Business
Result of Shareholder Offer
Result of Shareholder Offer.
About this update from H-power Plc
[{"type":"text","content":"\n \nRNS Number : 1083M AFC Energy Plc 18 January 2016 \n\n \n18 January 2016\n \nAFC Energy PLC (\"AFC Energy\" or \"the Company\")\nResult of Shareholder Offer\nOn 17 December 2015, AFC Energy plc (AIM: AFC), the industrial fuel cell power company, announced that it had raised by way of the Subscription £2.47 million and that it was making the Offer to raise up to £1.13 million.\nThe Offer closed for applications at 11.00 a.m. on 15 January 2016 and the Company is pleased to announce that it has received valid applications from Qualifying Shareholders for 20,503,271 shares (representing £4,100,654.20 at the Issue Price) and was therefore 3.6 times oversubscribed. \nAccordingly, after scaling back, the maximum number of 5,631,551 New Ordinary Shares will be issued to Qualifying Shareholders resulting in the Company raising £1.13 million before expenses, from the Offer, in addition to the £2.47 million raised from the Subscription, being an aggregate of £3.6m million before expenses.\nApplication has been made for the admission of the 5,631,551 Offer Shares to trade on AIM and it is expected that this will occur on 21 January 2016. The 5,631,551 Offer Shares will rank pari passu in all respects with the Company's existing issued Ordinary Shares.\nCapitalised terms in this announcement have the meanings given to them in the circular dated 23 December 2015.\nMr Adam Bond, AFC's Chief Executive Officer, said: \"This is a fantastic result for the Company and demonstrates the ongoing strong support we have from our loyal shareholder base who continue to believe in the opportunities for future success following the strides made by the Company in 2015. With the offer 3.6 times oversubscribed, I would like to thank our shareholders for such a positive response in the current challenging market conditions and for their continued support.\"\n \nTotal Voting Rights\nSubsequent to the issuance of these Offer Shares, the Company will have 307,903,943 Ordinary Shares in issue. The Company does not hold any shares in treasury. Accordingly, following admission of the Offer Shares, the total number of Ordinary Shares and voting rights in the Company is 307,903,943. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are requi...