http://www.afcenergy.com/

Dawnay, Day Corporate Broking Research Note

Aim Admission Document

This is a company I like...but I'm disappointed in the market pricing this right down....ok I haven't got my timing right....(as always now it seems)....but there is bugger all (sorry)...discount in the share rights...hardly any point in doing it....this does look undervalued when you look at the potential this has....can't believe the sp at the moment....

The thing is that the money goes to AFC direct so it can be used and no charges .

As a shareholder, the question is whether it's worth buying a lot more at 20p, without having to wait years for a return on the investment?

guess it depends on how many you already have and at what price
i think this one will be a winner, though one can never be certain (surprise surprise) and the timescale is an even greater unknown

As expected trades very low due to no one wanting to buy until they see how many they are going to get under the offer, which I am certain will be well over subscribed.

After that I expect fireworks!!!!!!

Why buy now when you can definitely buy at 20p? Imo, until this share subscription is over, the sp isn't going anywhere. The offer is like for like, so you can buy the same number of shares as you hold.The worry for AFC is that not enough investors will take up the offer, in which case my understanding is that the offer will be withdrawn.

Well...I'm not doing it....not enough discount...and the shares might go sub 20p....just not worth it...why the hell did they not do this when it was above 50p ?...I would have probably gone along with it then...I suppose that you could think that there will be a rebound post offer,...but in this market...far from certain....very disappointing this drop....

RF - i agree .... with current sp at 21/23, why would i want more at 20 when there is a strong likelihood that i'll be able to buy at 20 or less in the open market within a very short time

Jan 8th was the cutoff date for the new take up, so just a matter of waiting now to see if enough investors have subscribed.

Hargreaves lansdown saying 13th is their last date , strangely .

From here

"The record date for the Shareholder Offer is 5.00 p.m. on 14 December 2015 and the latest date for acceptance of the Shareholder Offer is 11 a.m. on 15 January 2016. "

Interesting. Strange that Selftrade/Equiniti required instructions before close of business on the 8th.
May be in nominee accounts some brokers are slow or need more time to collate the info for submission???

Same as TD Waterhouse maybe the difference in volumes at each Co .

It just depends on differing internal processing time for different brokers.
- but the key date company wise is 15 January.

So the wait is longer than I thought........damn!

Bearing in mind that there is going to be massive dilution, not sure why this is up. Perhaps it's just positive sentiment......Good volume this morning.

Hi Harrycat,

The thing is that there won't be a massive dilution.

They have subscribed to 12,368,449 shares with a further 5,631,551 shares making a total of 18,000,000 new shares.

As the shares already in issue are 289,000,000 the extra shares are approx 6.25% of that total, also of course they have now more cash in hand therefore raising the companies value somewhat.

Not making light of the dilution, just showing that its not as bad as it might look, even if the offer is fully taken up, which I have sure it will be.

Regards Greek.

http://www.greenbiz.com/article/fuel-cells-2-billion-secret-clean-economy

Also the government has already asked companies to either cut or even stop production if the weather gets bad in order to keep the lights on for the general publics safety.

We all know that the colder it becomes the less likely it is for the wind to blow, hence our next to useless wind farms become redundant.

I remember a few years ago when we had over a month will almost nil power being produced by wind power and that was when spare capacity was higher than it is today.

More and more companies are starting to look at fuel cells for the obvious reason of cost and now more for security of power.

Afc could be just about right in their timing for meg orders, once of course the Kore is fully proven and production is geared up to increase.

Funny old game this we have 860,000 buys verses 5000 sells and its slightly down , last few days more buys than sells .

Thanks for the above input Greek. The percentage of dilution is interesting and presumably why the sp hasn't settled at 20p. There is still a risk that the fund raising will be called off due to lack of take up by retail investors. You can't blame AFC for preferring the institutional investors, who are going to be less risk averse at the moment.