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AFC Energy plc (AFC)     

skinny - 06 Oct 2014 17:27 - 740 of 1468

Yes - nobody minds a bit of bull, but when the smell becomes over powering.....!

skinny - 08 Oct 2014 15:33 - 741 of 1468

Answers on a postcard....

Chart.aspx?Provider=EODIntra&Code=AFC&Si

VICTIM - 08 Oct 2014 16:27 - 742 of 1468

RNS Placing and open offer.

skinny - 08 Oct 2014 16:33 - 743 of 1468

That wasn't leaked then! Bloody AIM.

Proposed Placing and Open Offer

AFC Energy (AIM: AFC), the industrial fuel cell power company, is pleased to announce a conditional placing with institutional and other investors of up to 52,000,000 ordinary shares in the Company at an issue price of 10p per share to raise up to £5.2 million of initial proceeds (the "Placing"), including a placement of 22,000,000 ordinary shares with Lanstead Capital LP ("Lanstead"), further described below. In addition to the Placing, the Company proposes to raise up to a maximum of £3.88 million by way of an open offer to be made to all qualifying shareholders in the Company of new ordinary shares of 0.1 pence each in the capital of the Company (the "Open Offer Shares") at the issue price of 10 pence per share (the "Open Offer"). The maximum aggregate value of the fundraise is therefore £9 million.

The Open Offer is proposed to be conducted on the basis of 4 Open Offer Shares for every 23 existing ordinary shares held by qualifying shareholders, with the opportunity for qualifying shareholders to apply for additional shares not taken up under the Open Offer by other qualifying shareholders. The Company expects to be in a position to announce further details of the proposed Placing and Open Offer shortly.
As part of the Placing, the Company announces that it has, subject to the signing of definitive documentation, agreed that 22 million new Ordinary Shares be placed at an issue price of 10 pence per share with Lanstead (the "Lanstead Placement Shares") for an aggregate consideration of £2.2 million. In addition, the Company will enter into Equity Swap Agreements with Lanstead which allow the Company to retain much of the economic interest in the Lanstead Placement Shares. The Equity Swap Agreements will enable the Company to secure much of the potential upside of future potential share price appreciation arising from the Company's development.

The Equity Swap Agreements will provide that the Company's economic interest will be determined and payable in 18 monthly settlement tranches as measured against a benchmark price of 13.33p per share (the "Benchmark Price"). If the measured share price exceeds the Benchmark Price, for that month, the Company will receive more than 100 per cent. of the monthly settlement due on a pro rata basis. There is no upper limit placed on the additional proceeds receivable by the Company as part of the monthly settlements. Should the measured share price be below the Benchmark Price, the Company will receive less than 100 per cent of the expected monthly settlement on a pro rata basis. Of the aggregate proceeds of £2.2 million (before expenses) from the issue of the Lanstead Subscription Shares, the Company will use approximately £330,000 (15 per cent.) for investment in its continuing operations and £1.87 million (85 per cent.) for investment in the Equity Swap Agreements as described above. In no event would a decline in the Company's share price result in any increase in the number of Ordinary Shares received by Lanstead or any other advantage accruing to Lanstead.

Ian Williamson, Chief Executive of AFC Energy, commented: "We are pleased to announce that we have arranged a significant funding package for the Company. Importantly, the package is being structured so that existing qualifying shareholders can participate in the fundraising on the same terms as institutional investors in the Placing. In addition, through the proposed Lanstead placement, the Company has the opportunity to benefit from further appreciation in its share price over the next 18 months. This funding enables us to deliver our Power Up project and continue our plans to open commercial markets."

greekman - 08 Oct 2014 16:35 - 744 of 1468

More proof that the market, especially the AIM leaks like the proverbial sieve.

It has been so obvious of late due to the way the sp has been acting, that something like this was coming, also obvious is that certain investors not including us poor PI's knew about it in advance.

But looking at the deal with Lanstead Capital LP re the Equity Swap Benchmark Price, it does look like those in the know (again not us poor bloody mushrooms) are very confident due to what they, not us have been told.

