REG - SIMEC AtlantisEnergy - SAE confirms amendment to Debenture Deed

SIMEC Atlantis EnergyAnnouncement

10/06/2022 15:15

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220610:nRSJ5248Oa&default-theme=true

RNS Number : 5248O  SIMEC Atlantis Energy Limited  10 June 2022

 

 

RNS

10 June 2022

SIMEC ATLANTIS ENERGY LIMITED
("SAE", the "Company" and, together with its subsidiaries, the "Group")

 

SAE confirms amendment to Debenture Deed

 

Following the update on the 25 May 2022, SAE is pleased to confirm that
Atlantis Ocean Energy debenture holders have approved the amendment to the
debenture deed which will:

 

·      Extend the Maturity Date from 30 June 2022 to 30 June 2023

·      Allow the interest due on 30 June 2022 to be paid late but no
later than 30 September 2022

·      Apply additional interest due to the amount that is being paid
late at a rate equivalent to Barclays PLC published base rate +3% per year.

 

In the same update, the Company noted that it would also be requesting a
deferral of interest due on 30 June 2022 in relation to Atlantis Future Energy
debentures which mature on 23 March 2023 (£4.97m) and 30 September 2024
(£3.79m)

 

SAE has now written to Atlantis Future Energy debenture holders to formally
request a short deferral of up to 3 months for interest payments due on 30
June 2022. Additional interest due to the amount that is being paid late will
be applied at a rate equivalent to Barclays PLC published base rate + 3% per
year.

 

SAE expects to use part of the initial proceeds of the approximately £10m of
expected proceeds from the previously announced agreement with Uskmouth Energy
Storage to deliver a Battery Energy Storage Site at Uskmouth, to repay the
interest.

 

The request for the deferral requires the agreement of 75% by value of
debenture holders. The voting period has now opened and the results of the
vote are expected during week commencing 27 June 2022. SAE will continue to
provide updates.

 

SAE would like to thank its debenture holders for their continued support.

 

 

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

 Ben Griffiths

 Arden Partners PLC - Joint Broker           +44 (0) 20 7614 5900

 Ruari McGirr

 Simon Johnson

 

Notes to Editors

 

SAE is a global developer, owner and operator of sustainable energy projects
with a diverse portfolio in various stages of development.

https://www.simecatlantis.com/ (https://www.simecatlantis.com/)

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 (mailto:rns@lseg.com)
 or visit
www.rns.com (http://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 (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCFMMITMTBBBMT