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RNS Number : 5880F SIMEC Atlantis Energy Limited 22 March 2022
RNS
22(nd) March 2022
SIMEC ATLANTIS ENERGY LIMITED
("SAE", the "Company" and, together with its subsidiaries, the "Group")
SAE signs Heads of Terms to progress Uskmouth Sustainable Energy Park
SAE is continuing to progress the development of the Uskmouth site into a
sustainable energy park. To facilitate this, SIMEC Group, a c.29.7%
shareholder in the Company and which sold the Uskmouth project to SAE, has
agreed to provide the necessary consents for such development pursuant to
rights that it holds under a lease on land at Uskmouth and under a debenture
for an existing £2 million convertible loan from SIMEC Group to SAE.
SAE has entered into a Heads of Terms with the SIMEC Group, which commit SAE
to establishing a SPV, owned 85% by SAE and 15% by the SIMEC Group, which will
hold the land and assets required to progress sustainable energy projects at
the Uskmouth site. An agreement will be put in place providing for a share of
revenue from any projects realised at the site in accordance with the SPV
shareholding percentage and for full step-in rights for either party in the
event of insolvency of the other party.
SAE understands that the SIMEC Group (via SIMEC UK Energy Holdings Limited)
owns approximately 29.7% of the issued share capital of SAE. As a result,
pursuant to AIM Rule 13, the entry into the agreement described above will be
deemed a related party transaction. The Directors of SAE (all of whom are
independent for these purposes) consider, having consulted with SAE's
Nominated Adviser, Investec Bank plc, that the terms of the agreement are fair
and reasonable insofar as the shareholders of SAE are concerned.
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
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, and
100 per cent. of the 220MW Uskmouth Power Station conversion project.
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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