http://www.afcenergy.com/

Dawnay, Day Corporate Broking Research Note

Aim Admission Document

Well it's been 2 months since " throughout the course of Q4 17 I will be providing you with updates on progress made ", not very good Mr Bond is it , maybe we need some truth .

Yes, I noticed that the other day and was very tempted to e-mail them via their website. Poor PR in my opinion.

The feeling is one of deception Harry , he said what he did and has failed miserably to comply , we've had two presentations and not a word on the results . I have a fear there's a rights issue or something coming along , or an extension to timescales , been in this share must be 10 years , fool me .

i mugged myself into buying this one too and it has been worse than dismal
fortunately, my holding c/p was less than 50% of my basic norm

Well two RNS's out today , hopefully things are on the move at last should rise a bit .

Hi Victim,

These two sections of the RNS say it all, IE we are not going to get any meaningful contracts or even one as targeted by end 2017.

Final design and drawings for fully revised fuel cell stack configuration completed, integrating the new cathodes developed with De Nora, after extensive simulation engineering and interrogation by our technical teams. Full system demonstration expected by mid-December 2017 incorporating enhanced stack flow plates, cartridge and associated materials.

A RNS several months ago stated that the full cells developed with De Nora, were fully integrated into into the fuel stack system with excellent results and yet they now state that the cathodes delivered under the Joint Development Agreement with De Nora require slightly different operating conditions to the AFC Energy cathode which means adjustments needed to be made to the overall system.
So if the previous results were excellent, why do they now require adjustments. They were either excellent or not!

Also note,the following from the RNS, Now awaiting, Put the new design on test, and Focus on delivery to the Stade facility early 2018.

Reading between the lines it reads that ,'The product is not yet ready for commercial saleability and won't be till early next year (how early is early!At least we got an update that we have been screaming for, problem is it is not the update we were wanting.
Not even a mention of still on track for several contracts by year end, so perhaps they are not.
I doubt the above will effect the sp, but if it does I expect a downward slide.

I was a bit blurry eyed at 7am , the bit i don't like is they think it can still be improved which suggest's this will forever be not quite ready greekman .

Adam Bond is brilliant at putting bad news over as good.

After having hated this share for years, I started to quite like it. I hate it again now! I keep it in my portfolio in case it actually does come good one day, otherwise it will be a write off against Capital Gains. A win win solution to a lose lose share!😃

Are we getting somewhere here ?......quickly read the rns....will have to read it three times I suppose before it makes sense....

Lovely response from the market...(:(.....

AFC is a close competitor of PVR in the crap stock sector

Adam Bond is starting to make Ian Williamson look not so bad, and that's not saying much is it.

I'm going back to the astrophysics lab on this one....

Well look a here , down to the tens , not likely to get an RNS this year so only the QNL which will be same as , then we will have to wait for the next QNL end of March , Bond digging a hole for himself here , promise then let down very poor indeed . I must be bored .

Technology progression RNS , good really but very technical , probably what we were expecting in December . At least there's life there .

Well i've read it through and now we have a four year period to get through , not sure when it started , but might not go down well .

From the RNS..................addresses underlying legacy design observations which have previously led to premature failure of the fuel cell stack.

It concerns me that we were never told about this premature failure.

Also again we have them looking at further improvements, which whilst I have no problem, as all improvements are good, I would have liked a final line of 'We are satisfied that the product has reached a level that we can and have put out into the market place and are currently in contract negotiations with several companies'.

Perhaps it's good that they have moved away from making false promises.

So both good and not so good in this RNS, which leaves me a bit complex-ed as to how this will play out in the next few months, IE are they in active talks re contracts or are they waiting yet again for the next improvements mentioned.

It's not a big question to answer, so I still feel like the proverbial mushroom, with this time a small glint of light shinning through, but not enough.

I think they have merely increased the size of the jar for the jam tomorrow!

RNS , QNL out and a lot more detail this time sounds much more promising in fact encouraging , possibly time to think about buying some more , as it's so low .