REG - AFC Energy Plc - Grant of Share Options

AFC EnergyAnnouncement

03/02/2025 07:15

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RNS Number : 5493V  AFC Energy Plc  03 February 2025

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                                                      +44 (0) 14 8327 6726

 Gerry Agnew (Chairman of Remuneration Committee)                    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)

 

 

 

 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                                        n/a single transaction

      Volume

      Price
 e)   Date of transaction                                          31 January 2025
 f)   Place of transaction                                         Outside a trading venue

 

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                                        n/a single transaction

      Volume

      Price
 e)   Date of transaction                                          31 January 2025
 f)   Place of transaction                                         Outside a trading venue

 

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                                        n/a single transaction

      Volume

      Price
 e)   Date of transaction                                          31 January 2025
 f)   Place of transaction                                         Outside a trading venue

 

d)

Aggregated Information

 

Volume

 

Price

 n/a single transaction

 

e)

Date of transaction

31 January 2025

f)

Place of transaction

Outside a trading venue

 

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