AFC Energy Plc Notification of change in significant shareholders (8352A)
October 01 2015 - 2:00AM
UK Regulatory
TIDMAFC
RNS Number : 8352A
AFC Energy Plc
01 October 2015
1 October 2015
AFC Energy PLC
("AFC" or the "Company")
AFC Notification of change in significant shareholders
Highlights
-- Yady Worldwide S.A. BVI ("Yady"), a company wholly owned by
Ben White, son of AFC's founder, increases holding by 7.04% by
acquiring all of the 20,269,705 ordinary shares in AFC held by Linc
Energy Ltd ("Linc Energy")
-- Yady affirms its confidence in the commercialisation strategy
of AFC and the Company's Executive team
AFC Energy plc (AFC.L), the industrial fuel cell power company,
announces a change in its significant shareholders.
Yady has acquired all of Linc Energy's 20,269,705 ordinary
shares in AFC, increasing Yady's shareholding in AFC by 7.04%.
Yady, a company wholly owned by Ben White, decided to pursue the
transaction when it identified an opportunity to acquire a
substantial block of shares in AFC in a single transaction. The
transaction was made off market.
Ben White said "The opportunity to acquire Linc Energy's
position in AFC presented a rare opportunity to increase Yady's
position in the Company at a time when we believe the future value
of the Company is undervalued by the market."
Ben White further noted, "Through this transaction, Yady wishes
to acknowledge its continued strong support of the Company's
executive team and its Chief Executive who has continued to meet
each of the strategic milestones AFC announced in December 2014
alongside a range of commercial opportunities."
Mr Adam Bond, AFC's Chief Executive Officer, said: "We wish to
acknowledge Linc Energy's support of AFC over the past few years
during which time it has been one of the Company's largest
shareholders. I also wish to welcome Yady's decision to further
support the Company at this time of accelerated growth and drive
towards commercialisation."
Linc Energy's spokesperson outlined that whilst maintaining a
significant shareholding in AFC is no longer aligned with Linc
Energy's corporate strategy, Linc Energy continues to have an
ongoing commercial relationship with AFC via its licensing
arrangements and as such will continue its strong support of the
development of the Company into the future.
For further information, please contact:
AFC Energy plc
Adam Bond (Chief Executive Officer) +44 (0) 20 3697 1209
Zeus Capital Limited - Nominated Adviser and Joint Broker
Phil Walker, 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) 7855 946972
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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