Result of General Meeting & Open Offer

RNS Number : 7173V

AFC Energy Plc

30 October 2014

 

AFC Energy PLC

("AFC Energy" or the "Company")

Result of Open Offer

AFC Energy (AIM: AFC), the industrial fuel cell power company, is pleased to announce that at the General Meeting held earlier today, all resolutions were duly passed.  

AFC Energy further announces the result of the Open Offer which closed for acceptances at 11.00 a.m. on 29 October 2014.  Valid acceptances, including excess applications, have been received in respect of 9,208,627 ordinary shares of 0.1p each (the "Open Offer Shares"), representing a total of approximately 23.7 per cent. of the Open Offer Shares available under the Open Offer. The Company has therefore raised gross proceeds of £920,862.70 through the Open Offer.

Application has been made for the Open Offer Shares and the 30,000,000 Placing Shares described in the circular dated 13 October 2014 to be admitted to trading on AIM at 8.00 a.m. on Friday, 31 October 2014 ("Admission"). 

Following Admission of the Open Offer Shares and the Placing Shares, the total number of ordinary shares and voting rights in the Company will be 285,683,534. The Company does not hold any shares in treasury. 

The above figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

For further information, please contact:

AFC Energy plc Ian Williamson (Chief Executive), Christopher Tawney (Finance Director)	[phone]
Zeus Capital Limited - Nominated Adviser and Joint Broker Tim Metcalfe, Dan Bate, John Treacy (Corporate Finance)                       Alex Davies, John Goold (Institutional Sales)	[phone]
M C Peat & Co LLP - Joint Broker Charlie Peat	[phone]
Luther Pendragon - Public Relations Adviser Neil Thapar, Alexis Gore, Alex Burr and Andy Johnson	[phone]

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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