http://www.afcenergy.com/

Dawnay, Day Corporate Broking Research Note

Aim Admission Document

I very rarely if ever post that I have bought/sold, but in this case I will make an exception. Reason being we continually see comments such as, 'Anyone selling is a fool', 'Why are some selling, can't investors see the potential', Sellers are being shortsighted', etc.
It does not follow that all sellers are any of the above, or that they lack confidence in the company.
Several days ago, I sold a small percentage of my holding at 60p, not for lack of confidence, but purely for the simple reason I wanted to cover any potential future losses. I sold just enough so that I hold all my remaining shares at a win, win situation. Even if the shares totally bottom out, leaving my holdings a zero (impossible, I know) I would still be in profit, abet a very small one.
Since my sell, I spent about 50% of the amount gained on buying back in at 54p, which although now putting me in a position of no longer having a totally no loss holding, the sell then buy made me some profit.
With the current sp, I would be in a similar position if I had not sold/bought back in, and now I am no longer siting on a fully covered position, but I have a bit more cash.
When I did sell, it was not for lack of confidence by any way, shape or form, it was purely to cover my bet so to speak. No doubt other have done the same by selling a slice of their holdings, with some who did not buy back in, now sitting on a profit, whilst retaining a holding that no matter what, will even in the worse scenario (well anything above zilch)make them a further profit.
My present confidence level is higher than ever, but I for one won't knock anyone who sells. They may have many legitimate reasons. Some have and give a better reason for selling than some do for buying.
If they post utter tripe then that is different, and that goes for buying as well as selling.
To those who have held 100% and never been tempted to sell best of luck, as you have more to loose, although of course more to gain. When everything comes together, you will probably be the bigger winners, and 'you deserve to be' as you are taking the bigger risk. And no matter what some post on here, there is always a risk, no matter how minuscule.
As to those that sell, because they have either no confidence and or lost confidence in the company, then I fully believe they are making a big mistake, but it is their mistake.

I purchased at around 18p and sold at 74p, 69p and 47p - simply because it was a fantastic profit and thought they have gone too far too quickly.

Will buy back in if they fall below a certain point (not yet though)

Nice profit Hellsing001

I sold I think 50%...but still in with a fair old wack....as much as in Afren and I rate that highly in spite of those kidnapper bastards....anyway.....this fuel cell stock and ITM interest me a lot....do you know that I still don't fully understand how these fuel cells work....energy from hydrogen or coal with...no polution ?...and just water as a byproduct...?...I'll sign up to that anyday !....

This stirring the natives,"No Dought"?
cyril

AFC Energy PLC

("AFC Energy" or the "Company")



Result of Independent Technology Review



"Technology team is clearly operating above expectations"



AFC Energy PLC (AIM:AFC), the world's leading developer of low-cost alkaline fuel cells, has received a positive independent review of the technical activity of the Company from Dr. Jon Helliwell, Project Manager, Fuel Cell Applications at the Centre for Process Innovation ("CPI").



Highlights of the review include:



The author, Dr. Jon Helliwell, is convinced that the Company will deliver the objectives of its development plan. The degree of focus being applied by the Company to the delivery of its cost and technology objectives, and the technology developments observed by the author, leave him in no doubt that AFC Energy will deliver its first commercial system in line with its projected development timescale. It has been another exciting period of development for the organisation.



The Company has now moved away entirely from its former Scimat-based electrode technology to its novel metal-based electrode technology. This has been proven in both individual and stack tests and now forms the basis of its electrode development.



The manufacturability of the new electrode and cartridge arrangements have already been examined by the Company and its manufacturing strategy partners WSP/CEL. A pilot development area incorporating key equipment has largely been established



The test capability of the Company has increased again as new, more accurate, electrode test equipment and procedures have been introduced



The author believes that the Company is maintaining an appropriate balance between the focus on commercialising the consolidated system design and the innovation that supports its technology development plans.



Its reorganised technical team is clearly operating above expectations and the Company has also successfully demonstrated that its metal electrode and beta system cartridge concepts are practical and robust.



Commenting on the report Ian Balchin, Chief Executive of AFC Energy said:

"We are, of course, delighted that the progress the Company is making has received such a positive review from an independent expert. It is an endorsement of our achievements so far and the commercial viability of our product. I believe that as we continue to develop the technology, regular independent verification is important in guiding both management and shareholders.



The UK is looking for a system that satisfies green energy demands and we are close to providing it."





A version of the CPI report suitable for publication will be made available on the Company's website later today.

thought would get more north movement today - i reckon tomorrow will be a better day - but cant grumble at today's rise
personally expecting a spike of at least 75 maybe 80+ tomorrow or monday!

strange day - interesting data here:

http://www.afcenergy.com/wp-content/uploads/CPI_03-11-10.pdf

Fear fuels Fear.

