http://www.afcenergy.com/

Dawnay, Day Corporate Broking Research Note

Aim Admission Document

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.

I'm glad it was a success....but the market was complete crap (still is..)....21.5p at one time....

Correction: Result of Shareholder Offer
The Company's announcement of 18 January 2016 (RNS Number: 1083M) stated that it had 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. This should have stated that it had received valid applications from Qualifying Shareholders for 21,348,417 shares (representing £4,269,683.40 at the Issue Price) and was therefore 3.8 times oversubscribed.

All other details contained in the announcement remain unchanged.

Heavily trimmed back allocation.
I applied for approx 17k shares and got approx 4k.

Same here and yet my account does not show a debit including the cash not spent, no doubt that will appear soon.

As we know the RNS re milestone 11 is imminent (my bets tomorrow), and the result has to be one of the most important since AFC was conceived.

If it's as good as we hope, orders must follow and of course the opposite applies, a negative or even a poor milestone result would result in delays until any problems that had materialised had been corrected.

It's pure uncertainty that is keeping the sp at it's current levels and if the result is not as expected, just watch the sp sink.

But who among us is not full of expectations that the results will be good, after all milestones 1 to 10 have been on time and positive, can't see why milestone 11 will let us down and saying that where do we think the sp will be.

I have only put my neck on the line re sp forecasting about 3 times in over 15 years of investing on the AIM, but my bet is 40p plus within a week of a positive milestone 11 and nearer 75p following first contract.

The above of course could be 100% wishful thinking, but the post heading is not!

Nice looking chart and now hoping for a strong push through 30p.

Roman Abramovich now holds 39,610,494 shares.

Glad it's rising, I regret not picking up a few more...but the market sp was terrible at Christmas....

Todays RNS shows that the number of shares owned by Mr Abramovich separately and also by his investment company Elvington have not altered, it is only the percentage of the total shares and voting rights that have altered, all down to the total number of shares having increased from the recent offer.

They have neither bought or sold any!

Ah, beat me to it Greek! For some reason I had a different figure in mind but it seems you are right, same number of shares!

Never easy to read these RNS's are they!

See how Abramovich is one of Putins best friend (telegraph today and BBC Panorama), now as Russia is looking for new ways to produce energy!!!! I says no more!

http://www.dailymail.co.uk/news/article-3416518

During the last few days of high wind, the owners of multiple wind turbines have been paid not to produce electricity as the National Grid can't cope with the extra power.

The premium paid per mega watt per hour not to produce is 3 times the premium paid to produce.
One wonders how that deal was concluded!

Also today EDF have cast doubt on their ability to raise the funds for the new Hinckley Power station which was initially expected to start producing power in 2017, now proposed for 2025.

As the project is backed by a government guarantee of £16 billion, who out there has any doubt that that figure will increase along with further delays.

So we have government backing for windmills that are either paid to be switched off or don't produce when mainly needed, IE cold and calm and for foreign built power stations that are expensive with the accompanying risk of being held to ransom (China involved).

AFC as we know is a UK based company with a power system that is as green as they come and will within a couple of years be able to produce electricity on demand without relying on wind or the ability of a foreign power to keep the lights on, and yet we hear almost nothing about fuel cells when energy policy is discussed by our forward (sic) looking government.

It wont be a case of, 'Will the last one out, switch the lights off', as there wont be any left on.

The policy of the mental asylum rules!

Surely they will have pre tested by now IE unofficial test.

I can't see then waiting till the last minute to officially test as it would look bad if expectations were not met, egg on ones face so to speak.

My bet is they tested yesterday and will release a RNS after close tonight in order to give the weekend for existing investors and potential investors to take the results in.

I will be on tender hooks most of the day hoping I am right (with a very positive RNS of course).