AFC Energy Plc Grant of Options (0921I)
March 20 2015 - 11:53AM
UK Regulatory
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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