REG - AFC Energy Plc - Directorate Change

AFC EnergyAnnouncement

16/12/2024 07:00

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RNS Number : 1087Q  AFC Energy Plc  16 December 2024

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO
CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER ARTICLE 7 OF THE EU
REGULATION 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
VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN
THE PUBLIC DOMAIN.

 

 

16 December 2024

 

 

AFC Energy PLC

("AFC Energy" or the "Company")

 

 

Directorate Change

 

AFC Energy (AIM:AFC), a leading provider of hydrogen power generation
technologies, announces that Peter Dixon-Clarke has informed the Board of his
decision to resign as Chief Financial Officer ("CFO") and Executive Director
of the Company to pursue other interests.  He will step down from both
positions immediately but will continue as an employee of the Company until 31
December 2024 to ensure a smooth transition for the business.

 

We are pleased to announce that Karl Bostock will replace Peter as CFO and
Executive Director of the Company, effective 20 January 2025. Karl brings over
15 years of experience as a CFO in manufacturing, having previously held
positions at Bulgin Limited and Coveris UK. At Bulgin, Karl worked with John
Wilson who, as previously announced, will join as AFC Energy's CEO on 6
January 2025. As well as significant finance experience, Karl has expertise in
business partnerships in private equity-owned environments.

 

Gary Bullard, Chairman and CEO, said:

 

"On behalf of the Board, I would like to thank Peter for the contribution he
has made to AFC Energy in his time as CFO. He has built a strong team and we
wish him well for the future. We are pleased to have secured Karl as his
replacement. Karl has a proven track record of working with John to increase
shareholder value and are pleased to be able to reunite a winning team to work
for AFC Energy at an exciting time for the Company."

 

Peter Dixon-Clarke, outgoing Chief Financial Officer, said:

 

"I would like to thank the Board and the senior management team for their
support in my time as CFO.  I have every confidence in the future success of
the business and I wish the team the very best for the future."

 

Karl Bostock, incoming Chief Financial Officer, said:

 

"I am delighted to be joining AFC Energy at such an exciting time in the
Company's evolution. I look forward to working with the talented team at AFC
Energy to build on its strong foundations and to help drive the Company's
growth as we commercialise the technologies of AFC Energy and Hyamtec and
expand the Company's global footprint."

 

Regulatory

 

The following information is disclosed under Rule 17 of the AIM Rules for
Companies ("AIM Rules") and Schedule Two Paragraph (g) of the AIM Rules:

 

Karl Robert Bostock (aged 47)

 

Karl Bostock does not hold any ordinary shares nor options over ordinary
shares in the Company.

 

 Current Directorships  Past Directorships (within the last five years)

 None                   Bulgin Connectors Limited
                        Regatta Midco Limited
                        Regatta Bidco Limited
                        Regatta Topco Limited
                        Regatta Holdco Limited
                        Bulgin Limited
                        Bulgin Connectors Limited

 

Appendix 1 to this RNS sets out a list of entities involved in a restructuring
process which resulted in such entities going through either Members'
Voluntary Liquidation or Voluntary Strike Off and which Karl Bostock was
previously a director of. Such entities had no outstanding charges and no
external creditors at the date of liquidation.

 

 

 

There is no further information which is required to be disclosed under
Schedule Two, paragraph (g) of the AIM Rules for Companies in respect of Karl
Bostock.

 

 

 

 

 

 

For further information, please contact:

 

 AFC Energy plc                                                 +44 (0) 14 8327 6726

 Gary Bullard (Chief Executive Officer)                         investors@afcenergy.com (mailto:investors@afcenergy.com)

 Peel Hunt LLP - Nominated Adviser and Joint Broker             +44 (0) 207 418 8900

 Richard Crichton / Georgia Langoulant / Emily Bhasin
 Zeus - Joint Broker                                            +44 (0) 203 829 5000

 David Foreman / James Hornigold (Investment Banking)

 Dominic King (Corporate Broking) / Rupert Woolfenden (Sales)

 RBC Capital Markets - Joint Broker                             +44 (0) 20 7653 4000

 Matthew Coakes / Teri Su

 Eduardo Famini / Jack Wood

 FTI Consulting - Financial PR Advisors                         +44 (0) 203 727 1000

 Ben Brewerton / Chris Laing / Evie Taylor                      afcenergy@fticonsulting.com (mailto:afcenergy@fticonsulting.com)

 

 

About AFC Energy

 

AFC Energy plc is a leading innovator in hydrogen-based power and ammonia
cracking solutions, delivering clean energy for on-grid and off-grid
applications. The Company's hydrogen fuel cell technology provides a
sustainable alternative to diesel power generation, supporting electric
vehicle charging, decentralised power systems for construction, and temporary
power needs. AFC Energy is also exploring new opportunities across maritime,
data centres, and rail, driving the decarbonisation of growing electrification
demands.

 

The Company's subsidiary, Hyamtec, is commercialising proprietary ammonia
cracking technology to unlock new opportunities in distributed hydrogen
production. This includes hydrogen refuelling, natural gas displacement for
industrial processes, and hydrogen combustion engine conversions. Hyamtec's
solutions are designed to meet the decarbonisation needs of industries such as
mining, cement, asphalt, power generation, and heavy engineering, supporting
the global transition to clean energy.

