One of AFC Energy’s (LON:AFC) major shareholders, Linc Energy, has sold its stake to a founder’s son.
Linc acquired a 10% stake in AFC five years ago after it invested almost £3mln to secure global rights to use AFC’s fuel cell technology with its Underground Coal Gasification (UCG) process for four years.
This deal also provided Linc with exclusive rights to the application of AFC’s fuel cell technology within Australia.
Linc Energy will continue to work with AFC after the sale via its licensing arrangements, it said.
Adam Bond, AFC’s chief executive, said in the company’s newsletter “I wish to acknowledge Linc Energy’s support of AFC during the past few years which saw substantial investments into the company at various times over recent years in support of the technology’s development lifecycle.”
Ben White, the son of AFC founder Howard White, bought more than 20mln shares, around 7% of the company, from Linc through his wholly owned company Yady Worldwide.
White said it was “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.”
He added the achievement of milestones set out last year by the chief executive and management team has been encouraging.
Chelsea owner Roman Abramovich-backed AFC saw its shares gain 2% to 35.7p today.