Grant of options under sharesave scheme

RNS Number : 8048N

AFC Energy Plc

31 July 2014

 



31 July 2014

AFC Energy Plc

 ("AFC Energy" or "the Company")

 Grant of options under sharesave scheme

AFC Energy, the industrial fuel cell power company, announces that on 30 July 2014 the Company granted options over a total of 655,928 new ordinary shares of 0.1 pence each in the Company ("Ordinary Shares") (the "Options").

The Options have been granted to participating employees under the rules of the AFC Energy Plc Sharesave Scheme (the "Scheme"). The Scheme is an all-employee share option scheme, which was approved by the UK Revenue and Customs and which was introduced to encourage wider employee share ownership of the Company.

The Options are exercisable at a price of 18.6 pence per Ordinary Share, being a 20 per cent discount to the market value of the Company's shares on the dealing day immediately prior to the date of invitation to apply for options (2 July 2014). The Options are exercisable from 1 September 2017 in accordance with the rules of the Scheme.

The grant of options represents, in aggregate, 0.29 per cent of the Company's existing issued share capital. Following the issue, there will be 9,399,018 options and 7,047,800 warrants in issue, representing 6.8 per cent of the fully diluted share capital of the Company.

The Company also advises that 48,387 of the Options have been granted to Ian Williamson, AFC Energy's Chief Executive Officer and 38,709 have been granted to Gene Lewis, AFC Energy's Technical Director. Following this grant of options, Ian Williamson will hold 89,296 Options under the scheme and Gene Lewis will hold 79,618 of Options under the Scheme.

For further information, please contact:

AFC Energy plc

Ian Williamson, Chief Executive                                                                                               [phone]

Zeus Capital - Nominated adviser and Joint Broker

Tim Metcalfe / Dan Bate (Corporate Finance)                                                    

John Goold (Institutional Sales)                                                                                                [phone]

Peat & Co. - Joint Broker                                                                                                          [phone]

Charlie Peat                                                                                                          

Luther Pendragon - Public Relations Adviser                                                                      [phone]

Neil Thapar, James Foster and Andy Johnson                                        

About AFC Energy

Founded in 2006, AFC Energy plc is re-engineering proven alkaline fuel cell technology to reduce the cost of electricity. Alkaline fuel cells have been used on US and Russian manned space missions for decades to provide electrical power and drinking water. By using platinum free, advanced materials, design tools and manufacturing processes at scale, AFC Energy is developing fuel cells that will compete with conventional technologies such as turbines for electrical power generation. Today, AFC Energy is pursuing opportunities in several sectors where hydrogen is readily available including the chlorine, clean coal and waste-to-energy industries as well as applications for distributed/back-up power. For further information, please visit our website: www.afcenergy.com.

 

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