Business
Placing and Directorate Change
Placing and Directorate Change.
About this update from H-power Plc
[{"type":"text","content":"\n \nRNS Number : 4189H AFC Energy Plc 27 May 2011 \n \n\n27 May2011\n \n \nAFC Energy PLC\n(\"AFC Energy\" or the \"Company\")\n \nPlacing of new Ordinary Shares \nAnd\nDirectorate Change\n \n \nAFC Energy (AIM: AFC), a world leading developer of alkaline fuel cells, is pleased to announce that it has raised £3.95 million net from the placing of 5,237,055 Ordinary Shares at a price of 40 pence with Linc Energy Limited (ASX: LNC) and from the Placing of a further 4,762,500 new Ordinary Shares at a price of 40 pence with a group of shareholders comprising existing institutional and private investors. The Company fixed the price at 40 pence on 25 May 2011 which represented a slight premium to the closing price on the day.\n \nThe aggregate number of shares to be issued by the Company is 9,999,555 new Ordinary Shares. Application is being made for these Shares to be admitted to trading on AIM and dealings are expected to commence at 8.00am on 4 July 2011 (\"Admission\").\n \nThe total enlarged issued share capital of the Company following Admission will be 183,338,762 Ordinary Shares of 0.1 pence each in the capital of the Company. The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Disclosure and Transparency Rules.\n \nLinc Energy has also been granted a right of first refusal in the territories it operates in, relating to all applications for a combination of AFC Energy's fuel cell technology with hydrogen derived from coal.\n\n \nFollowing the Placing Linc Energy's shareholding will stand at 12%. \n \nUse of Proceeds\n \nThe net proceeds of approximately £3.95 million will be used to increase the testing of the Company's commercial fuel cell systems including the expansion of operating premises and is also expected to provide working capital well in to 2013. AFC Energy currently has a cash balance of circa £3.6 million.\n \nDirectorate Change\n \nThe Company also announces that Edward Wilson, Managing Director, has resigned due to differences in opinion regarding the strategic direction of the Company. The Board regrets his decision and thanks him for his contr...