TIDMSAE
RNS Number : 5156A
SIMEC Atlantis Energy Limited
30 September 2020
INTERIM RESULTS (UNAUDITED)
30 September 2020
SIMEC ATLANTIS ENERGY LIMITED
("Atlantis", the "Company" or the "Group")
Interim Results (unaudited)
SIMEC Atlantis Energy Limited, the global developer, owner and
operator of sustainable energy projects is pleased to announce its
unaudited Interim Results for the six months ended 30 June
2020.
Trading Statement
The first six months of 2020 have seen significant global
economic and social challenges as a result of the COVID-19
pandemic. Despite these challenges, we have maintained a high level
of activity across each of our business units and we continue to
see encouraging progress on all key projects notwithstanding all of
the logistical and workplace challenges COVID-19 social distancing
restrictions present. In particular, we note the major technical,
planning and commercial milestones that have been achieved recently
on the Uskmouth power station conversion project in Wales, our
recent entry into the NPA Fuels joint venture with the N+P Group,
the performance from the MeyGen project in Scotland and the recent
over-subscribed equity placement in August 2020.
Financial summary
The overall loss before tax of GBP6.1 million for the six months
ended 30 June 2020 was almost half of the loss of GBP11.8 million
reported for the same period in 2019. This improvement is largely
attributable to strong revenue contributions generated by the
Atlantis tidal turbine and engineering services division, together
with good performance from the MeyGen project in Scotland. Six
months of revenue contributions from GHR added to the improved
performance relative to 2019. Overall, costs were in line with
expectations with significant contractors' costs being incurred in
delivery of the subsea hub project and the AR500 turbine for Japan,
as well as the ongoing Uskmouth operational costs.
Depreciation, as expected, has remained stable and is being
driven by Uskmouth and MeyGen.
Finance costs in the current period are materially in line with
the same period last year and also included five months of the
GBP3.79 million Abundance bond raise, which closed in February
2020.
The unaudited consolidated cash position of the Atlantis Group
at 30 June 2020 was GBP9.8 million.
Tim Cornelius, Chief Executive of Atlantis, commented:
The impact of COVID-19 on our business, society and personal
lives cannot be underestimated and we have all had to find new ways
to work and to live. I am immensely proud of all the team at
Atlantis who have ensured that during these unprecedented times we
have continued to make material progress on our important portfolio
of projects, where we connect carbon cutting projects with
industries looking to ensure that they can reduce their carbon
intensity and be at the forefront of the green agenda.
Each of our business units, being tidal energy, hydro power and
power station conversions, have delivered exceptional performance
under challenging conditions.
The full Interim Report will be available to download from the
Company's website today.
www.simecatlantis.com
Enquiries:
Investec Bank PLC +44 (0) 20 7597 5970
Jeremy Ellis
Sara Hale
Ben Griffiths
-----------------------
SIMEC Atlantis Energy Limited +44 (0) 7739 832 446
-----------------------
Sean Parsons, Director of External
Affairs
-----------------------
Notes to Editors
SIMEC Atlantis Energy
Atlantis 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/
SIMEC Atlantis Energy Limited
Registration Number: 200517551R
Consolidated Interim Financial Statements
(unaudited)
For the six months ended 30 June 2020
Trading Update Statement
The first six months of 2020 have seen significant global
economic and social challenges as a result of the COVID-19
pandemic. Here at Atlantis we have maintained activity across each
of our business units and we continue to see encouraging progress
despite the logistical and workplace challenges COVID-19 social
distancing restrictions present. In particular, we note the
continued progress of the Uskmouth power station conversion project
in Wales with major technical, planning and commercial milestones
having been successfully achieved, the entry into the NPA Fuels
joint venture with the N+P Group, and the resulting over-subscribed
equity placement in August 2020.
