http://www.afcenergy.com/

Dawnay, Day Corporate Broking Research Note

Aim Admission Document

Today's chart looks quite pretty! :o)




I will not be putting any more cash in however, too risky for me.

it needs a 50% rise from this level just to get back to the rights price

14.625p +1.125p

Good movement up this morning and is following the recent rise from the lows

Moving further ahead now 15.125p +1.625p as volume moves to 4M close to the highest for the last 2 month

order book has gone very strong on the depth, considering there are 3 trades at offer side worth not considering as they have been there for some time and are well ahead of the normal prices.

spread 15 v 16p, 63K v 20K

16.375p +1.125p

keeping with the trend up since Monday today is Thursday, already a good size volume

UP to 17.25p+ 2p now, but for some time is holding at this price

Reason : order book Wants to move forward again but someone wants to stop rising fast putting a large order on the offer side

AFC Energy describes itself as ............
“the world’s leading developer of low-cost alkaline fuel cell technology”. The company is focused on large-scale industrial applications, and says its technology “has the potential to be the catalyst, which transforms the way in which industries of today produce energy for tomorrow”.

The company has completed an ambitious programme to prove its technology at a gas plant in Germany — only marginally over schedule and marginally under the target output — and is currently busy optimising the system.

AFC is aiming for 1,000MW of capacity installed or under development by 2020, and so far has a 50MW project development agreement in Korea with an expected revenue to the company of £400m over 10 years.

Surprise surprise. how the order book operates sometimes, there was 156K on the order book offer side at 17.50K, that was what kept the share price on pause for some time, but now at once all of them were taken as "AT" and moves the offer to 17.75p, there was not such big buys not even paying full offer, but about time it was taken on a positive thinking.

14:41:21 17.50 300 AT
14:41:21 17.50 100,000 AT
14:41:21 17.50 5,700 AT
14:41:21 17.50 50,000 AT

a nice close 17.375p +2.125 (+13.93%)
with another decent volume 4.4M and to finish it off with a well after hours at 16.45 buy of 25k at 17.50p

The fast rise this morning, got the sellers out taking profits

I am out for a 16% gain in two weeks, short term it looks like this morning has reached the top for the moment being.

Has reached top band at Bollinger Bands and overbought at Slow Stochastic

Possibly not a bad time to sell! :o)

kimoldfield
re - sell
From my thread earlier ........

AFC 17.75p
An early rise and then profit taking, not unusual considering the strong rise lately and the chart yesterday was signaling some change on the way after the Candlestick of the last 3 days .... "After Three Gap Ups the market becomes extremely overbought and ready for the reversal of the current uptrend"

Yes, I noticed that mentor!

StockMarketWire.com
AFC Energy, the industrial fuel cell power company, has completed the equity swap agreement with Lanstead Capital LLP.

The company entered into a combined placing and equity swap agreement with Lanstead on 8 October in the amount of GBP2.2 million. All 18 settlements of the equity swap agreement have now been completed, with the company having received a total of GBP4.7 million from the placing and agreement.

Are directors crooks this time?

The Company today agreed to grant certain employees options over 399,537
The Options are exercisable at a price of 12.20 pence
-----------
Why 12.20p, the shares were today at opening @ 16.25p, that means almost a 25% discount, out of order

The last 500K options were at 17p the price of the share price at the time.
---------
not holding at the moment

out of curiosity, do you know if Next employees are given share options at the ruling price or at a discount?

of course, with AFC, it's possible that the price was set a couple of weeks back when i recollect it was around 12p

=================

just checked to satisfy my curiosity .....
AFC was ~12.7 closing on Monday 4th April, so that may well be the day of which the price was struck for employees - ie closest monday to start of new fiscal year

Totally agree that the pricing of these options are out of order, also at this price where is the incentive that options are supposed to encourage. No target future SP= no incentive.

we're all guessing as to why the strike price was set where it was

i offered a suggestion, which could well be garbage, as could be the intimation that the directors have done something untoward

StockMarketWire.com
AFC Energy's operating losses rose to GBP3.8m in the six months to the end of April - up from GBP2.9m a year ago - and the group reports a post-tax loss of GBP3.46 million against a profit of GBP1.73 million last time.

In the period, the company continued to recognise grant income under the European Framework Programme 7 for Laser-cell, POWER-UP and Alkammonia projects. Direct labour and material costs associated with these projects were recognised in cost of sales. Cost of sales rose by £0.92 million to £2.07 million (30 April 2015: £1.15 million) as work neared completion at the POWER-UP site at Stade in Germany and fuel cell cartridges were manufactured for operations at Stade, but administrative expenses remained static, reflecting tight control of costs.

There was a financial loss of £0.15 million (30 April 2015: £4.47 million gain), mainly arising from the final settlements received in respect of the Lanstead equity swap which terminated in April 2016.

Over the full life of the equity swap, which commenced in October 2014, a net gain of £2.5m was realised.

The net cash inflow in the six months to 30 April 2016 was £1.08 million (30 April 2015: £0.97 million net outflow) as a result of the Company's careful control of operating and capital costs, the monthly settlements received from Lanstead, and the successful placing and offer for subscription which raised a total of £3.60 million net of costs. The cash balance at 30 April 2016 was £2.84 million (30 April 2015 £3.89 million).

Chief executive Adam Bond said: "During the period we advanced our alkaline fuel cell technology to demonstrate power output of 204kW, at the Stade industrial facility in Germany. Following this success, we committed to a demanding work program and further milestones in 2016, against which the team is making sound progress in relation to technical/operational targets. In parallel, we are progressing the development of further strategic and technical partnerships for new power projects in our target markets."