There has been a significant shift in AFC Energy’s shareholders – as the founder’s son acquires available shares and now holds just over 7%.
Yady has acquired all of Linc Energy’s 20,269,705 ordinary shares in AFC, increasing Yady’s shareholding in AFC by 7.04%. Yady, a company wholly owned by Ben White, decided to pursue the transaction when it identified an opportunity to acquire a substantial block of shares in AFC in a single transaction. The transaction was made off market.
Ben White said “The opportunity to acquire Linc Energy’s position in AFC presented a rare opportunity to increase Yady’s position in the Company at a time when we believe the future value of the Company is undervalued by the market.”
White further noted, “Through this transaction, Yady wishes to acknowledge its continued strong support of the company’s executive team and its Chief Executive who has continued to meet each of the strategic milestones AFC announced in December 2014 alongside a range of commercial opportunities.”
Adam Bond, AFC’s CEO, said, “We wish to acknowledge Linc Energy’s support of AFC over the past few years during which time it has been one of the Company’s largest shareholders. I also wish to welcome Yady’s decision to further support the Company at this time of accelerated growth and drive towards commercialisation.”
Linc Energy’s spokesperson outlined that whilst maintaining a significant shareholding in AFC is no longer aligned with Linc Energy’s corporate strategy, Linc Energy continues to have an ongoing commercial relationship with AFC via its licensing arrangements and as such will continue its strong support of the development of the company into the future.