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AFC Energy Raises £1,400,000

By March 23, 2020 3   min read  (444 words)

March 23, 2020 |

  • Subscription of 14,000,000 Ordinary Shares to raise £1,400,000

AFC Energy (AIM: AFC), a leading provider of hydrogen power generation technologies, is pleased to announce that it has raised £1,400,000 before expenses from an existing institutional shareholder by way of a subscription of 14,000,000 ordinary shares of 0.1 pence each (“Ordinary Shares”) at 10 pence per Ordinary Share (the “Issue Price”) (“the Subscription Shares”) (the “Subscription”).

The Subscription provides AFC Energy with additional financial liquidity from one of its primary shareholders to see it through the possibility of a prolonged COVID-19 pandemic in the UK, reconfirming the Company’s COVID-19 update to the market on 19 March 2020.         

The Issue Price represents a discount of 18.7 percent to the closing price of 12.3 pence on 19 March 2020, being the business day prior to agreement of the Subscription. The Subscription is not being underwritten and is conditional on the admission of the Subscription Shares to trading on AIM. The Subscription is being conducted pursuant to the existing authorities granted to the Directors of the Company at its annual general meeting on 30 April 2019. The Subscription Shares represent approximately 2.9 percent. of the Company’s issued share capital as enlarged by the Subscription Shares.

Application has been made to the London Stock Exchange for the Subscription Shares to be admitted to trading on AIM (“Admission”) and it is expected that such Admission will occur at 8.00 a.m. on 26 March 2020. The Subscription Shares will be issued credited as fully paid and will rank in full for all dividends and other distributions declared, made or paid after the admission of the Subscription Shares, respectively and will otherwise be identical to and rank on Admission pari passu in all respects with the existing Ordinary Shares. The Subscription Shares are not being made available to the public and are not being offered or sold into any jurisdiction where it would be unlawful to do so.

Following Admission, the Company will have 477,362,144 Ordinary Shares in issue, none of which will be held in the treasury.  Accordingly, the total number of voting rights in the Company will be 477,362,144 and shareholders may use this figure 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 Company under the FCA’s Disclosure Guidance and Transparency Rules.  

About AFC Energy

AFC Energy plc is commercialising a scalable alkaline fuel cell system, to provide clean electricity for on and off grid applications. The technology, pioneered over the past twelve years in the UK, is now being deployed in electric vehicle chargers, off-grid decentralised power systems and industrial gas plants as part of a portfolio approach to the decarbonisation of local electricity needs.

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