TIDMAFC
RNS Number : 7231V
AFC Energy Plc
16 April 2021
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS NOT
FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY,
IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES OF AMERICA,
CANADA, AUSTRALIA, NEW ZEALAND, THE REPUBLIC OF SOUTH AFRICA OR
JAPAN OR IN OR INTO ANY OTHER JURISDICTION WHERE TO DO SO WOULD
BREACH ANY APPLICABLE LAW OR REGULATION.
THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT
ITSELF CONSTITUTE AN OFFER FOR SALE OR SUBSCRIPTION OF ANY
SECURITIES IN THE COMPANY. THIS ANNOUNCEMENT DOES NOT CONSTITUTE OR
CONTAIN ANY INVITATION, SOLICITATION, RECOMMENDATION, OFFER OR
ADVICE TO ANY PERSON TO SUBSCRIBE FOR, OTHERWISE ACQUIRE OR DISPOSE
OF ANY SECURITIES OF AFC ENERGY PLC IN ANY JURISDICTION WHERE TO DO
SO WOULD BREACH ANY APPLICABLE LAW OR REGULATION.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED IN
ARTICLE 7 OF THE MARKET ABUSE REGULATION NO. 596/2014 AS IT FORMS
PART OF THE UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT
2018 ("MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS
INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN
.
16 April 2021
AFC Energy plc
("AFC Energy" or the "Company")
Result of Fundraising
AFC Energy plc (AIM: AFC), a leading provider of hydrogen power
generation technologies, announces that, further to its
announcement of 7.00 a.m. today, it has successfully completed and
closed the Fundraising.
The Fundraising, which was oversubscribed, has raised gross
proceeds of approximately GBP36 million through the placing of
48,404,614 new Ordinary Shares ("New Ordinary Shares") with
institutional investors and a subscription of 5,038,760 New
Ordinary Shares by the ABB group, 2,325,580 New Ordinary Shares by
Dutco group and 45,000 New Ordinary Shares by certain Directors
("Director Subscription Shares"), in each case at a price of 64.5
pence per share.
The net proceeds of the Fundraising will be used to support (i)
the continued product development of AFC Energy and ABB's next
generation high power sustainable electric vehicle (EV) charging
solutions; (ii) the development of new power solutions utilising
AFC Energy's alkaline fuel cell technology platform, including the
high growth global data centre market in collaboration with ABB;
and (iii) the continued development of the Company's scalable
manufacturing capacity to address possible future growth in system
demand .
Admission and Total Voting Rights
In aggregate, 56,259,690 New Ordinary Shares are being issued,
comprising 7,364,340 Subscription Shares, 48,404,614 Placing
Shares, 45,000 Director Subscription Shares and 445,736 New
Ordinary Shares by capitalisation and in settlement of an adviser's
fees incurred in connection with the Subscription . The New
Ordinary Shares are being allotted and issued conditional on their
admission to trading on AIM and will rank pari passu with the
existing Ordinary Shares in issue.
Application will be made to the London Stock Exchange for the
New Ordinary Shares to be admitted to trading on AIM. It is
expected that the New Ordinary Shares will be admitted to trading
on AIM at 8.00 a.m. on or around 23 April 2021 (or such later date
as may be agreed between the Company and the Joint Bookrunners, but
no later than 30 April 2021).
Following Admission, the total number of Ordinary Shares in the
Company in issue will be 732,750,500 and the total number of voting
rights will be 732,750,500. This 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 Company under the FCA's Disclosure
Guidance and Transparency Rules.
Conditions to the Placing and Admission
The Placing is conditional, amongst other things, upon:
(i) none of the warranties given by the Company to the Joint
Bookrunners being untrue, inaccurate or misleading in each case by
reference to the facts and circumstances then subsisting;
(ii) the Company having performed all of its obligations under
the Placing Agreement to be performed prior to the Admission and
not being in breach of the Placing Agreement;
(iii) there not having occurred, in the opinion of the Joint
Bookrunners (acting together and in good faith), a Material Adverse
Change at any time prior to Admission; and
(iv) Admission having become effective by not later than 8.00
a.m. on 23 April 2021 (or such later time or date as the Company
and the Joint Bookrunners may agree, not later than 8.00 a.m. on 30
April 2021).
Adam Bond, Chief Executive of AFC Energy, said:
"Global markets for sustainable power systems continue to grow
as timelines for delivering Net Zero draw ever near.
AFC Energy continues to validate its proposition in the off-grid
power market, and through high quality international partnerships
with ABB and Dutco, the strategic investments they make into our
Company, and the continued support of our investors, we are
increasingly well positioned to successfully deliver on this
growing market.
"We are delighted with the results of today's oversubscribed
fundraise which will further strengthen our manufacturing
capability and position AFC Energy to capitalise on these emerging
opportunities, with our partners, in furtherance of a more
sustainable future."
Unless the context otherwise requires, capitalised terms in this
Announcement shall have the meanings given to such terms in the
Company's announcement at 7.00 a.m. on 16 April 2021.
Enquiries:
AFC Energy plc +44 (0) 1483 276 726
Adam Bond (Chief Executive Officer) www.afcenergy.com
WH Ireland - Nominated Adviser and Joint Bookrunner +44 (0) 207 220 1666
Mike Coe / Chris Savidge (Corporate Finance) www.whirelandcb.com
Jasper Berry (Corporate Broking)
M C Peat & Co LLP - Joint Bookrunner +44 (0) 20 7104 2334
Charlie Peat www.peatandco.com
Zeus Capital Ltd - Joint Bookrunner +44 (0) 203 829 5000
D an Harris (Corporate Finance) www.zeuscapital.co.uk
John Goold / Dominic King (Corporate Broking)
FTI Consulting - Public Relations +44 (0) 203 727 1000
Sara Powell / Ben Brewerton www.f ticonsulting.com
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END
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