RNS Number : 2556BAFC Energy Plc01 June 2023

AFC Energy Plc

1 June 2023

AFC Energy Plc

("AFC Energy" or the "Company")

Grant of Share Options

AFC Energy (AIM: AFC) is pleased to announce that it has today granted awards by way of nominal cost options over, in aggregate, 4,664,000 ordinary shares of £0.001 each in the Company ("Ordinary Shares") ("Awards") to certain executive directors, senior management and employees under the Company's Performance Share Plan ("PSP"). This represents 0.63% of the Company's total issued share capital.

The following Directors of the Company have been granted Awards under the Company's PSP: ""

Name of PDMR

Title

Maximum number of Ordinary Shares (Total Award)

Adam Bond

Chief Executive Officer

2,142,415

Peter Dixon-Clarke

Chief Financial Officer

978,042

The Company's PSP has been designed to reward employees of the Company for performance that delivers value for shareholders and incentivise employees to work effectively together to deliver key corporate objectives.  

The Awards entitle the individual to acquire Ordinary Shares up to the maximum number set out above, subject to the satisfaction of certain performance conditions and continued employment. The Awards will vest on 1 June 2026, or as soon as practicable after this date.

The performance testing relating to the Awards will be split equally between an Absolute Total Shareholder Return ("TSR") performance condition and a Relative TSR condition.

Under the Absolute TSR condition, at the vesting date the Company's TSR over the three year performance period will be calculated and tested against a threshold of 15% per annum. Below this threshold this portion of the Award will be forfeited. At the threshold, 12.5% of the maximum Award will vest and this will increase linearly up to 50% vesting for the achievement of 30% per annum.

Under the Relative TSR condition, the Company's TSR as at the end of the Performance Period will be ranked against constituents of the FTSE AIM 100 Index. A ranking below a median threshold will mean this portion of the Award will be forfeited. At the threshold, 12.5% of the maximum Award will vest and this will increase linearly up to 50% vesting at upper quartile ranking.

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 (Chair of remuneration committee)

+44 (0) 14 8327 6726

[email protected]

Peel Hunt LLP-  Nominated Adviser and Joint Broker

Richard Crichton / Tom Ballard / Georgia Langoulant

+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

FTI Consulting - Financial PR Advisors

Ben Brewerton / Nick Hennis / Dhruv Soni

+44 (0) 203 727 1000

[email protected]

1

Details of the person discharging managerial responsibilities / person closely associate

a)

Name

Adam Bond

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 Performance Share Plan

c)

Price(s) and volume(s)

Price per share

Volume

£0.001

2,142,415

d)

Aggregated Information

Volume

Price

 n/a single transaction

e)

Date of transaction

1 June 2023

f)

Place of transaction

Outside a trading venue

1

Details of the person discharging managerial responsibilities / person closely associate

a)

Name

Peter Dixon-Clarke

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 Performance Share Plan

c)

Price(s) and volume(s)

Price per share

Volume

£0.001

978,042

d)

Aggregated Information

Volume

Price

 n/a single transaction

e)

Date of transaction

1 June 2023

f)

Place of transaction

Outside a trading venue

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