TIDMAFC
RNS Number : 4666H
AFC Energy Plc
08 June 2017
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014. Upon the
publication of this announcement via a Regulatory Information
Service ("RIS"), this inside information is now considered to be in
the public domain.
8 June 2017
AFC Energy PLC
("AFC Energy" or the "Company")
Directorate Changes
AFC Energy (AIM: AFC), the industrial fuel cell power company,
is pleased to announce that it has strengthened its Board of
Directors as the Company continues progress towards
commercialisation. John Rennocks has been appointed to the Board of
AFC Energy as Non-Executive Chairman, while Richard Tuffill has
been appointed to the Board as Chief Financial Officer and Lisa
Jordan has joined the Board as a Non-Executive Director.
John Rennocks brings a wealth of public markets and energy
market experience to the Board of AFC Energy. With numerous senior
board appointments including as Senior Non-Executive Director or
Chairman at Inmarsat plc, Babcock International Group plc, Diploma
plc, Intelligent Energy and currently Bluefield Solar Income Fund
Ltd, and Utilico Emerging Markets Ltd. John has broad experience in
conventional and renewable electricity generation and
biotechnology, support services and manufacturing, having
previously served as Finance Director of three FTSE100 companies,
Smith and Nephew plc, PowerGen plc and British Steel / Corus plc.
He is also a Fellow of the Institute of Chartered Accountants of
England and Wales.
Richard Tuffill has been a key part of AFC Energy's management
team since December 2016 and his appointment to the Board of
Directors reflects the further strengthening of the Company's
executive team as the Company enters its commercialisation phase.
Richard has over 13 years' experience in senior management within
the energy sector, including several years as CFO of Horizon
Nuclear Power, a UK energy company developing a new generation of
nuclear power stations. Richard has also previously held senior
management positions within the finance functions at RWE nPower and
Innogy.
Lisa Jordan is a representative of Ervington Investments Limited
("Ervington"), which originally invested in the Company in 2012 and
has supported it since then. Ervington has a right to appoint two
non-executive directors to the Board of the Company for such time
as it holds over 10 per cent. of the issued share capital of the
Company. Lisa is currently Business Development Director at MHC
(Services) Limited responsible for managing a portfolio of energy
related investments. Lisa was previously a director of Air Products
Renewable Energy Limited (part of Air Products and Chemicals Inc),
an industrial gases business providing atmospheric and process
gases where she led its European energy from waste business.
Tim Yeo will remain on the Board of AFC Energy as a
Non-Executive Director.
Eugene Shvidler, who has been a non-executive director and a
representative of Ervington on the Board since 2013, has decided to
step down from the Board with immediate effect.
Adam Bond, Chief Executive Officer of the Company, commented: "I
am delighted to welcome three new highly experienced and well
respected directors to the Board of AFC Energy at this crucial
time. John's extensive experience of growing large publicly listed
power businesses is invaluable to us as we approach a
transformative period in the Company's history and we are delighted
that he has chosen to join our Board. Richard Tuffill, with an
extensive background in the power and energy sectors is a fantastic
recruit to the management team at AFC Energy. Lisa, with a strong
background in the industrial gases subsector and with experience of
investing in the alternative energy space, will assist greatly with
the oversight and governance of the Company.
Tim Yeo, who has served as our Chairman for over a decade, has
provided invaluable expertise, insight and guidance throughout that
period in this important role. I would like to express my utmost
gratitude to Tim for his assistance and advice since my joining AFC
Energy as a Non-Executive Director and subsequently Chief
Executive, and on behalf of the entire Board and team at AFC
Energy, thank him for his contribution as Chairman and we look
forward to working with Tim as a Non-Executive Director.
I would also like to thank Eugene Shvidler for his great work in
assisting the Company since he first joined our team in 2012.
Eugene has been over the past four years, and continues to be a
great supporter of AFC Energy and we wish him all the best in his
future endeavours."
Pursuant to Schedule 2 (g) of the AIM Rules for Companies the
following is disclosed in relation to Lisa Jane Jordan (age
41):
Past Directorships and Partnerships held in the previous five
years:
Air Products Renewable Energy Limited
Beautiful Trash Limited
Urban Squirrel Limited
Previous names:
Lisa Jane Gough
Lisa does not currently hold any shares in, or options over
shares in, the capital of the Company. She has been appointed as a
representative of Ervington Investments Limited which currently
holds approximately 10.1 per cent. of the issued share capital of
the Company.
Pursuant to Schedule 2 (g) of the AIM Rules for Companies the
following is disclosed in relation to Richard James Tuffill (age
46):
Past Directorships and Partnerships held in the previous five
years:
National Skills Academy for Nuclear Limited
Richard does not currently hold any shares in, or options over
shares in, the capital of the Company.
Pursuant to Schedule 2 (g) of the AIM Rules for Companies the
following is disclosed in relation to John Leonard Rennocks (age
71):
Current directorships:
Bluefield Solar Income Fund Ltd
Utilico Emerging Markets Limited
Past Directorships and Partnerships held in the previous five
years:
Inmarsat plc
Diploma plc
Greenko Group plc
Intelligent Energy Holdings plc
JPMorgan Fleming Overseas Investment Trust plc
John was a director of Wagon plc until 29 August 2008. In
December 2008 the Company entered administration.
John does not currently hold any shares in, or options over
shares in, the capital of the Company.
For further information, please contact:
AFC Energy plc
Adam Bond (Chief Executive Officer)
Richard Tuffill (Chief Financial Officer) +44 (0) 20 3697 1209
Cantor Fitzgerald Europe - Nominated Adviser and Joint Broker
Andrew Craig
Richard Salmond +44 (0) 20 7894 7000
M C Peat & Co LLP - Joint Broker
Charlie Peat +44 (0) 20 7104 2334
Lionsgate Communications - Public Relations
Jonathan Charles +44 (0) 20 3697 1209
About AFC Energy
AFC Energy plc has developed and successfully operated an
alkaline fuel cell system, which converts hydrogen into "clean"
electricity. AFC Energy's first project, POWER-UP, demonstrated the
world's largest operational alkaline fuel cell system at Air
Products' industrial gas plant in Stade, Germany in January 2016.
The Company is now looking to build upon an already established
pipeline of commercial opportunities and drive the findings from
the development phase of the technology into a technically
optimised and commercially relevant fuel cell system. For further
information, please visit our website: www.afcenergy.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
BOASSLFMWFWSESM
(END) Dow Jones Newswires
June 08, 2017 02:00 ET (06:00 GMT)
Afc Energy (LSE:AFC)
Historical Stock Chart
From Mar 2024 to Apr 2024
Afc Energy (LSE:AFC)
Historical Stock Chart
From Apr 2023 to Apr 2024