Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Missing text at end of post.
"prudent practice to ensure that
there is sufficient financing headroom and the flexibility to raise funds quickly due to any unforeseen
events or changes in circumstances. At the current time the Board have no intention of using this authority"
Thanks to Taff101 for finding the below Q&A on the AFC website I have copied & pasted here as a bit of job to find.
Questions and answers on the resolutions to be considered in the GM 17 July 2020
Considering the Government’s directive limiting gatherings, physical participation at the General
Meeting has been restricted in line with current guidance and legislation. The General Meeting has
been organised to be as concise and efficient as possible including physical attendance being limited
to the minimum number of persons to ensure the meeting is quorate and can conduct the business of
the meeting.
Consequently, shareholders were asked to submit any specific questions related to the resolutions to
be submitted by email ahead of the General Meeting.
Written questions were received from a total of 6 submissions the majority of which were unrelated to
the resolutions. Within these submissions, several themes were identified and as such, in preparing
answers, we have consolidated and summarised the responses as they relate to the specific
resolutions so that our answers can be communicated in a succinct and concise manner.
Resolution 1 approval of conditional fundraise - Can you provide an overview of who invested
in the fundraise?
The fundraise was supported by several institutions and high net worth individuals through the
accelerated book build. The Primary Bid offer was supported both in value and number of subscribers
approximately by one third self-identified existing shareholders who were allocated their full
application and two thirds new shareholders who were scaled back. The fundraise was supported by
existing and new institutional investors, some of whom have disclosed or may have to disclose their
holding in accordance with the AIM Rules for Companies.
Resolution 2 approval of authority for the Directors to issue and allot a further £223,076.58 in
nominal number of Ordinary Shares from time to time, being an amount equal to
approximately 33 per cent. of the Enlarged Issued Share Capital.
This authority is in line with market practice and would be used to issue shares for purposes other
than for cash. The intention of the Board would be to use this authority to acquire assets which at the
time of the transaction would increase shareholder value compensating for any dilution in existing
shareholder holdings. At the current time the Board have no intention of using this authority.
Resolution 3 approval to disapply statutory pre-emption rights in relation to the allotment by
the Directors of a further £33,799.48 in nominal number of Ordinary Shares, being an amount
equal to approximately five per cent. of the Enlarged Issued Share Capital, pursuant to the
authority to be granted pursuant to resolution 2 above.
This authority is in line with market practice and is a reduction from the 20% authority requested at
previous AGMs and has been requested as the Board believe it to be prudent pr
Not sure if this subject has already been addressed, as there has been a lot of posts over the last couple of days.
I was wondering about the last exercise of options 500,000 at 20.75 at the time of the rns people on here said that the person exercising them must have thought that it was a good price and sort of puts a support for the sp.
These shares became tradeable on about 25th June.
Just wondering what people think about this as my thought is that AFC run a very tight ship otherwise he would have waited.
Hi all can anyone remember how long the market cap needs to stay above 100 million for Adam to qualify for his bonus incentive that was awarded some time ago, I think it was about a month but not sure and I haven't been able to find it looking through the old news releases.
AFC Energy to begin commercial roll-out of technology
By Joanna Sampson on Aug 15, 2019 NEWS
Alkaline fuel cell power company AFC Energy has appointed two market development specialists as it begins the commercial roll-out of its hydrogen and fuel cell technology.
David Hatherill and Mark Barnes bring combined experience of more than 50 years in the power generation industry and will be spearheading AFC Energy’s market development activities.
The pair specialise in bringing emerging technologies and applications to market with a deep understanding of the relationships between policy, technology and commercial development into new opportunities.
“After a decade of extensive research and development, AFC Energy is ready to begin ramping up the development of its market strategy and building important avenues for sales and partnerships,” said AFC Energy CEO Adam Bond.
“With such a wealth of experience in the power generation industry and their deep connections with major players in the energy market, David and Mark will provide huge support to AFC Energy.”
“We’re all excited to have them on board and look forward to working with them closely as we embark on the next chapter of AFC Energy’s development.”
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ABOUT THE AUTHOR
Joanna Sampson
Joanna Sampson, Senior News Journalist
Joanna Sampson is the Senior News Journalist at H2 View.
I've been looking at the AIM rules it seems to me that disclosure is necessary without delay IF it is price sensitive, it may not be necessary to report in the situation of just an appointment of a financial advisor (as this seems to be.) It's not a change of AFC's nominated advisor that would be a different matter. Just the way I see it I may be wrong.
If a company approaching commercialisation needs one last fund raise the CEO would ask for the amount needed to push this through to revenues starting to come in. With what ever amount is required the company would then seek a way of raising the cash and if PI sentiment was low it would have little choice but to contact institutional investors with it's cash requirements, it's possible that the money is only available at a certain discounted share price and with the company already knowing that institutional investors are in agreement with this they then do nothing but let the SP drift down to the required level where a discount to the current SP can be given. The company would have no desire to ease the drift down of the SP because it believes it's the only way to instigate the fund raising which will facilitate the movement forward to commercialisation...and it's ALL about the bigger picture....Just an idea.. GLA
Interestgly I have just heard on the BBC that the current shortage of C02 to the food and drink industry is due to a shortage of Ammonia being produced, some plants have been closed for maintenance. This is said to be due to a tempary reduction in demand for Ammonia. C02 is a byproduct mainly coming from the production of ammonia. Looks like we need to be using more Ammonia due to using more of it for producing electricity....