AFC Energy (AFC) listed on AIM in April 2007 with a stated aim of commercialising its fuel cell technology. Its chairman then and now was sleazy MP Tim Yeo. Investors in the original placing were told that the company would deliver multiple systems to customers by August 2008. Yup. Right. Natch that has not happened and the old guard (except sleazy Tim) departed a year ago. The New CEO Ian Williamson seems a decent fellow (we chatted today) but the current valuation (up 31% today thanks to a tip in the Mail on Sunday) is absurd. The valuation, the question of cash and the role of the sleazebag chairman are all matters of concern.
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