Power Station Conversion
The Uskmouth conversion project started the year in March with
successful commercial fuel pellet production and milling trials and
followed this up in May with the launch of the project
pre-application planning consultation. The most significant
technical achievement of 2020 was announced in June in relation to
the large scale fuel combustion tests which took place in Nagasaki,
Japan. These tests were successfully completed by Mitsubishi Power
Systems and results exceeded combustion performance expectations.
In August, we announced entry into a fuel supply joint venture with
the N+P Group to supply fuel to Uskmouth and other future
conversion projects. This joint venture is expected to improve the
security of Uskmouth's fuel supply whilst providing access to
additional revenues from the sale of fuel and the gate fees
chargeable for receipt of the input waste materials at the fuel
production plants. In order to optimise revenues generated by power
sales from Uskmouth we have also announced that we are working with
data centre development specialist TechRE to evaluate opportunities
to sell output via private wire networks to data centre customers.
Finally, we recently updated the market on our relationship with
South Korean infrastructure investor Hana Financial Investment Co,
with whom we are seeking to secure debt and equity bridge financing
for the conversion of the first 110MW of capacity at Uskmouth.
Marine Energy
The 6MW first phase of the MeyGen project has now exported more
than 33GWh to the grid, enough to charge more than 750,000 standard
electric vehicles. Whilst the three Andritz turbines have been
performing well, the Atlantis AR1500 turbine requires further
repair and maintenance following its redeployment in August. We
expect the AR1500 to be reinstated and fully operational by the end
of December 2020. The variable pitch upgrade is expected to deliver
a 4% increase in annual revenue with no increase in the turbine's
operating cost. The August operations included the completion of
the installation of MeyGen's new subsea hub, which was provided by
Atlantis under a GBP2.4m delivery contract supported by a grant
from the Saltire Tidal Energy Challenge Fund. This subsea hub is a
key enabler for cost reductions in future tidal arrays as it is
designed to allow for the connection of multiple turbines
offshore.
Atlantis is in the final stages of construction and testing for
an AR500 turbine system to be delivered to Japan for our client
Kyuden Mirai Energy ("KME") in Q4 2020. The turbine will be
deployed in the Straits of Naru, within the southern Japanese Goto
island chain. It is intended that this would be the first phase of
a larger testing programme at the site, subject to initial
performance.
Hydro Energy
The Atlantis group's hydro division, SIMEC GHR Ltd ("GHR"), has
continued to develop its operations and maintenance business and
currently provides services to over 45 separate hydroelectric
schemes throughout Scotland. New clients are being added and
additional resources are being deployed to ensure that the service
levels are of the highest standard. GHR's project management
division is actively involved in the construction of 4 new hydro
schemes and, although COVID-19 closed these sites for a short
while, construction is now progressing well towards the required
commissioning dates.
Equity Placement
On 6 August 2020, the Company announced the launch of a
fundraising comprising a placing by way of an accelerated bookbuild
process by Investec and Arden and an offer for subscription by
PrimaryBid, each at a price of 12 pence per share (together, the
"Fundraising"). The placing raised gross proceeds of GBP6.5 million
through the issue of 54,166,666 new ordinary shares and the
PrimaryBid offer raised GBP1 million through the issue of 8,333,333
new ordinary shares. In aggregate, therefore, the Fundraising
raised gross proceeds of approximately GBP7.5 million and resulted
in the issue of 62,499,999 new Ordinary Shares at 12 pence per
share. The proceeds are being used to fund the Company's working
capital requirements and in connection with the proposed investment
by the Company in NPA Fuels Limited.
Summary of Results
The overall loss before tax of GBP6.1 million for the six months
ended 30 June 2020 was almost half of the loss of GBP11.8 million
reported for the same period in 2019. This improvement is largely
attributable to strong revenue contributions generated by the tidal
turbines and engineering services division, together with good
performance from the MeyGen project in Scotland. Six months of
revenue contributions from GHR added to the improved performance
relative to 2019. Overall, costs were in line with expectations
with significant contractors' costs being incurred in delivery of
the subsea hub project and the AR500 turbine for Japan, as well as
the ongoing Uskmouth operational costs.
