REG - SIMEC AtlantisEnergy - SAE in discussions with Abundance Investment

SIMEC Atlantis EnergyAnnouncement

27/04/2022 07:00

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RNS Number : 4442J  SIMEC Atlantis Energy Limited  27 April 2022

 

 

 

RNS

27 April 2022

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

 

SAE in discussions with Abundance Investment Limited regarding Atlantis Ocean
Energy PLC debentures

 

SAE has entered into discussions with Abundance Investment Limited regarding
extending the timing of the repayment of the Atlantis Ocean Energy PLC
debentures. As previously disclosed, the Atlantis Ocean Energy PLC debentures
were issued in 2017 and the principal of £4.95m is currently due for
repayment on 30 June 2022.

 

The following communication will be issued to Atlantis Ocean Energy debentures
holders today:

 

"As you know, we are due to repay your capital with a final interest payment
on 30 June 2022.  We have been making steady progress on the development of
our sustainable energy projects, in particular at our Uskmouth site, and
expect these projects to deliver a significant income stream to the Company.
It has become clear, however, that as a result of delays to these projects, we
will need more time to repay the Atlantis Ocean Energy debentures.

 

We will write to you shortly to provide you with full details and to formally
request an extension to the repayment date of the debentures and potentially a
short deferral of the upcoming interest payment.  We intend to repay the
debentures in full and to continue to pay interest until repayment, but we are
requesting this extension in order to give us time to realise value from our
projects."

 

A further update will be provided by the Company as discussions progress.

 

 

 

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

 Richard Johnson

 Simon Johnson

 

Notes to Editors

 

SAE

 

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, and
100 per cent. of the Uskmouth site.

 

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

 

More on the MeyGen Project: https://simecatlantis.com/projects/meygen/
(https://simecatlantis.com/projects/meygen/)

More on the Uskmouth Project:
https://simecatlantis.com/project-development-operation/simec-uskmouth-power/
(https://simecatlantis.com/project-development-operation/simec-uskmouth-power/)

 

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