16 June 2023
AFC Energy PLC
("AFC Energy" or the "Company")
Director / PDMR Shareholding
AFC Energy (AIM: AFC), a leading provider of hydrogen power generation technologies, confirms that Gerry Agnew, non-executive director, exercised 900,000 warrants for ordinary shares of 0.1 pence each in the Company ("New Shares") at an exercise price of 4.925 pence per New Share, and subsequently net-settled 278,316 of those shares on 15 June 2023 to cover the tax liabilities which have arisen as a result of the exercise.
Following these transactions, Gerry Agnew is now interested in 621,684 ordinary shares in the capital of the Company, representing 0.12% of the Company's issued share capital.
Admission and total voting rights
Application will be made to the London Stock Exchange plc for the admission to trading on AIM of the New Ordinary Shares, which is expected to become effective and dealings commence at 8.00 a.m. on or around 22 June 2023 ("Admission"). The New Ordinary Shares will rank pari passu with the existing ordinary shares.
The Company's enlarged issued share capital on Admission will comprise 746,261,171 ordinary shares, each with voting rights. The Company does not hold any shares in treasury. From Admission, expected to take place on 22 June 2023, this figure of 746,261,171 ordinary shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.
The following notification, made pursuant to Article 19(3) of the Market Abuse Regulation, provides further details.
| 1
| Details of the person discharging managerial responsibilities / person closely associate | ||||||||||
| a)
| Name
| Gerry Agnew | |||||||||
| 2
| Reason for the notification
| ||||||||||
| a)
| Position/status
| Non-Executive
| |||||||||
| b)
| Initial notification /Amendment | Initial notification | |||||||||
| 3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||||||||
| a)
| Name
| AFC Energy Plc | |||||||||
| b)
| LEI
| 213800SRJST19GNS9U35 | |||||||||
| 4
| Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
| ||||||||||
| a)
| Description of the financial instrument, type of instrument
| Warrant for ordinary Shares of 0.1 pence each in the Company | |||||||||
| Identification code | ISIN: GB00B18S7B29 | ||||||||||
| | | ||||||||||
| b)
| Nature of the transaction
| (i) Exercise of warrants (ii) Sale of ordinary shares following the exercise described in (i) above to cover income tax, NIC and fees.
| |||||||||
| c)
| Price(s) and volume(s) |
| |||||||||
| d) | Aggregated Information
Volume
Exercise price |
See above | |||||||||
| e) | Date of transaction | (i) 2 June 2023: Exercise (ii) 15 June 2023: Net-settlement | |||||||||
| f) | Place of transaction | (i) AFC Energy plc: London Stock Exchange, AIM | |||||||||
For further information, please contact:
| AFC Energy plc Adam Bond (Chief Executive Officer)
| +44 (0) 14 8327 6726 |
|
Peel Hunt LLP - Nominated Adviser and Joint Broker Richard Crichton / Tom Ballard / Georgia Langoulant |
+44 (0) 207 418 8900
|
| Zeus - Joint Broker David Foreman / James Hornigold (Investment Banking) Dominic King (Corporate Broking) / Rupert Woolfenden (Sales) | +44 (0) 203 829 5000 |
|
FTI Consulting - Financial PR Advisors Ben Brewerton / / Dhruv Soni |
+44 (0) 203 727 1000 |
Notification of Dealing Form:
About AFC Energy
AFC Energy plc is deploying its hydrogen fuel cell systems to provide clean electricity for on and off grid power needs. The technology, pioneered over the past twelve years in the UK, is now deployable to support the electrification of electric vehicle chargers, off-grid decentralised power systems and data centre back up applications with emerging opportunities across maritime and rail as part of a portfolio approach to the decarbonisation of local electricity needs. The Company also offers customers a flexibility in sourcing lowest cost hydrogen through a "flexible fuel" strategy incorporating hydrogen carrier fuels such as ammonia and methanol and associated fuel conversion technologies.
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