SIMEC Atlantis Energy Limited Company Update (9690Y)
May 18 2021 - 1:00AM
UK Regulatory
TIDMSAE
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:
+44 (0) 7739 832
SIMEC Atlantis Energy Limited 446
Sean Parsons, Director of
External Affairs
----------------------
Investec Bank PLC - NOMAD +44 (0) 20 7597
and Joint Broker 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.
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END
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