AFC Energy Plc
3 February 2025
AFC Energy
Plc
("AFC Energy" or the
"Company")
Grant of Share Options and
Directorate Remuneration
AFC Energy (AIM: AFC) announces that
it has today agreed the awards by way of nominal cost options over,
in aggregate, 14,795,076 ordinary shares of £0.001 each in the
Company ("Ordinary Shares") (the "Buyout Awards") to John Wilson,
Chief Executive Officer and Karl Bostock, Chief Financial Officer,
as detailed in the table below. This represents, in aggregate,
1.73% of the Company's current issued share capital.
In connection with the respective
appointments of John Wilson as Chief Executive Officer and Karl
Bostock as Chief Financial Officer, it was agreed that the Buyout
Awards would be made as compensation for unvested incentives
forfeited from their respective previous employers. The
Buyout Awards are calculated at a share price of 10.65 pence for
John Wilson and 9.25 pence for Karl Bostock, each being the
Company's share price prior to the grant of such awards by the
Company. The Buyout Awards have been approved by the Company's
Remuneration Committee.
The Buyout Awards entitle the
individual to acquire Ordinary Shares up to the maximum number set
out below subject to continued employment and the AFC Energy Plc
2018 Employee Share Option Plan. The vesting timetable of such
Buyout Awards is as follows:
|
Option
Holder
|
Number of
Awards
|
Vesting
Date
|
|
John
Wilson
|
3,286,385
|
6 January
2026
|
|
John
Wilson
|
1,525,822
|
6 January
2026
|
|
John
Wilson
|
1,525,822
|
6 January
2027
|
|
John
Wilson
|
1,525,822
|
6 January
2028
|
|
John
Wilson
|
1,525,820
|
6 January
2029
|
|
Karl
Bostock
|
1,801,802
|
20
January 2026
|
|
Karl
Bostock
|
1,801,802
|
20
January 2027
|
|
Karl
Bostock
|
1,801,801
|
20
January 2028
|
|
Total
|
14,795,076
|
|
Directorate Remuneration
Further to the Company's
announcements on 23 July 2024 and 5 January 2025, the Company
announces Gary Bullard's remuneration for serving as Executive
Chairman and interim Chief Executive Officer is to be by way of a
grant of 1,088,990 Ordinary Shares in the Company, such number of
shares being equal in value to a total salary of £217,600, (subject
to applicable deductions) for the period served, using the average
share price of the Company between 22 July 2024 and 31 January 2025
of 10.99 pence (the "Remuneration Shares"). The Remuneration
Shares have been approved by the Company's Remuneration
Committee.
Director interests
Following the issue of the Buyout
Awards and the Remuneration Shares, the below directors will have
the following interests in the Company:
|
Director
|
Shares
|
%
of issued share capital(1)
|
Options
|
%
of issued share capital(1)
|
|
Gary Bullard
|
2,555,657
|
0.30%
|
0
|
0.30%
|
|
John Wilson
|
0
|
N/A
|
9,389,671
|
1.10%
|
|
Karl Bostock
|
0
|
N/A
|
5,405,405
|
0.63%
|
(1) Post issue of
Remuneration Shares
Admission
Application will be made to the
London Stock Exchange for admission of the Remuneration Shares to
trading on AIM ("Admission"). It is expected that Admission will
become effective at or around 8.00 a.m. on 5 February
2025.
Following Admission, the Company's
issued share capital will comprise of 855,446,796 Ordinary
Shares each with voting rights, and this number 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 Company does not hold any shares in treasury.
Set out below are the notifications
made in accordance with Article 19 of the UK Market Abuse
Regulation.
For
further information, please contact:
|
AFC
Energy plc
Gerry Agnew (Chairman of
Remuneration Committee)
|
+44 (0) 14 8327 6726
investors@afcenergy.com
|
|
Peel Hunt LLP - Nominated Adviser and
Joint Broker
Richard Crichton / Georgia
Langoulant / Emily Bhasin
|
+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
|
|
RBC
Capital Markets - Joint
Broker
Matthew Coakes / Teri Su
Eduardo Famini / Jack
Wood
FTI
Consulting - Financial PR Advisors
Ben Brewerton / Chris Laing / Evie
Taylor
|
+44 (0) 20 7653 4000
+44 (0) 203 727 1000
afcenergy@fticonsulting.com
|
|
1
|
Details of the person discharging managerial responsibilities
/ person closely associate
|
|
a)
|
Name
|
John Wilson
|
|
2
|
Reason for the notification
|
|
a)
|
Position/status
|
Chief Executive Officer
|
|
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
|
Ordinary Shares of 0.1 pence each in
the Company ("Shares")
|
|
Identification code
|
ISIN: GB00B18S7B29
|
|
|
|
|
b)
|
Nature of the transaction
|
Grant of awards over Shares under
the AFC Energy Plc 2018 Employee Share Option Plan
|
|
c)
|
Price(s) and volume(s)
|
|
Price per share
|
Volume
|
|
£0.001
|
9,389,671
|
|
|
d)
|
Aggregated Information
Volume
Price
|
n/a single
transaction
|
|
e)
|
Date of transaction
|
31 January 2025
|
|
f)
|
Place of transaction
|
Outside a trading venue
|
|
1
|
Details of the person discharging managerial responsibilities
/ person closely associate
|
|
a)
|
Name
|
Karl Bostock
|
|
2
|
Reason for the notification
|
|
a)
|
Position/status
|
Chief Financial Officer
|
|
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
|
Ordinary Shares of 0.1 pence each in
the Company ("Shares")
|
|
Identification code
|
ISIN: GB00B18S7B29
|
|
|
|
|
b)
|
Nature of the transaction
|
Grant of awards over Shares under
the AFC Energy Plc 2018 Employee Share Option Plan
|
|
c)
|
Price(s) and volume(s)
|
|
Price per share
|
Volume
|
|
£0.001
|
5,405,405
|
|
|
d)
|
Aggregated Information
Volume
Price
|
n/a single
transaction
|
|
e)
|
Date of transaction
|
31 January 2025
|
|
f)
|
Place of transaction
|
Outside a trading venue
|
|
1
|
Details of the person discharging managerial responsibilities
/ person closely associate
|
|
a)
|
Name
|
Gary Bullard
|
|
2
|
Reason for the notification
|
|
a)
|
Position/status
|
Non-Executive Chairman
|
|
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
|
Ordinary Shares of 0.1 pence each in
the Company ("Shares")
|
|
Identification code
|
ISIN: GB00B18S7B29
|
|
|
|
|
b)
|
Nature of the transaction
|
Grant of shares as
remuneration
|
|
c)
|
Price(s) and volume(s)
|
|
Price per share
|
Volume
|
|
10.99 pence
|
1,088,990
|
|
|
d)
|
Aggregated Information
Volume
Price
|
n/a single
transaction
|
|
e)
|
Date of transaction
|
31 January 2025
|
|
f)
|
Place of transaction
|
Outside a trading venue
|
