http://www.afcenergy.com/

Dawnay, Day Corporate Broking Research Note

Aim Admission Document

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.

Hi Harrycat,

Agree re the institutional investors being preferred as it makes sense.

Many companies would have just left it at that, so it is good to see AFC not ignoring such as ourselves.

Still feel there will be a full take up, with many being disappointed that they will not be given the shares they have applied for.

Well, my cash has been taken by my broker, so I assume I now own shed loads more AFC shares, which presumably implies the take up was great enough to go ahead with the sale. The only way is up now.......surely??? ;o)

Rf, think you might have missed the boat here. Sub 20p didn't happen and sp now 25p. Lets hope AFC is fully financed and that KORE is up and running soon. Mid Jan we should hear news on the pre-commissioning phase.

Result of Shareholder Offer

On 17 December 2015, AFC Energy plc (AIM: AFC), the industrial fuel cell power company, announced that it had raised by way of the Subscription £2.47 million and that it was making the Offer to raise up to £1.13 million.

The Offer closed for applications at 11.00 a.m. on 15 January 2016 and the Company is pleased to announce that it has received valid applications from Qualifying Shareholders for 20,503,271 shares (representing £4,100,654.20 at the Issue Price) and was therefore 3.6 times oversubscribed.

Accordingly, after scaling back, the maximum number of 5,631,551 New Ordinary Shares will be issued to Qualifying Shareholders resulting in the Company raising £1.13 million before expenses, from the Offer, in addition to the £2.47 million raised from the Subscription, being an aggregate of £3.6m million before expenses.

Application has been made for the admission of the 5,631,551 Offer Shares to trade on AIM and it is expected that this will occur on 21 January 2016. The 5,631,551 Offer Shares will rank pari passu in all respects with the Company's existing issued Ordinary Shares.

Capitalised terms in this announcement have the meanings given to them in the circular dated 23 December 2015.

Mr Adam Bond, AFC's Chief Executive Officer, said: "This is a fantastic result for the Company and demonstrates the ongoing strong support we have from our loyal shareholder base who continue to believe in the opportunities for future success following the strides made by the Company in 2015. With the offer 3.6 times oversubscribed, I would like to thank our shareholders for such a positive response in the current challenging market conditions and for their continued support."



Total Voting Rights

Subsequent to the issuance of these Offer Shares, the Company will have 307,903,943 Ordinary Shares in issue. The Company does not hold any shares in treasury. Accordingly, following admission of the Offer Shares, the total number of Ordinary Shares and voting rights in the Company is 307,903,943. This figure may be used by shareholders 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 share capital of the Company under the Disclosure and Transparency Rules of the UK Financial Conduct Authority.

i didn't take any more, but stayed with my modest holding in sipp

I wonder how they will divide the allocation. No mention of that yet.