Last checked at 19 Nov 2019 07:00
19 November 2019
AFC Energy plc
("AFC Energy" or "the Company")
Subscription for 2,600,000 Ordinary Shares to raise £520,000
AFC Energy (AIM: AFC), a leading provider of hydrogen power generation technologies, is pleased to announce that it has raised £520,000 before expenses by way of a subscription for 2,600,000 ordinary shares of 0.1 pence each ("Ordinary Shares") at 20 pence per Ordinary Share (the "Issue Price") ("the Subscription Shares") (the "Subscription").
The net proceeds of the Subscription, the majority of which are raised from a single overseas institutional investor, are intended to enable the Company's ability to fulfil orders following the Electric Vehicle demonstration programme commencing in December 2019.
The Issue Price represents a discount of 21.875 per cent. to the closing price of 25.6 pence on 18 November 2019. The Subscription is not being underwritten and is conditional on admission of the Subscription Shares to trading on AIM. The Subscription is being conducted pursuant to the existing authorities granted to the Directors of the Company at its annual general meeting on 30 April 2019. The Subscription Shares represent approximately 0.58 per cent. of the Company's issued share capital as enlarged by the Subscription Shares.
Application has been made to the London Stock Exchange for the Subscription Shares to be admitted to trading on AIM ("Admission") and it is expected that such Admission will occur at 8.00 a.m. on 22 November 2019. The Subscription Shares will be issued credited as fully paid and will rank in full for all dividends and other distributions declared, made or paid after the admission of the Subscription Shares, respectively and will otherwise be identical to and rank on Admission pari passu in all respects with the existing Ordinary Shares. The Subscription Shares are not being made available to the public and are not being offered or sold into any jurisdiction where it would be unlawful to do so.
Following Admission, the Company will have 450,587,790 Ordinary Shares in issue, none of which will be held in treasury. Accordingly, the total number of voting rights in the Company will be 450,587,790 and shareholders may use this figure as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.
Adam Bond, AFC Energy's Chief Executive Officer, said: "The launch of AFC Energy's first hydrogen fuelled, zero emission EV charger unit next month means we must now prepare ourselves to respond to orders in a timely manner. The funding announced today supports these activities across both the sales function and supply chain with a view to accelerating our readiness for our deployment in 2020".
For further information, please contact:
AFC Energy plc Adam Bond (Chief Executive Officer) | +44 (0) 1483 276 726 |
WH Ireland - Nominated Adviser and Joint Broker Mike Coe | +44 (0) 117 945 3470 |
M C Peat & Co LLP - Joint Broker Charlie Peat | +44 (0) 20 7104 2334 |
Tuva Partners - Public Relations James Kennedy | +44 (0) 7809 495 759
|
About AFC Energy
AFC Energy plc is commercialising a scalable alkaline fuel cell system, to provide clean electricity for on and off grid applications. The technology, pioneered over the past twelve years in the UK, is now being deployed in electric vehicle chargers, off-grid decentralised power systems and industrial gas plants as part of a portfolio approach to the decarbonisation of local electricity needs.