http://www.afcenergy.com/

Dawnay, Day Corporate Broking Research Note

Aim Admission Document

Hi Hlyeo,

It depends on what type of fuel cells. AFC are the only such company that are taking the actual fuel cell system to the fuel source. There may be others, so I stand to be corrected.
IMHO fuel cell shares have to be looked at as a medium to long term punt. They are not going to make anyone loads of cash overnight.
Oil can't last forever, so some company perhaps already out there will come up with the equivalent of the Holy Grail, so to speak. Obviously most will fail but not all.
Not one for widows and orphans as they say, but, for those willing to bet on fairly long odds that might just pay off.
No risk no gain!

Results out. Not much to say except everything appears to be proceeding as planned. Cash in hand appears sufficient at present flow, hopefully to last re expected time frame regarding other future contracts

What's with so many late trades.
6 plus with 1 (after hours trade that was reported pre market opening so understandable) of total 1,488,270 shares out of 17 trades. That's a very big percentage reported late. Obviously there will always be trades reported late but with a percentage of such proportions, how the hell can anyone get a true real time picture.
Yet another case of market shenanigans, or am I being my usual suspicious self.

I am a mushroom!

Probable seeing something in nothing, but AFC opened level and now just a tad up with no trades. After 7 days of no movement could some info be starting to leaking out.
Or am I straw clutching.

Ops, Almost as soon as I posted the sp moved to level and now closed down so do I eat humble pie and let the above post stand, or do I edit it out hoping no one saw it. I know I will do what Gordon Brown would do, wait till tomorrow and will think about making a possible decision then.

Bugz,

Received your E-Mail, Thanks and agree re AFC possible prospects.

Regards Greek

RNS.

And yet another stage reached in time re delivery of the system to Akzo (6 out of 6 cant be bad) and the system will be switched on and tested sometime in mid-September. No doubt if this system has a successful run in mid Sept then that will no doubt be the start of something big. I can't see anything but success as no doubt the system has been tested in as full a way as you possibly can when running a trial 'off site'.
Still a gamble but not that much, IMHO.

Clarification re previous RNS.
Is this the first hint that AFC are not being straight with what they say. OK may be just a slip but, it's not that hard to get it right, is it? The problem is company statements are like talking things over with the wife, if they catch you out just once,trust, well you know!
Although it looks like someone was so keen to let the world know that they pressed the go button on a release already written.
Lets just hope the word imminent means just that.

Just managed to read the bit that states, delivery intended tomorrow. On this site the clarification RNS was not fully readable for some unknown reason, via the Stockwatch Link. I could only read the previous one a few minutes earlier.
So no doubt tomorrow or Monday we will have the facts.

Looking at last few posts it looks as if I am the only one reading this thread.
Still here goes.

I have just sent the following E-Mail to AFC.

Re misleading RNS+amendment RNS.
I am a member of a share group holding AFC shares.
The amendment RNS used the word imminently. As this implies ready to take place or/and about to happen I feel that clarification of the situation is required. Whilst I except that delays can and do occur, shipment was expected to have been completed by end August. If there is a reason for none fulfillment of the expected order I respectfully submit that as a shareholder I have a right under LSE rules to be informed.

Buys/Sells of AFC shares were effected by both these RNS releases. END

Whilst I appreciate they can not under LSE rules give a selective answer to any individual, they might just clarify that a RNS will be forthcoming in the imminent (that word again) future.
I will obviously post any reply even if it is as expected none committal.

With no trades at yet today (not unusual) and a spread of 26.9% is someone privy to news not yet on general release.
The mm's obviously don't want trade, not buys anyway,and looking at todays drop which about 20 mins ago was 15% down are they trying to panic holders to sell so they can obtain shares for a big order in. Just a thought!.
I have a few examples of big sp rises or drops in companies of late just prior to RNS releases. And they try to tell us that there is a level playing field for all. Yer right!

