Holding(s) in company

For filings with the FSA include the annex

For filings with issuer exclude the annex

TR-1: Notifications of Major Interests in Shares

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached:

AFC ENERGY

2. Reason for notification (yes/no) YES
An acquisition or disposal of voting rights	X
An acquisition or disposal of financial instruments which may result in the acquisition of shares already issued to which voting rights are attached
An event changing the breakdown of voting rights
Other (please specify):______________

3. Full name of person(s) subject to notification obligation:	SARASIN AND PARTNERS LLP
4. Full name of shareholder(s) (if different from 3):	THE BANK OF NEW YORK (BRUSSELS) BNP PARIBAS SECURITY SERVICES (IOM) BNP PARIBAS SECURITY SERVICES (JERSEY) HSBC BANK PLC (IFS) THE BANK OF NEW YORK THE NORTHERN TRUST COMPANY (LONDON)
5. Date of transaction (and date on which the threshold is crossed or reached if different):	09/10/08
6. Date on which issuer notified:	16/10/08
7. Threshold(s) that is/are crossed or reached:	REDUCTION TO 4.9985% FROM 5.0174%

8: Notified Details
A: Voting rights attached to shares
Class/type of shares If possible use ISIN code	Situation previous to the triggering transaction		Resulting situation after the triggering transaction
	Number of shares	Number of voting rights	Number of shares	Number of voting rights		Percentage of voting rights
				Direct	Indirect	Direct	Indirect
GB00B18S7B29	6,406,331	6,406,331	6,382,261		6,382,261		6,382,261

B: Financial Instruments
Resulting situation after the triggering transaction
Type of financial instrument	Expiration date	Exercise/ conversion period/date	No. of voting rights that may be acquired (if the instrument exercised/converted)	Percentage of voting rights

9. Chain of controlled undertakings through which the voting rights and /or the financial instruments are effectively held, if applicable:

Proxy Voting:
10. Name of proxy holder:
11. Number of voting rights proxy holder will cease to hold:
12. Date on which proxy holder will cease to hold voting rights: