http://www.afcenergy.com/

Dawnay, Day Corporate Broking Research Note

Aim Admission Document

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
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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.
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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."

StockMarketWire.com
AFC Energy has received a net cash payment from the European Union's Fuel Cells and Hydrogen Joint Undertaking of €2.052m after taking into account net cash payments to other project partners within the POWER-UP programme.

These funds are related to the POWER-UP project for the period ended 30 June 2015; a further claim for the period ending 30 June 2016 is due to be submitted shortly.

StockMarketWire.com
AFC Energy says design and basic engineering of the company's new 10kW fuel cell system, including accompanying balance of plant, has been completed ahead of schedule.

Completion of AFC Energy's 10kW system design and basic engineering included the conduct of a thorough examination of all safety aspects and functions of the system using the Hazard Operability methodology for process hazard assessment.

The HAZOP was conducted at the Company's Dunsfold offices in the last week of June, with participants from AFC Energy, plantIng GmbH and independent fuel cell and hydrogen expert consultancy Efficientics, which chaired the proceedings.

Detailed engineering & procurement will now commence, ensuring the system will be deployable within 2016 as articulated in Milestone 4 of the Company's Strategic Milestones.

Project management, process engineering, procurement, design and construction management are all within the remit of plantIng's engineering team, closely supported by AFC Energy's staff in accordance with the two companies' strategic partnership agreement.

The Company also issued an update on progress relating to Milestone 5, AFC Energy's larger 1MW scale system. This work is progressing to schedule with the initial conceptual design phase completed by plantIng in the last week of June and now subject to AFC Energy's internal review.

The concept engineering phase will help establish the design and operating principles of AFC Energy's new large-scale system and is a necessary pre-requisite for the system's basic design and engineering. The product, which could be sized up to 1.2MWe across a containerised and modular system, is designed to be scalable dependent on customer specifications and is suitable for multi-megawatt installations. The design of this system builds upon the extensive experience accrued by both AFC Energy and plantIng during project POWER-UP and AFC Energy's previous systems earlier this year, as well as from the BETA and KORE modules.

Chief executive Adam Bond said: "We continue to hold discussions with commercial parties interested in the whole range of fuel cell systems currently being developed by AFC Energy, including this 10kW system. Delivery of the small-scale system's basic engineering in such a tight timeframe is further validation of the decision to collaborate with our strategic partner plantIng and moves the Company further along the path towards commercialisation."

KEEP an EYE

AFC 15.875p ( 15.50 / 16.25p )

Large volume yesterday were I suspect the overhang was cleared, has since move forward with some large trades some delayed and again rising volume.

at the moment, i'm just keeping it in the drawer with a few other dogs that still await to have their day :-)

Well I bought some earlier this afternoon as the volume was building up, was looking at them this morning but was holding coz the spread was large, eventually had to pay higher price