No reply as yet to my e-mail,
If AFC do not release an RNS by close of business on Thursday 11th I intend to send a second request E-Mail stating the LSE RNS rules which I feel AFC have not adhered to, IE sp sensitive information RNS disclosure rules.
In my opinion if a RNS is released stating that by a certain date an achievement/target or similar is expected to be reached/passed then failure re this achievement warrants a further RNS stating the reason why.
See my post 1505 last Friday. As yet No reply has been received.

So delivery has been delayed. After that very misleading earlier RNS re delivery I feel that AFC have an explanation of why the initial RNS was issued. I am contacting them by e-mail to ask why it was issued, with the warning that if an explanation is not forthcoming I feel that the FSA should commence an investigation.
Someone is at fault and I want to know why.

I sent the following E-Mail at 1315 hrs today.

Re misleading RNS+amendment RNS+todays none delivery RNS.
I am a member of a share group holding AFC shares.
I except that delays can and do occur, and appreciate that todays RNS gives some clarification.
I still feel that an explanation re the release of the RNS stating delivery completed is required. I respectfully submit that as a shareholder I have a right under LSE rules to be informed as to why.
Many investors purchased shares on the issue of that RNS (delivery completed).

Whilst I appreciate that under LSE rules you can not give a selective answer to any individual, you can obviously clarify via a general release.

I would appreciate a reply as if a reply is not received or a clarification release is not issued I intend to contact the LSE/FSA in order to clarify if any rules have been breached.

Note. My last e-mail to you was ignored.

I received the following reply at 1335 hrs (perhaps they decided not to ignore this e-mail due to the mention of LSE/FSA).

Dear Mr

The erroneous early release of the statement was caused by a failure of process within our PR Agency, Madano and a revised statement was issued very soon afterwards, after legal issues and Stock Market regulations had been checked by our Brokers Blue Oar Securities.

It was a clear error of process and at no time was AFC involved in the issuing of erroneous statements to the Stock Market. The statement released today clarifies the position.

Regards
Christine

Be interesting to see what happens today re the opening spread and price.
I expect many smaller holders to bail out early on with some big buys later from those more privy than us re what is the true state of play.
If that does happen, reading between the line would make anyone suspicious.

Something seriously wrong here. Sp down 25% from yesterdays close. Someone knows something and it don't look good.
If there has been a leak, especially after the MISTAKE of that early RNS release I for one will be looking at the LSE through the FSA re and breaking of the rules.
Talk about being a B****Y mushroom.
Something stinks and it's not a Hydrogen Fuel Cell.

Who the hell is going to deal in these with a 33.33% spread. Surely someones taking the p**s.

Very strange, up against the market, abet just a tad, and on very low volume.
Of course nothing has leaked, has it. After all we are all playing on a level field are we not.
If there is a leak (and I don't mean in the batteries) no doubt there will be a late trade reported.
Someone pays 3.5p per share for 100,000 shares at 1629 hrs (market buy price was 3p at the time), strange or what, as it is still only 3,500 worth, and the stock still finished up.
There must surely be a RNS in waiting if you have to pay that much premium for a stock no one appears to want, just to get that small amount.

At 0700 on the morning of Thursday 28 August 2008, AFC made an announcement entitled "First fuel cells successfully shipped to Akzo Nobel". This announcement was released prematurely. The Directors expect shipping to commence imminently, with delivery to Akzo-Nobel expected the following day.

So nearly 2 months later and no delivery, so it presumably must have been more than a slight glitch.
We are forever mushrooms.

Now well beyond a joke.

Already 20% down with an unbelievable spread of 40%.
What the hell is happening.
Things can't go on like this with AFC, Can they?

Patience completely run out, but as I went into this share as part of my very high risk, blue sky or bust portfolio, it looks like it is heading for one of the bust type, so I will hang on whatever. Still a very vague possibility of blue sky, but the odds now are VERY long.
Comment anyone, or has this share lost so much I am on my ownsome on this thread.