Looking at many of my shares today, I see the share prices dropping by quite big percentages. Is this due to these companies suddenly becoming a poor investment?
No! as most of these are companies are pioneers in their own specific fields of expertise and have innovative ideas that will 'save money', especially important in the coming days of austerity.
The sp of these companies are going southward due to two main factors. The first and most serious, being a general fear of all things financial due to the current situation in the Euro Zone. The second fear of others getting out of the market before we do therefore triggering an even bigger sell off.
Although, not easy, now must surely be the time to re-visit all the reasons why we bought into these specific companies in the first place.
Do the fundamentals still stand scrutiny. Does the company look well run. Does the future look good for these companies products. Are there customers out there, ready and waiting.
If the reasons are still relevant, or in the case of AFC even more so, then the time to hold your nerve is even more important.
Easier said than done, but don't let fear breed fear.

Whats changed in the last few days for AFC. Nothing.

The sp is dropping over the last few days, through pure panic on the markets in general. Yes, the buys today for AFC are showing just below the volume of sells, but that is purely due to the fact that no one was looking to buy till the sp started its drop.
Very few buyers were willing to buy at yesterdays closing price.
People are worried. They are trying a very difficult balancing act. They expect the general market to continue to drag these shares downward.
As long as the general market malaise continues, that will happen, the downward trend for AFC will continue.
The only things that will change the sp direction, is either general market good news, or we start receiving those AFC RNS's. (Be nice if we got both)
Our problem with the way things are going for AFC is do we chance jumping out now, then sitting and waiting till things steady once again, or do we sit it out.
My own feeling is that if we jump out now, we will stand a good chance of being out when the good ship AFC comes sailing in.
I think most long termers, who have followed and believed in AFC for many a month/year will sit it out, whilst those who are new to the share and day traders will take any profit they have and run. They will I feel be joined by those newer holders who are sitting on a small loss, who will take a small hit as they can't risk a bigger loss.
I am prepared to sit tight and hold my nerve, but I am not going to advise others to. In situations like the last few days, it is each to their own.
The biggest problem for both AFC and the markets in general is that panic is breeding panic.
My decision to stay in is not 'Heart ruling head, or falling in love with this share', it's based on faith in the fundementals (the market cap is now obviously lower), the management that are still doing what looks like a great job, and the companies potential.
None of this has changed (except the MCAP) over these last few days.

Up a bit today.....news should be coming soon....

Europes collaborative effort to develop and commercialise fuel cells and hydrogen took a step forward this week when the body responsible for the 1 billion public-private partnership was freed of the Commissions fetters, streamlining administration as it seeks to push fuel cells and related technologies to market.

Also some award (funding?) due out tomorrow,can't find the link though.
cyril

Hi Niceonecyril,

I'm positive about AFC, but have difficulty believing that anything to do with our European masters can streamlining administration in any way shape or form. (getting more cynical if possible, the older I get)
Saying that I think the fetters holding back fuel cell technology will slacken naturally by market demand.
Still the European release can't do any harm, so a good find all the same.

29/11/10 - afc 2.20 target - kerrrchinnnnnnggggggggggggggggggggggggggg

http://www.afcenergy.com/wp-content/uploads/AFC-Energy-plc-AFC-L-Allenby-Capital-29-November-2010.pdf

buy buy buy - lol

The Allenby Note.

Whilst appreciating these types of note often slant toward the positive, this must be one of the best such reports on a companies future potential that I have ever read.
Just pulling out one small sentence, makes one drool (Replacement of turbine technology for power from coal would clearly move AFC into the realms of a multi billion global corporation).
Multi Billion Global Corporation.
Yes, I know I'm repeating those four words, but on a bitterly cold morning, don't they just warm the cockles.

Yes,..the potential of this stock is mind blowing.....

Over the last week including yesterday there have been articles in The Daily Telegraph, that have blazing headlines mentioning the green energy revolution.
Firstly I scan with anticipation, then on finding not a single symbolistic mention of either AFC or even fuel cell technology in general, I then read in depth even knowing as I do that I will find nothing.
Of course there is no shortage of 'Wind Power' getting a mention. Yet again we are bombarded with the 'Holy Grail of Wind-farm Technology propaganda.
Becoming despondent at this, I decided to go one of my usual walks intending for this very relaxing activity to calm be down. And what happens.......I walk about half a mile up to the top of a hill, only to see 12 wind turbines in the distance.
I stand in about 2 foot of snow, with temperatures around -8c freezing my ******** off, and see all these turbines, stationary, immobile, non moving, static, stood still, useless.
Well at least the walk warmed me up a bit. I went home blood again starting to boil.
When will the politicians and media wake up and smell the coffee.
Mind you if we were to rely on wind turbines, this weather we would probably never get the bloody kettle to boil.

