Last checked at 13 Oct 2015 16:24
AFC Energy plc
("AFC Energy" or the "Company")
Grant of Share Options
AFC Energy plc (AIM:AFC.L), the industrial fuel cell power company announces that it has today granted options over 480,000 ordinary shares of 0.1p each in the Company ("Ordinary shares"), representing 0.17% of the Company's current issued share capital.
Options over 450,000 Ordinary Shares have been granted to a consultant to AFC Energy providing commercial advisory and business development services in the Middle East (the "Consultant"). The options are exercisable at a price of 39.25 pence per Ordinary Share, being the closing mid-market price as at 12 October 2015, and vest on satisfactory achievement of certain commercial milestones by the Consultant.
Further, options over 30,000 Ordinary Shares have been granted to an employee under the AFC Energy Plc Enterprise Management Incentive Share Option Scheme (the "EMI Scheme") which also have an exercise price of 39.25 pence. The options vest automatically on the 3rd anniversary of the date of grant and are exercisable for 7 years thereafter. The purpose of the EMI Scheme is to recognise individuals' performance and to provide further incentivisation.
Following the grant of the above options there will be, in aggregate, options in issue over 13,455,000 Ordinary Shares, representing approximately 4.64 per cent of the current issued share capital of the Company.
For further information, please contact:
AFC Energy plc Adam Bond (CEO)
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+44 (0) 20 3697 1209 |
Zeus Capital Limited - Nominated Adviser and Joint Broker Phil Walker, Nicholas How Alex Davies, John Goold
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+44 (0) 20 3829 5000
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M C Peat & Co LLP - Joint Broker Charlie Peat |
+44 (0) 20 7104 2334 |
Lionsgate Communications - Public Relations Jonathan Charles, Rachel Rigby
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+44 (0) 20 3697 1209 |
About AFC Energy
AFC Energy plc is fast approaching commercialisation for its proven low-cost alkaline fuel cell system ("KORE"), which converts hydrogen into 'clean' electricity. AFC's key project POWER-UP will demonstrate the world's largest alkaline fuel cell system at Air Products' industrial gas plant in Stade, Germany. The date for the demonstration of the 240kW KORE system has been fast tracked to December 2015, representing the final phase of AFC's pre-commercialisation technical development programme and creating the platform for the Company's global commercial fuel cell deployment. For further information, please visit our website: www.afcenergy.com