http://www.afcenergy.com/

Dawnay, Day Corporate Broking Research Note

Aim Admission Document

AFC 17.25p +0.75p

a 200K buy earlier is encouraging some buyers as there is some volume today

From earlier - Appointment of Chief Operating Officer

A very good post from " Eadwig "

re - today's RNS

"thereby also opens the door for a salary increase for him?)"

Very likely. It will also automatically give him more clout when dealing with partner companies.

New leadership team announced in the Sept newsletter, including:
"the new position of Head of Technical & Operations. Christopher has provided an excellent contribution to AFC over the past six years leading much of the work undertaken in the area of manufacturing and quality control, as well as providing leadership roles across several areas of the Company, including significant contributions to the fuel cell development team. In particular, Christopher is leading AFC's Joint Development Agreement initiative with De Nora"

"Nick Ploumis, who has been with AFC since 2014 as Project Manager and led the successful project management and delivery of the POWER-UP project in Stade becomes our new Head of Projects. Nick also assumes responsibility for AFC's project-related business development activities, including managing the plantIng strategic engineering partnership."

Replacement of the FD by someone with an impressive CV and energy industry experience.

and now "Jim Gibson to the board as chief operating officer with immediate effect.
He has has almost 30 years' experience in operations management and business development roles for the engineering contracting sector and particularly within the APAC region"

Every sign that the company is gearing up for one or more projects requiring oversight of production and close liaison with production partners.

I posted some time ago how setting all this up would take time - and very likely finance too, depending on the partnership agreements.

If there was nothing in the offing, it would be strange indeed to re-arrange this part of the business which will be vital to managing production quality and deliveries.

Stranger things have happened at AIM companies, of course. Not least to up people's salaries before accepting some kind of final salary pension or some other skulduggery. I don't think we are in the realms of that with AFC. Not that it is anything more than a feeling on my part.

I think this is all pointing the way to a shift in balance from product development to production and delivery. Exactly what i would have hoped to see possibly 3 months ago.

I've added recently, and I may well take the opportunity to average down further. Risky, of course. You would expect all these positions to be in place before any new cash was raised to fund any contract also. But even so, that still would mean a contract and revenue streams, the all important life blood of any company that doesn't intend to be funded by R&D handouts indefinitely.

AFC must realise they have to bite that bullet sooner rather than later, or risk being left behind, perhaps even by lesser technologies that simply beat them to the market place, That would be galling indeed.

AFC has been a sleeper for 2/3 years already
i only have small number, and those are in my sipp
i'ld like to think that the company (sp) will zoom away in due course, but the longer things fail to materialise, the less optimistic i become

How much are they worth now more to the point. Not a lot I would suggest!!!!

AFC Energy, the industrial fuel cell power company, is pleased to announce its intention to conduct a fundraising of up to approximately £8.1 million (before expenses) through a proposed placing of 58,500,000 ordinary shares of 0.1 pence each ("Placing Shares") (the "Placing"), a proposed subscription of 1,500,000 New Ordinary Shares (the "Subscription") and a proposed open offer of up to 20,684,262 New Ordinary Shares (the "Open Offer"). The New Ordinary Shares will rank pari passu in all other respects with the Company's existing ordinary shares of 0.1 pence each (the "Existing Ordinary Shares").

The Placing of New Ordinary Shares is being offered by way of an accelerated bookbuild ("Bookbuild"), which will be launched immediately following this announcement. Cantor Fitzgerald Europe ("Cantor Fitzgerald") will be acting as bookrunner. The Company will also make up to 1,500,000 New Ordinary Shares available for subscription directly from certain key shareholders (the "Subscription").

In order to provide Shareholders who have not taken part in the Placing or Subscription with the chance to participate in the Fundraising, the Company is providing all Qualifying Shareholders with the opportunity to subscribe at the Issue Price for an aggregate of 20,684,262 New Ordinary Shares, to raise up to approximately £2 million, on the basis of 1 New Ordinary Share for every 15 Existing Ordinary Shares on 13 February 2017 (being the last practicable date before publication of this announcement).

The Issue Price represents a discount of approximately 40 per cent. to the mid-market closing price of 16.75 pence on 13 February 2017. The Fundraising is not being underwritten and is conditional on, inter alia, on the passing of the Resolutions by Shareholders at the General Meeting of the Company to be held at Chelsea Football Club, Stamford Bridge, London SW6 4HS at 11.00 a.m. on 3 March 2017.

The Company has obtained irrevocable undertakings from certain shareholders, including the Directors, to vote in favour of the Resolutions in respect of, in aggregate, 60,905,313 Ordinary Shares, representing 19.6 per cent. of the Existing Ordinary Shares in issue.

The New Ordinary Shares will represent approximately 20.6 per cent. of the issued share capital of the Company as enlarged by the Fundraising (the "Enlarged Share Capital").

Further information on the Fundraising is contained within the Circular which is expected to be posted to Shareholders tomorrow.

This is getting embarrassing , are we being strung along , and why 10p why not 15 or 16 p . No news to help us either , when do these people think of shareholders .

There's nothing specific in there either just keep on keeping on with the money .

