REG - AFC Energy Plc - Results of General Meeting

AFC EnergyAnnouncement

24/06/2022 13:45

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RNS Number : 1650Q  AFC Energy Plc  24 June 2022

 

24 June 2022

AFC Energy PLC

("AFC Energy" or the "Company")

Results of General Meeting

AFC Energy (AIM: AFC), a leading provider of hydrogen power generation
technologies, announces that at a General Meeting held at 9.00am on 24 June
2022 the resolution to adjust the cap for aggregate non-executive fees to
£400,000 was passed by a majority of 94.2 %.

 

 

      Brief Description                                Votes for & Discretion      %       Votes against  %     Total votes      Votes withheld

(ex. withheld)

 RESOLUTIONS
 1    Adjust the cap for aggregate non-executive fees  122 million                 94.2 %  8 million      5.8%  130 million      2 million

 

At the AGM held on 7 April 2022, a special resolution to remove the cap on the
aggregate fees for non-executive directors failed to achieve the required 75%
majority. Following consultation with shareholders, the Company proposed the
£400,000 aggregate cap which has been endorsed. This will provide sufficient
but not excessive flexibility over the next few years to recruit and retain
suitably experienced and qualified non-executive directors to support and work
with the executive team.

 

Furthermore, as announced on 7 April 2022, a sizeable minority of shareholders
voted against the adoption of the financial statements. Following the GM, we
will be speaking to our major shareholders to understand the principal
concerns for the votes against this resolution.  We intend to write to
shareholders in due course to respond to the feedback we have received on this
issue.

 

 

  For further information, please contact:

 AFC Energy plc                                                 +44 (0) 14 8327 6726

 Adam Bond (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 / Tom Ballard / Alexander Allen
 M C Peat & Co LLP - Joint Broker                               +44 (0) 20 7104 2334

 Charlie Peat
 Zeus Capital Limited - Joint Broker

 Daniel Harris (Corporate Finance)                              +44 (0) 203 829 5000

 Dominic King (Corporate Broking) / Rupert Woolfenden (Sales)
 FTI Consulting - Financial PR Advisors                         +44 (0) 203 727 1000

 Ben Brewerton / Nick Hennis / Dhruv Soni                       afcenergy@fticonsulting.com (mailto:afcenergy@fticonsulting.com)

 

About AFC Energy

AFC Energy plc is commercialising scalable "fuel flexible" fuel cell systems,
to provide clean electricity for on and off grid applications. The technology,
pioneered over the past twelve years in the UK, is now deployable in electric
vehicle chargers, off-grid decentralised power systems and data centre
applications with emerging opportunities across maritime and rail as part of a
portfolio approach to the decarbonisation of local electricity needs.

 

 

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