If anyone believes that that all investors are equal in what they are privy to, they live in dreamland!

skinny - 08 Oct 2014 16:37 - 745 of 1468

Read the bottom of the RNS (doesn't C+P well) after "
Related Party Transactions

A number of Related Parties as defined in the AIM Rules will be participating in the Placing. "

VICTIM - 08 Oct 2014 16:39 - 746 of 1468

Is this going to get hit again or will this be a low point.

greekman - 08 Oct 2014 16:44 - 747 of 1468

Victim,

It looks like we have all been victims of late re this.

skinny - 08 Oct 2014 16:45 - 748 of 1468

I think they currently have @224million shares in issue, so + another 52m + 38.8m.

VICTIM - 08 Oct 2014 16:46 - 749 of 1468

I don't think placings and open offers have ever done me much good in the past.

VICTIM - 08 Oct 2014 16:56 - 750 of 1468

Another smack in the teeth, I think any new investor days could be frosty, that's if anyones interested . So 18 months poss to wait.

skinny - 08 Oct 2014 17:05 - 751 of 1468

Leak, what leak?

Chart.aspx?Provider=EODIntra&Code=AFC&Si

greekman - 08 Oct 2014 17:07 - 752 of 1468

May be in the minority here, but I feel that the sp will start to walk back up with punters wanting more shares so that they can obtain more at the 10p mark re the 4 for 23 deal.

VICTIM - 08 Oct 2014 17:08 - 753 of 1468

Of course it could have come from that Lanstead lot.

VICTIM - 08 Oct 2014 17:12 - 754 of 1468

I think they're going to need some pretty impressive RNS's though .I was surprised there were only is it 220 million shares in circulation before this.

skinny - 10 Oct 2014 08:28 - 755 of 1468

Speculative! - no kidding! :- Beaufort Securities Speculative Buy 10.25 10.25 - - Reiterates

skinny - 13 Oct 2014 07:13 - 756 of 1468

Notice of General Meeting

Further to the announcement issued on 8 October 2014, AFC Energy (AIM: AFC), the industrial fuel cell power company, is pleased to announce that a circular dated today's date relating to the proposed Placing and Open Offer (the "Circular") will shortly be published and dispatched to Shareholders with a form of proxy for use in connection with the General Meeting. The Circular will shortly be available on the Company's website: www.afcenergy.com and will also be available at the Company's Registered Office.

Capitalised terms used in this announcement have the meanings given to them in the Circular.

greekman - 13 Oct 2014 07:31 - 757 of 1468

I can see no reason why they could not have released the details in today's RNS at the same time as the sp knocking RNS that was released last Wednesday.

It is obvious they had all the details required, if only they had put out Section 5 of todays document I am sure that the sp would not have reacted in the way it did,

5. Use of proceeds

The Company considers the principal areas of focus, in relation to which it proposes to utilise the proceeds of the Capital Raising, to be:

· the delivery of the Power Up commercial demonstration by mid 2015;
· the full automation of production with a doubling of the speed of electrode production and a doubling of fuel cell production output in the next 6 months;
· establishing a US presence by the end of 2014 and rapidly developing and delivering initial US market opportunities;
· continuing the delivery of initial commercial opportunities; and
· undertaking an independent review of the Company's structure.

Be interesting to see today's close.

skinny - 14 Oct 2014 13:53 - 758 of 1468

Admission of Shares

AFC Energy (AIM: AFC), the industrial fuel cell power company, is pleased to announce that further to the announcement issued on 13 October 2014, the Lanstead Placing Shares and Lanstead Value Shares (as so described in that announcement) totalling 23,100,000 new Ordinary Shares will be admitted to trading at 8.00am on Wednesday 15 October 2014.

skinny - 15 Oct 2014 12:08 - 759 of 1468

I received details of my entitlement this morning - now let me think - pay 10p or (if I did want any more) buy @9.44p in the market!
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