GM to be honest i've switched off as too many other irons in the fire,but if ny memory serves me correct, the proving up of the 50kw? module due to be deliver to LINC early next year will be key to brniing this tech g to the fore.Until delovery and successful feild trials inside a resonable timescale,iy will be seen as hype and the market will react accordingly.
Lets hope for our childrens sake that AFC's tech and other initives are successful,no more of those hidious Wind Turbines please.
cyril

better hope that the share/company does not perform like Corac too

Sorry to go off thread but since Plus Markets have re-vamped their web site, I cant find how to get any trades up. I put AFC Energy into the search box as I have done in the past, and nothing comes up.
Help appreciated, from anyone who has used the new site.

From a competitors site by permission of Hubrad.
It's very long but well worth a read.

Yorkshire Coal Task Force Seminar last Friday 10th Dec.

I went along to this seminar, in particular because one of the speakers was to be Alisa Murphy, a director of B9 Coal.
Thanks again to onedayatatime for the headsup.
Obviously enough, with a title like WHat Next for Coal and Energy Policy, and being hosted by Yorkshire Coal Task Force, there was a definite bias towards the coal industry agenda. However there was a spread of views; in the morning we heard Diana Wallis MEP on the European view of Coal and Energy Policy. 'While we may make the EU targets on renewables by 2020, we are unlikely to reach energy efficiency targets.'
Then came Dr.Marion Wide of the EC Directorate for Energy, in the unit responsible for the EU coal sector and the sustainable utilisation for coal. She told us that coal is by far the largest source of energy for the EU, with Russia being the largest supplier. While moves are afoot to map EU-wide coal resources, research is underway on UCG. Renewables are, so far, still seen by the establishment as the currrent greatest potential source of indigenous power. EU is till keen on member states providing the larger portion of funding research and practice on CCS and related issues.
Dr.Laura Galvin followed, who is Assistant Project Manager for the post-combustion carbon capture pilot plant at Ferrybridge. It was especially at this point that I started to realise that CCS is itself a massive subject with far more going on in this country than I had ever heard of. The Ferrybridge pilot is on an industrial scale rather than just a scaled up lab project.
The final speaker before lunch was Alisa Murphy of B9 Coal (hurrah!) who I thought was introduced in a slightly condescending way - something along the lines of 'and now for something completely different'.
She gave the kind of presentation which, in 20 minutes flat, made me want my own fuel cell! A good outline of the whole project at Hatfield, from raising the fuel to carbon capture. The UK government is wanting such potential projects to be end to end, which sounds promising here. Remember.. UCG -> AFC -> CCS . Alisa did make the comment that AFC is a keystone in the B9 project.
'We believe that combinig these technologies is the cleanest, way available of doing this.' 'Fossil fuel is still the most viable source of energy for the forseeable future; the challenge is to use it in the most efficient way.' She also said that the political will appears to exist to follow this path. B9 is also interested in applying this tecnology to gas as well as to coal; you can imaging the frosty silence at that one! Someone raised the question as to the purity of the hydrogen gained by UCG for the needs of the AFC cells; judging by the tone of AM's answer, this is not considered to be a problem.
As we broke for lunch, I introduced myself as an AFC shareholder and was thanked for having made the effort to attend. She also asked laughingly about poetry on this very board - what have I missed here? While mindful that this was still fresh news as of Thursday afternoon, I particularly wanted to ask her about B9's feelings on Powerfuel Plc going into receivership. She seemed quite unfazed, saying that as far as B9 are concerned Powerfuel Power is a separate part of the Powerfuel company so it should be business as usual at Hatfield.
The content, quality and tone of Alisa Murphy's presentation is the reason for my Strong Buy tag.
After lunch, we had representation from the coal industry itself. UK coal as the company and the NUM were represented and each gave good account of themselves. The last speaker, Mike Macdonald of Prospect, came to the point that unless UK Plc ('I hate to use the term, but it makes sense here') doesn't skill-up for the change in technology we'll be bypassed by the rest of Europe as has happened so many times before.
I asked the last question of the final session.. 'Does the coal industry see UCG as dangerous competition or something that can be worked with in the future?' As expected, the UK Coal chap said it's competition but also something to potentially work with. The NUM rep also gave the expected answer as it currently conflicts with the interests of his members. I was, however, surprised by the Prospect fellow, who having just said that about new technology, said that we should concentrate on just one new technology, i.e. CCS. Obviously a coal industry led event, methinks!
Another delegate, in the seat next to me, was Dr Liadi Mudashiru, a research associate at Newcastle University working on UCG projects with backing from.... Linc Energy! He's met many of the Linc people, spoke very positively of the company, and is off to AU next year to see the workings there. I had an enlightening and positive conversation with Dr.Mudashiru, with whom I hope to keep in touch to follow the project in the North-East. They hope to have a working UCG project in time for the centenary of UCG in 2012.
All in all, a very positive day for me and especially my sentiment on AFC. I need to learn soooo much more about CCS! Many thanks to YCTF and to Roger Kojan for accepting me onto the delegates list as a PI.

Onwards and Upwards.. GLA!