REG - SIMEC AtlantisEnergy - Company Update

SIMEC Atlantis EnergyAnnouncement

18/05/2021 07:05

RNS Number : 9690Y
  
SIMEC Atlantis Energy Limited
  
18 May 2021
  
 

 
 
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET ABUSE REGULATION (EU) NO. 596/2014 ("MAR")
18 May 2021 
SIMEC ATLANTIS ENERGY LIMITED
("SAE", the "Company" and, together with its subsidiaries, the "Group")
 
SAE, the global sustainable energy generation company and technology developer, wishes to announce that it has received correspondence in relation to the purported appointment of receivers over all of the shares of its major shareholder, SIMEC UK Energy Holdings Limited ("SUEH"), a GFG Alliance member, which SAE understands, owns approximately 43% of the issued share capital of SAE.
 
The GFG Alliance has informed SAE that it intends to challenge the validity of the appointment and is seeking appropriate advice.  For the avoidance of doubt, SAE wishes to make clear that the above process relates to its major shareholder, SUEH and not to SAE itself.  The GFG Alliance has also informed SAE that it wishes to make clear that SUEH is a holding company for the investment in SAE and the appointment of the receivers does not extend to the rest of the SIMEC group or other members of the GFG Alliance.
 
As a separate matter, SAE also notes that it will need to be determined from the receivers whether, assuming a valid appointment and enforcement of security pursuant to which that appointment is purported to have been exercised, a waiver from the Singapore Securities Industry Council to make a mandatory general offer for SAE under Rule 14 of the Singapore Code on Takeovers and Mergers arising from any such enforcement is required and, where required, has been obtained by the receivers.
 
SAE will make further announcements as required in relation to these matters and as further information becomes available. SAE also wishes to clarify again that, as announced on 7 April 2021, SAE is an independent company whose shares are admitted to trading on AIM and is not a member of the GFG Alliance.
 
For more information please contact:
 



SIMEC Atlantis Energy Limited


+44 (0) 7739 832 446




Sean Parsons, Director of External Affairs








Investec Bank PLC - NOMAD and Joint Broker


+44 (0) 20 7597 5970




Jeremy Ellis
Sara Hale
Ben Griffiths








 
Arden Partners PLC - Joint Broker


 
+44 (0) 20 7614 5900




 
Ruari McGirr
Richard Johnson
Simon Johnson 
 







 
Notes to Editors
 
SIMEC Atlantis Energy
 
SAE is a global developer, owner and operator of sustainable energy projects with a diverse portfolio in various stages of development. This includes a 77 per cent. stake in the world's largest tidal stream power project, MeyGen, 100 per cent. of the 220MW Uskmouth Power Station conversion project and 100 per cent. of Green Highland Renewables, a leading developer of mini-hydro projects.
 
https://www.simecatlantis.com/
 
More on the MeyGen Project: https://simecatlantis.com/projects/meygen/
More on the Uskmouth Project: https://simecatlantis.com/project-development-operation/simec-uskmouth-power/
Market Abuse Regulation
The information contained within this announcement is inside information as stipulated under MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain. The person responsible for arranging for the release of this announcement on behalf of SAE is Graham Reid, CEO of SAE.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
  END
 
 
UPDEVLBFFELZBBK