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
Gary Bullard (Chief Executive
Officer)
|
+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
|
|
|
|
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