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AFC Energy PLC announced an update on its Annual General Meeting (AGM) held on 23 April 2025, where Resolution 8, related to the 2024 remuneration report, was passed with 77.09% of proxy votes in favour. The company also stated that, with immediate effect, RBC Europe Limited will no longer act as its Joint Broker. Zeus continues as Joint Broker and Peel Hunt remains Nominated Adviser and Joint Broker.
| Date | 10 Oct 2025 |
| Time | 07:00:10 |
| Category | Corporate updates |
| ID | 8190C |
10 October 2025
AFC Energy PLC
("AFC Energy" or the "Company")
Update on Annual General Meeting Resolution Vote and Change of Broker
AFC Energy (AIM: AFC), a leading provider of hydrogen power generation technologies, provides an update on recent shareholder engagement following the Company's last Annual General Meeting on 23 April 2025 (the "AGM").
At the AGM, Resolution 8, relating to the Company's 2024 remuneration report, was passed with a majority, with 77.09% of proxy votes in favour. The Company recognised that although the resolution was passed, a significant minority of shareholders voted against this resolution.
In accordance with the QCA Corporate Governance Code 2023, the Company engaged further with our largest shareholders in order to better understand the reasons behind the result. Having considered carefully the feedback received, the Board maintains the view that the Remuneration Report approved at the AGM is in the best interests of value creation for all shareholders. The Board is grateful to shareholders for their engagement and feedback.
Change of Broker
AFC Energy also announces that further to a review of the Company's advisory relationships, and with immediate effect, RBC Europe Limited will no longer act as the Company's Joint Broker. Zeus will continue to act as Company's Joint Broker alongside Peel Hunt, who will continue to act as the Company's Nominated Adviser and Joint Broker.
For further information, please contact:
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AFC Energy plc Gerry Agnew (Chair, Remuneration Committee) John Wilson (Chief Executive Officer)
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+44 (0) 14 8327 6726 |
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Peel Hunt LLP - Nominated Adviser and Joint Broker Richard Crichton / Georgia Langoulant / Emily Bhasin |
+44 (0) 207 418 8900
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Zeus - Joint Broker David Foreman / James Hornigold (Investment Banking) Dominic King (Corporate Broking) / Rupert Woolfenden (Sales) |
+44 (0) 203 829 5000 |
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FTI Consulting - Financial PR Advisors Ben Brewerton / Chris Laing / Evie Taylor |
+44 (0) 203 727 1000 |
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About AFC Energy
AFC Energy plc is a leading provider of hydrogen energy solutions, to provide clean electricity for on and off grid power applications. The Company's fuel cell technology is now deployable as electric vehicle chargers, off-grid decentralised power systems for construction and temporary power with emerging opportunities across maritime, data centres and rail as part of a portfolio approach to the decarbonisation of society's growing electrification needs.
The Company's proprietary ammonia cracking technology further highlights emerging opportunities across the distributed hydrogen production market with a focus on hydrogen's role in supporting industries facing challenges in decarbonisation, such as mining, cement and heavy engineering.