AFC Energy non-executive director Mitchell Field has raised just over £250,000 by selling shares in the AIM-quoted fuel cell developer.
Field sold 339,909 shares at 73.91p each. He appears to have got his timing right because that is not far off the highest ever price for the shares, which have fallen back in the past couple of days and closed at 52.5p today. The shares are still more than 350% higher than one year ago.
Field still owns 1.21% of AFC. Along with other directors of AFC he participated in last December's placing at 10p a share. He bought 800,000 shares at that time for a total cost of £80,000.
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Linc Energy recently invested £2.97m at 17.72p a share for a 9.7% stake and a further £1.05m was raised from a placing at 18.5p a share.
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The Linc investment was part of a deal where the company exercised its option to extend licence rights to AFC's alkaline fuel cell technology. Linc has in perpetuity worldwide exclusive rights to utilise and operate AFC fuel cells in conjunction with underground coal gasification. It can also use the fuel cells in any research application in Australia.
It was the Linc agreement that sparked the main rise in the share price this month.
AFC has also signed a binding letter of intent with Powerfuel Power and B9 Coal for the development of high efficiency fuel cell power stations in the UK fuelled with hydrogen derived from surface coal gasification and/or natural gas. The first power demonstration power station will be located at the Hatfield Colliery site near Doncaster, South Yorkshire.
Top Director Buys
Altitude Group (ALT) Director name: Mrs Vivienne Margaret BlumfieldAmount purchased: 25,000 @ 1,590.00p Value: £397,500
Mouchel Group (MCHL) Director name: Mr David TilstonAmount purchased: 27,000 @ 92.75p Value: £25,042
Top Director Sells
AFC Energy (AFC) Director name: Mr Mitchell Laurence FieldAmount sold: 339,909 @ 73.91p Value: £251,227
Skywest Airlines Ltd. (SKYW) Director name: Mr Seah Kian PengAmount sold: 100,000 @ 26.50p Value: £26,500
