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RNS Number : 2769N
AFC Energy Plc
30 May 2022
30 May 2022
AFC Energy PLC
("AFC Energy" or the "Company")
Notice of General Meeting
AFC Energy (AIM: AFC), a leading provider of hydrogen power generation technologies, announces that it has posted a Notice of General Meeting ("GM") to shareholders.
As announced on 7 April 2022, the resolution to remove the cap on non-executive director fees in the Articles of Association was not passed at the recent AGM. As such, the Company is tabling a resolution at a General Meeting to be held on 24 June 2022 to adjust the cap for aggregate non-executive fees to £400,000. The proposed cap is designed to provide sufficient but not excessive flexibility over the next few years to recruit and retain suitably experienced and qualified non-executive directors to support and work with the executive team.
The Company has based the proposed increase in the cap on:
•
The cost associated with the expansion of the Board following the recruitment of an additional non-executive director;
•
The cost associated with recruiting a further independent non-executive director before the next AGM; and
•
Balancing the fees paid to non-executive directors to align with the current market for similarly sized companies, following a review of the market prompted by the Company's recent experience of recruiting a new non-executive director and a chairman.
The proposed cap will leave sufficient headroom to recruit a further non-executive director and to take account of market-related adjustments.
In December 2021, AFC Energy strengthened the Board with the appointment of Monika Biddulph and, at the last Board meeting, Monika was appointed to the Audit and Remuneration Committees to increase the number of independent members sitting on those committees.
As the Company continues to grow and develop, the Board believes it is an appropriate time to recruit a further non-executive director whose skills complement those of the existing Board. The current Board brings experience in the commercial, technical and financial spheres but the Board believes there is merit in adding a non-executive director with skills in organisational development.
The Articles of Association currently cap the aggregate non-executive director fees at £150,000 per annum and it has become clear that this cap puts a limit on the Company's ability to pay an appropriate, market-competitive level of fees to the non-executive directors.
The General Meeting will be held at the offices of Zeus Capital Limited,10 Old Burlington Street, London, W1S 3AG at 9.00 am on 24 June 2022 with the sole purpose of considering a resolution to increase the aggregate cap on fees payable to non-executive directors from £150,000 to £400,000 proposed in the attached Notice of General Meeting. No investor presentation will be given.
The results of the GM will be announced via the Regulatory News Service and made available on t
NOT getting the message out !!!
https://www.bbc.co.uk/news/business-61406077
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Directorate Change
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POWERHOUSE ENERGY GROUP PLC Logo
Directorate Change
POWERHOUSE ENERGY GROUP PLC
Released 10:16:00 17 May 2022
Powerhouse Energy Group plc
("Powerhouse" or the "Company")
17 May 2022
Directorate Change
The Company announces that Russell Ward has informed it of his intention to resign from the board and from his position as Non-Executive Chairman.
To support a transition, Russell has agreed to remain in position until Friday 10th June 2022 while the board considers its succession options, and to continue to support the Chief Executive Officer. The announcement of a successor will be made in due course.
Russell Ward said: “I am leaving for personal reasons and I wish the Company every success, as you now have a very experienced CEO in place along with a strong Board”.
Paul Drennan-Durose, Chief Executive Officer of the Company, said:
“Russell has already had an influence on the business in the short time he and I have been with the Company, and I am grateful for the support and guidance given to me and to colleagues. Naturally, I am disappointed he has decided to leave, but he will do so with the profound thanks and best wishes from the board, and from key stakeholders we have quickly built relationships with."
-ENDS-
11 May 2022
Response to speculation
Powerhouse Energy Group plc (AIM: PHE), the UK technology company commercialising hydrogen production from plastic, is aware of speculation on an investor forum website that it may enter a Joint Venture with Hydrogen Utopia International plc (“HUI”) in a proposed waste to hydrogen facility in Ireland.
Whilst the Company has had dicussions with HUI on a project opportunity in Ireland, the board is considering the proposal and how it may become involved in the potential project which is at a very eary stage. However the Company cautions that there is no agreement in place and that there is no certainty it will decide to pursue any such opportunity.
-ENDS-
i see AFC,EQT and my favourite PHE in the starting gate now, they've got the tech sorted (I think) and are now ready for the gun to go off. NB i do not see the aforementioned as rivals, i know i have backed 3 winners and best of all they are all the racing colours are all green. Keep the faith
but the company i work for is going for it
https://www.mobility.siemens.com/global/en/portfolio/rail/stories/mireo-plus-h-for-a-cleaner-emissions-free-operation.html