AFC Afc Energy Plc

TIDMAFC

RNS Number : 0921I

AFC Energy Plc

20 March 2015

AFC Energy plc

("AFC Energy" or the "Company")

Grant of Share Options

AFC Energy announces that further to his appointment to the Company's board of directors on 16 September 2014 the board of AFC Energy has, today, granted Chris Tawney an option over a total of 500,000 new ordinary shares of 0.1p each in the Company ("Ordinary Shares") (the "Option").

The Option has been granted under the rules of the AFC Energy Plc 2007 Share Option Scheme. The purpose of the Options is to incentivise, retain and attract employees.

The Options are exercisable at a price of 17p pence per Ordinary Share. The Option shall vest on the 3rd anniversary of the date of grant of the Option and is conditional upon:

-- a successful demonstration of the large-scale fuel cell system, defined as a system operating for at least 90 days without requiring a change of electrode cartridges;

-- the Company's market capitalisation reaching GBP90 million or greater for 30 consecutive days; and

-- the Company being either cash flow positive from operating activities over any rolling 12 month period; or profitable over any rolling 12 month period, at the profit before tax level.

Following the grant of the Option, Chris Tawney's interests in the Company will be as follows:

 
 Name            Title          Total no.      Total no.  Total ordinary 
                               of options    of warrants          shares 
                                held over      held over 
                                 ordinary       ordinary 
                                   shares         shares 
--------------  -----------  ------------  -------------  -------------- 
                 Finance 
 Chris Tawney     Director        500,000              -          50,000 
--------------  -----------  ------------  -------------  -------------- 
 

Following the issue of the Option there will be EMI options over 7,655,000 Ordinary Shares in issue, representing approximately 2.65% per cent of the current issued share capital of the Company, and 7,047,800 warrants over Ordinary Shares in issue, representing approximately 2.44 per cent of the current issued share capital of the Company.

For further information, please contact:

 
AFC Energy plc 
 Adam Bond (CEO)                                              +44 (0) 20 3697 1209 
Zeus Capital Limited - Nominated Adviser and Joint Broker 
 John Depasquale, John Treacy 
 Alex Davies, John Goold                                      +44 (0) 20 7533 7727 
M C Peat & Co LLP - Joint Broker 
 Charlie Peat                                                 +44 (0) 20 7104 2334 
 
Lionsgate Communications - Public Relations 
 Jonathan Charles, Rachel Rigby                               +44 (0) 20 3697 1209 
 

About AFC Energy

AFC Energy plc is fast approaching commercialisation for its proven low-cost alkaline fuel cell system ("KORE"), which converts hydrogen into 'clean' electricity. AFC's key project POWER-UP will demonstrate the world's largest alkaline fuel cell system at Air Products' industrial gas plant in Stade, Germany. The date for the demonstration of the 240kW KORE system has been fast tracked to December 2015, representing the final phase of AFC's pre-commercialisation technical development programme and creating the platform for the Company's global commercial fuel cell deployment. 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

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