Depreciation, as expected, has remained stable and is being
driven by Uskmouth and MeyGen.
Finance costs in the current period are materially in line with
the same period last year and also included five months of the
GBP3.79 million Abundance bond raise, which closed in February
2020.
The unaudited consolidated cash position of the Atlantis Group
at 30 June 2020 was GBP9.8 million.
Condensed consolidated statement of profit and loss and
other comprehensive income
For the six months ended 30 June 2020
Group
Six months ended
------- ------------------------
30 June 30 June
Note 2020 2019
------- ----------- -----------
GBP'000 GBP'000
------- ----------- -----------
Revenue 7,935 1,974
------- ----------- -----------
Other gains and losses 154 76
------- ----------- -----------
Employee benefits expense (3,203) (3,125)
------- ----------- -----------
Subcontractor costs (2,251) (1,739)
------- ----------- -----------
Depreciation and amortisation (5,318) (5,219)
------- ----------- -----------
Acquisition costs - (980)
------- ----------- -----------
Other operating expenses (1,534) (1,651)
------- ----------- -----------
Total expenses (12,306) (12,714)
------- ----------- -----------
Results from operating activities (4,217) (10,664)
------- ----------- -----------
Finance costs (1,959) (1,749)
------- ----------- -----------
Loss before tax (6,176) (12,413)
------- ----------- -----------
Tax credit 69 581
------- ----------- -----------
Loss for the period (6,107) (11,832)
------- ----------- -----------
Other comprehensive income:
------- ----------- -----------
Items that are or may be reclassified
subsequently to profit or loss
------- ----------- -----------
Exchange differences on translation
of foreign operations 4 -
------- ----------- -----------
Total comprehensive income for
the period (6,103) (11,832)
------- ----------- -----------
Loss attributable to:
------- ----------- -----------
Owners of the Group (5,868) (11,436)
------- ----------- -----------
Non-controlling interests (239) (396)
------- ----------- -----------
Total comprehensive income attributable
to:
------- ----------- -----------
Owners of the Group (5,864) (11,436)
------- ----------- -----------
Non-controlling interests (239) (396)
------- ----------- -----------
Loss per share (basic and diluted)
(pence) 5 (0.01) (0.03)
------- ----------- -----------
Condensed consolidated statement of financial position
As at 30 June 2020
Group
----------------------------
30 June 31 December
2020 2019
------------ --------------
GBP'000 GBP'000
------------ --------------
Assets
------------ --------------
Property, plant and equipment 134,069 136,315
------------ --------------
Intangible assets 16,253 17,058
------------ --------------
Right-of-use assets 1,296 1,436
------------ --------------
Investment in joint venture 47 47
------------ --------------
Non-current assets 151,665 154,856
------------ --------------
Trade and other receivables 2,420 7,830
------------ --------------
Inventory 861 864
------------ --------------
Cash and cash equivalents 9,819 4,521
------------ --------------
Current assets 13,100 13,215
------------ --------------
Total assets 164,765 168,071
------------ --------------
Liabilities
------------ --------------
Trade and other payables 11,195 9,449
------------ --------------
Lease liabilities 192 276
------------ --------------
Provisions 118 120
------------ --------------
Loans and borrowings 3,625 4,559
------------ --------------
Current liabilities 15,130 14,404
------------ --------------
Loans and borrowings 42,782 40,662
------------ --------------
Lease liabilities 981 1,091
------------ --------------
Provisions 14,669 14,539
------------ --------------
Deferred tax liabilities 3,275 3,344
------------ --------------
Non-current liabilities 61,707 59,636
------------ --------------
Total liabilities 76,837 74,040
------------ --------------
Net assets 87,928 94,031
------------ --------------
Equity
------------ --------------
Share capital 188,018 188,018
------------ --------------
Capital reserve 12,665 12,665
------------ --------------
Translation reserve 7,083 7,079