 

 

Appendix 1

 

 

 Company Name                                                                    Date of Dissolution  Cessation of Directorship
 Learoyd Packaging (Holdings) Limited (06910091)                                 2 June 2017          2 June 2017
 (https://find-and-update.company-information.service.gov.uk/company/06910091)
 Learoyd Packaging Limited (04959658)                                            13 March 2018        13 March 2018
 (https://find-and-update.company-information.service.gov.uk/company/04959658)
 St. Neots Packaging Holdings Limited (03523757)                                 2 June 2017          2 June 2017
 (https://find-and-update.company-information.service.gov.uk/company/03523757)
 St Neots Holdings Limited (06489426)                                            2 June 2017          2 June 1017
 (https://find-and-update.company-information.service.gov.uk/company/06489426)
 Coveris Flexibles (St Neots) UK Limited (02875069)                              13 March 2018        13 March 2018
 (https://find-and-update.company-information.service.gov.uk/company/02875069)
 St.Neots Investments Limited (04330748)                                         2 June 2017          2 June 2017
 (https://find-and-update.company-information.service.gov.uk/company/04330748)
 Creative Labels Limited (01169076)                                              13 October 2017      13 October 2017
 (https://find-and-update.company-information.service.gov.uk/company/01169076)
 PPP1 Limited (05557337)                                                         2 November 2017      2 November 2017
 (https://find-and-update.company-information.service.gov.uk/company/05557337)
 Carton Labellers Limited (05207477)                                             13 October 2017      13 October 2017
 (https://find-and-update.company-information.service.gov.uk/company/05207477)
 Imagenet Solutions Limited (05256337)                                           13 October 2017      13 October 2017
 (https://find-and-update.company-information.service.gov.uk/company/05256337)
 Paragon Print & Packaging Limited (04242739)                                    13 October 2017      13 October 2017
 (https://find-and-update.company-information.service.gov.uk/company/04242739)
 Paragon Labels (Wisbech) Limited (05549858)                                     9 June 2017          9 June 2017
 (https://find-and-update.company-information.service.gov.uk/company/05549858)
 Ppp4 Limited (06367846)                                                         13 October 2017      13 October 2017
 (https://find-and-update.company-information.service.gov.uk/company/06367846)
 Paragon Print And Packaging (Holdings) Limited (06340568)                       13 October 2017      13 October 2017
 (https://find-and-update.company-information.service.gov.uk/company/06340568)
 PPP2 Limited (06367839)                                                         13 October 2017      13 October 2017
 (https://find-and-update.company-information.service.gov.uk/company/06367839)
 Rivendell (Holdings) Limited (03731111)                                         9 July 2019          31 March 2017
 (https://find-and-update.company-information.service.gov.uk/company/03731111)
 Paragon Labels (Norfolk) Limited (01630940)                                     20 March 2020        31 March 2017
 (https://find-and-update.company-information.service.gov.uk/company/01630940)
 Transcontinental Supraplast Holding UK Ltd. (09926789)                          12 January 2023      31 March 2017
 (https://find-and-update.company-information.service.gov.uk/company/09926789)
 Britton Group (Holdings) Limited (03540803)                                     2 June 2017          2 June 2017
 (https://find-and-update.company-information.service.gov.uk/company/03540803)
 Portugal Midco Limited (08340144)                                               2 June 2017          2 June 2017
 (https://find-and-update.company-information.service.gov.uk/company/08340144)
 Britton Holdings Limited (05021852)                                             2 June 2017          2 June 2017
 (https://find-and-update.company-information.service.gov.uk/company/05021852)
 Coveris Flexibles (Louth) UK Limited (00815053)                                 30 April 2018        30 April 2018
 (https://find-and-update.company-information.service.gov.uk/company/00815053)
 Bravo Bidco Limited (07534080)                                                  2 June 2017          2 June 2017
 (https://find-and-update.company-information.service.gov.uk/company/07534080)
 Merlin Group Holdings Limited (02888971)                                        2 June 2017          2 June 2017
 (https://find-and-update.company-information.service.gov.uk/company/02888971)
 Coveris Bravo Flexibles Limited (06473281)                                      13 March 2018        13 March 2018
 (https://find-and-update.company-information.service.gov.uk/company/06473281)
 Coveris Uk Bravo Group Limited (03541144)                                       13 March 2018        13 March 2018
 (https://find-and-update.company-information.service.gov.uk/company/03541144)
 Britton Security Packaging Limited (00339276)                                   2 June 2017          2 June 2017
 (https://find-and-update.company-information.service.gov.uk/company/00339276)
 Coveris Flexibles (Hartlepool) UK Limited (00323279)                            13 March 2018        13 March 2018
 (https://find-and-update.company-information.service.gov.uk/company/00323279)
 Coveris Flexibles (Winsford) UK Limited (02233869)                              13 March 2018        13 March 2018
 (https://find-and-update.company-information.service.gov.uk/company/02233869)
 Pampascourt Limited (03588148)                                                  2 June 2017          2 June 2017
 (https://find-and-update.company-information.service.gov.uk/company/03588148)
 Britton Polyian Limited (00654622)                                              20 March 2020        31 March 2017
 (https://find-and-update.company-information.service.gov.uk/company/00654622)
 Portugal Finco Limited (08340053)                                               3 September 2019     31 March 2017
 (https://find-and-update.company-information.service.gov.uk/company/08340053)
 Coveris Labels Holdings UK Ltd (08338517)                                       10 September 2019    31 March 2017
 (https://find-and-update.company-information.service.gov.uk/company/08338517)

 

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