StockMarketWire.com
AFC Energy, the industrial fuel cell power company, has conditionally raised £6m, gross, through the issue 60,000,000 new ordinary shares - 58,500,000 via a placing and the remainder through a subscription - at 10p apiece.

The issue price represents a discount of 40.3% to the mid-market closing price of 16.75 pence on 13 February.

AFC Energy said the net proceeds - approximately £5.5m and to be supplemented by any additional funds raised through an open offer - would be used to support the company on its journey to commercialisation, and specifically for:

- delivery of its commitments under the joint development agreement with De Nora

- business case development with De Nora

- scoping study completion with Peel Environmental Limited and other third parties in advance of any potential project deployment

- funding the ongoing operation of the Company's demonstration plant at Stade, together with ongoing testing costs

- general administrative expenses and ongoing working capital

Chairman Tim Yeo said: "AFC Energy recognises the value that can be delivered through institutionalisation of the share register, and following growing interest from blue-chip financial institutions in recent weeks, the company is pleased to announce the successful completion of the accelerated book build. Institutionalisation of AFC Energy's share register recognises the strong progress we have made over the last three years.

"Our technical developments and project development opportunities now position us to capitalise on a number of emerging project opportunities.

"The Board also recognises the importance of our retail shareholder base and in recognition of our shareholders' ongoing support, we have offered the opportunity to our shareholders to participate in the open offer on the same terms as the placing and subscription.

"The board are confident this fundraise will strengthen AFC Energy for a number of technical and importantly, project specific successes throughout the course of 2017."

Just got excited because a N came up on my portfolio next to AFC Energy.
Of course the N was for Arsenal Holdings, a continuing mistake that MoneyAm can't or wont put right. My other site has no problems re this so why does MoneyAm.

My 2nd of 2 posts over the last 2 months as I only look in now and again and cant be bothered to post as the interest on threads is very low.
Could this be because others are getting as fed up as me on this site.

Notice the posts on the bugs problem page are becoming fewer and fewer, and that is not because things are improving.

i have this stinker in my sipp where it shall lay until death or resurrection
certainly did not throw any money at the rights issue

AFC is my worst performing share. Well, apart from the other 50! :o)

Over Subscribed Open Offer and Director Shareholdings
AFC Energy, the industrial fuel cell power company, is pleased to announce that the Open Offer to raise up to approximately £2.1 million at 10 pence per share has been oversubscribed by 56.9% and that the Company has successfully raised £2.1 million through the Open Offer.

The Open Offer closed for acceptances at 11.00 a.m. on 2 March 2017 and the Company received valid acceptances in respect of the entirety of the Open Offer Shares from Qualifying Shareholders. Qualifying Shareholders who have validly applied for Open Offer Shares will receive their full Open Offer Entitlement. Applications under the Excess Application Facility will be scaled back in accordance with the terms of the Open Offer.

The Company has therefore raised aggregate gross proceeds of £2.1 million through the Open Offer.

RNS of first commercial order so to speak , lets hope it's the start of something .

Delivery of First Commercial Order for Small Scale Fuel Cell System from PowerHouse Energy
AFC Energy (AIM: AFC), the industrial fuel cell power company, wishes to announce it has received confirmation from PowerHouse Energy plc ("PowerHouse") of the Company's first commercial sale of a small-scale alkaline hydrogen fuel cell system. In accordance with the order from PowerHouse, AFC Energy will deliver the system once all parties are satisfied and it is confirmed that the PowerHouse G3-UHt Ultra-high temperature waste gasification system has been successfully recommissioned and is generating a hydrogen stream specification appropriate for the operation of the AFC Energy proprietary fuel cell system.

The confirmation of order is made in accordance with the agreement between AFC Energy and PowerHouse announced to the market on 4 April 2014 for a small scale (then Beta scale) fuel cell system. Subject to the successful recommissioning of the G3-UHt unit, the system is expected to be delivered to the Thornton Science Park in Chester in the fourth quarter of 2017 with the intention of demonstrating the technical integration of the AFC Energy fuel cell system with PowerHouse's G3-UHt system, which is presently en-route from Australia to the UK. AFC Energy will be able to access test data from the integrated system as it relates to the fuel cell once commissioned on an on-going basis.

If successfully demonstrated at the Thornton Science Park in Chester, PowerHouse's modular and distributed power generation from waste technology has the ability to be rolled out across a number of additional locations in the UK and internationally.

Adam Bond, AFC Energy's Chief Executive Officer, said: "Powerhouse Energy's order confirmation today for its first small scale fuel cell system builds on a number of significant opportunities AFC Energy is developing internationally for its fuel cell systems. It further evidences the growing number of opportunities for AFC Energy right here in the UK where growth in and momentum behind the hydrogen economy is becoming increasingly real".

market is markedly underwhelmed

Thornton Science Park is not far from me so I will nip down there in November to peer through the window, see what's going on. Probably filling jars with jam! :o)

Cantor has put a 68p target on it , down from 77p . Maybe when all this open offer stuff is out of the way ? .

Looks like it is about to break lower

Yes this could get a kicking today , the three monthly report supposed to appear end of March , if it's same old stuff then woosh .