http://www.afcenergy.com/

Dawnay, Day Corporate Broking Research Note

Aim Admission Document

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

Success re the link.

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

For some reason won't let me edit previous posts 42 or 43 re this.

At least we know that the system has not totally failed. But with as yet another few months delay, the company, technology and share price all look to be on hold.

RNS

The main section of this RNS .....Within the next 6 months, W2T hopes to fund and commence the construction of a pilot plant with a 50,000 tonne capacity with the aim of commencing operation in 3 years time..... The Pilot plant is obviously the key.
Not saying it won't work, just after the Akzo saga I'm naturally sceptical.
I must admit to being very surprised (pleasantly) at this deal prior to the problem re Akzo being solved.
Also as said the Howard White involvement of Stanelco fame does bother me.
Still an up tick of 35% can't be all bad, although looking at the sp of several months ago we need a lot more such news to really make a difference.
Not knocking the deal, just not ready to somersault round the room yet (if only) whooping for joy.
The Bentley Continental is still on hold.

Spread now over 27%. No wonder no one is buying/selling. Do the mm's want a market or not. I wonder if there will be some closed market auction activity that the big boys can play in.

This post is relevant to all stocks, so posted here as I had taken the stockwatch figures, that are faulty yet again (which I should have noticed but did not) which lead me to post re spreads, sp again. Did not want to just delete my post by editing out as I wanted to point out how the MoneyAm system that is now becoming wrong almost as many times at it is right can be totally misleading.