http://www.afcenergy.com/

Dawnay, Day Corporate Broking Research Note

Aim Admission Document

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.

So 1 trade a sell of 24,610 puts the sp up 20%. Playing silly beggers again or what.

SP up over 25% on a really bad day for the markets, and this on low volume with a total of 241 shares bought the rest being sells.
Yet another false dawn tomorrow?

On 28/08/08 AFC released a clarification re the AkzoNobel delivery RNS which stated 'Alkaline fuel cell producer AFC Energy Plc. said it expects to ship its first multiple fuel cell systems to Akzo-Nobel NV imminently.

The web site now states...further work required to enhance the overall output of the combined system. AFC is currently undertaking this work, and delivery is expected to commence once this is completed.
This is the same wording as the RNS released on 10/09/08.

The web site and that 10/09/08 RNS also states...The Board will update shareholders once it has clarity on the revised timing of delivery.

Well as there has been no further release can we assume that they still have no clear idea of the revised timing. It could of course be that after the monumental cock up of that first RNS that they want to be sure that when they next give a timing re delivery there is no mistake. So maybe they will wait till delivery and site testing have been concluded.
Views anyone.

RNS out....Fuel cell delivery update.

Obviously the AFC management are regular readers of this thread and saw my post.
No doubt a 10 voucher is on it's way.

But seriously at least we have an update.

As to Ian Balchin, for those interested.

Chief Executive Officer
Stanelco PLC Oct 2000/Nov 2005.

Managing Director and New Ventures Managing Director.
AEA Technology plc 1986/2000

Sent an E-Mail to AFC Investment Services re any update, AkzoNobel.

I have just received this reply.

Dear Sir,

We must apologise re further delays that are beyond our control.
The ship carrying the fuel cells to AkzoNobels Bitterfeld site in Germany, left on Friday last. Unfortunately this ship was high jacked by Somalian pirates, who because of the increased naval activity off the Somalian coast, have now moved to target the north sea and English channel.
They have also been informed by civil rights lawyers that if they are arrested in British waters they will if they request political asylum, be granted leave to stay, be given jobs and somewhere to live.
As there has been no government release re this due to the risk of panic, we appreciate that you may not believe our statement, but we can assure you the ship carrying the fuel cells is being held for ransom.
AFC Energy in the present financial situation can not afford to pay this ransom which is set at 100,000 or 5,000,000 shares in the company.
As we expect as we are sure you do the share price to reach 1 plus as soon as they reach their designation, reaching 2 plus on successful installation, we have declined this route.
We therefor intend to offer a rights issue to ALL existing shareholders in order to raise the required ransom.
We urge you to take this opportunity of a lifetime.
Please remember that the price of shares can go down (sic) as well as up.

Sorry couldn't resist. Getting very bored with this share.

Someone on another site is asking why Mr Sauer left AFC. Did he jump or was he pushed. My take is this.

There are Four scenarios.

1 The good ship AFC was sailing along serenely, abet slowly. Another faster better ship came along.

2 The not so good ship AFC was slowly sinking. One that wasn't came along.

3 AFC is now a ship wreck, sunk on the rock of none information.
Mr Sauer was one of the few who saw the reef in the distance and abandoned ship before the hit.

4 HMS AFC is stuck in the doldrums. It is mainly his fault. Mutiny follows. The plank was run out and he was made to walk it.

This share is now boring.

Only 1 trade today, a 73,518 sell @ 1.75p.
Does someone know something we don't and is getting out selling all their holdings.
At the time of the trade the bid price was 2p at market price, but obviously to sell that amount they could only get 1.75p, AND THEY TOOK IT.

AFC Energy announced in November that it was undertaking a programme of work to provide a detailed assessment of the fuel cell system.
In this respect, good progress has been made and the Board will finalise details for implementing these steps to provide a comprehensive update on progress in January 2009.

OK the positive is that they have given a time limit on the release of finalising details.
Negative side is, if the problem had been 'sorted' to 100% satisfaction, surely they could have said so with the proviso of publishing the details later.
Or am I looking for gremlins where none exist.

Found by a poster (greenisgood) on another site.
AFC Energy are mentioned.

Fuel Cell Plan to turn cheap waste into energy.

Posted again as link did not copy correctly and site EDIT does not appear to be working.
http://newenergyfocus.com/do/ecco.py/view_item?listid=1&listcatid=32&listitemid=2065&section=Bioenergy%20%26%20Waste%2CCarbon%2COn-site%20%26%20Micro

Would have thought they will await the results of the Akzo delay problem before making any decision. But could be a second customer IF.

See post 45