1GW by 2020 target is still intact. He stated that such a target had never been made, and suggested that such utterings are conceptual only. Clearly Mr Rennocks has never read AFC's website as even tonight (on the middle east page) it still clearly states that there is a target of 1GW by 2020. As that is there, and as there has been virtually no comms from AFC this year, the question was a wholly legitimate one but Rennocks showed his lack of knowledge, frustration and lack of professionalism in the way he bullied the questioner.

The facts are that many people in the room have lost a lot of money on AFC. By the board's admission the company has been going down rabbit holes until recently, released news it never should have, and had a flawed model. What was needed today was for the board to show some humility and understanding. I'm afraid this was lacking. Towards the end I gave Rennocks two opportunities to agree another meeting in 6 months (a Q&A with the board) as this would end the meeting on a positive note and reconnect with PIs. The atmosphere of such a meeting in six months, presuming the promised news comes, could be very much more supportive and positive. He refused. Eventually when pushed he agreed to consider it and said that , if he decided against, he would communicate the reason. I'm not sure how he plans to do that…..I can't think of any way other than an RNS- good luck to him with writing that one.

I also challenged Mr Rennocks about his failure to invest in AFC given that they tell us the technology has never been better and the price never lower. I don't think I have ever heard a less convincing response to a question and everyone in the room could see through it

So in summary where do I think we a

It's a little while since I have made any meaningful contributions to the board but I was reflecting on today's AGM and thought I would commit them to print.

I refer everyone to maine-man's excellent summary earlier this evening which is factually very accurate. Apologies if I repeat points made by others, and apologies if I reflect more on the questions I asked as these are the answers I remember best.

The meeting was interesting. The location was in stark contrast to previously. A slightly crowded upstairs room with a less-than-ideal seating arrangement. Adam's slide content was so small most could not read it. Coffee and biscuits were provided, Wendy was, as ever, charming and accommodating.

It was interesting watching the board members. I thought Adam performed well all things considered. Jim Gibson uttered about two words, looked generally bored and was doing a funny rhythmic rolling of his head. Lisa Jordan at least looked interested but the other two non execs, Mangion and Hayball, were comatose. Neither uttered a word, showed any expression or contributed. I suspect much of this was because John Rennocks increasingly dominated during Q&As and I strongly got the impression that he does not have the board behind him. More on him later.

Adam's presentation was very enlightening. If you thought AFC was about generating large power volumes in Korea and the Middle East you are wrong. You could be forgiven for thinking this as AFC has not until now communicated otherwise and the AFC website, even tonight, talks of mega watt deals in both areas. These deals are not going to happen for the reasons others have said. Instead AFC is looking at EV charging and diesel set replacement as its primary objectives and the Rolec agreement may well be fundamental to the growth (survival) of the company.

I think Adam was sold a pup when he became CEO. The business model was wrong, the financials didn't work and Rennocks actually said that many of the RNSs should never have been released. In four years AFC has fundamentally altered the technology into something that today is deployable, is machinable and is reliable (probably). I had not appreciated this before and the technical team, together with those at de Nora, should be recognised. Now that development must be capitalised on and we were told today that the news policy will change, and to expect contracts and a much higher news flow over the next 12 months. I actually feel confident in Adam's ability to deliver this. But just to be clear we are entering the small-power stationary generation market with some interesting add ons like the DuPont substitute mentioned earlier. If they can crack this market and get a meaningful foothold the future could be very good.

It was a real shame that Adam and Jim did not both present….they had an opportunity to come over as a charismatic and effective team, but the opportunity was missed.

And so to the Q&As. This is where the board let themselv

I share the concerns of those on this board and can add my name to those who have contacted the company and received no response.

I am very disappointed in the lack of any communication from the board given that the SP has halved since the Southern Oil announcement. When you look back at the last three years genuine progress has been glacial.

Unfortunately there is little we can do as shareholders except sell out or put up with this. We have the right to be heard at the AGM, but that is some time away and it may be game over, one way or the other, by then.

I do wonder however if it might be worth assembling some sort of share holder action group. Perhaps meet, and then do so periodically, to discuss AFC and what influence could be brought to bear. It would need sensible to be in the South East (I'm on the South Coast personally), probably near to Dunsfold would make sense. An evening meeting perhaps, then at regular intervals but not too frequent.

Thoughts?

You are letting yourself down sturmtrupper. athansius has simply related what he has done any why. Your abuse does the board no favours. He however has managed to remain civil, and still you abuse and insult.

What are you gents seeing that I am not? Looks pretty flat to me

SP a little static so far. Not sure we will see 10p this week without another little nudge