------------ --------------
Share option reserve 740 740
------------ --------------
Accumulated losses (126,654) (120,786)
------------ --------------
Total equity attributable to owners
of the Company 81,852 87,716
------------ --------------
Non-controlling interests 6,076 6,315
------------ --------------
Total equity 87,928 94,031
------------ --------------
Condensed consolidated statement of changes in equity
For the six months ended 30 June 2020
Attributable to owners of the Company
-------------------------------------------------------------
Share Non-
Share Capital Translation option Accumulated controlling
capital reserve reserve reserve losses Total interest Total
------- ------- ----------- ------- ----------- --------
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------- ------- ----------- ------- ----------- -------- ----------- --------
Group
------- ------- ----------- ------- ----------- -------- ----------- --------
At 1 January 2019 178,218 12,665 7,073 3,224 (88,479) 112,701 6,862 119,563
------- ------- ----------- ------- ----------- -------- ----------- --------
Total comprehensive
income for the
period
------- ------- ----------- ------- ----------- -------- ----------- --------
Loss for the period - - - - (11,436) (11,436) (396) (11,832)
------- ------- ----------- ------- ----------- -------- ----------- --------
Other comprehensive
income - - (1) - - (1) - (1)
------- ------- ----------- ------- ----------- -------- ----------- --------
Total comprehensive
income for the
period - - (1) - (11,436) (11,437) (396) (11,833)
------- ------- ----------- ------- ----------- -------- ----------- --------
Transactions with
owners
------- ------- ----------- ------- ----------- -------- ----------- --------
Contributions and
distributions
------- ------- ----------- ------- ----------- -------- ----------- --------
Issue of share
capital 9,800 - - - - 9,800 - 9,800
------- ------- ----------- ------- ----------- -------- ----------- --------
Recognition of
share-based
payments - - - 36 - 36 - 36
------- ------- ----------- ------- ----------- -------- ----------- --------
Transfer between
reserves - - - (799) 799 - - -
------- ------- ----------- ------- ----------- -------- ----------- --------
Total transactions
with owners 9,800 - - (763) 799 9,836 - 9,836
------- ------- ----------- ------- ----------- -------- ----------- --------
At 30 June 2019 188,018 12,665 7,072 2,461 (99,116) 111,100 6,466 117,566
------- ------- ----------- ------- ----------- -------- ----------- --------
Total comprehensive
income for the
period
------- ------- ----------- ------- ----------- -------- ----------- --------
Loss for the period - - - - (23,436) (23,436) (151) (23,587)
------- ------- ----------- ------- ----------- -------- ----------- --------
Other comprehensive
income - - 7 - - 7 - 7
------- ------- ----------- ------- ----------- -------- ----------- --------
Total comprehensive
income for the
period - - 7 - (23,436) (23,429) (151) (23,580)
------- ------- ----------- ------- ----------- -------- ----------- --------
Transactions with
owners
------- ------- ----------- ------- ----------- -------- ----------- --------
Contributions and
distributions
------- ------- ----------- ------- ----------- -------- ----------- --------
Recognition of
share-based
payments - - - 45 - 45 - 45
------- ------- ----------- ------- ----------- -------- ----------- --------
Transfer between
reserves - - - (1,766) 1,766 - - -
------- ------- ----------- ------- ----------- -------- ----------- --------
Total transactions
with owners - - - (1,721) 1,766 45 - 45
------- ------- ----------- ------- ----------- -------- ----------- --------
At 31 December 2019 188,018 12,665 7,079 740 (120,786) 87,716 6,315 94,031
------- ------- ----------- ------- ----------- -------- ----------- --------
Total comprehensive
income for the
period
------- ------- ----------- ------- ----------- -------- ----------- --------
Loss for the period - - - - (5,868) (5,868) (239) (6,107)
------- ------- ----------- ------- ----------- -------- ----------- --------
Other comprehensive
income - - 4 - - 4 - 4
------- ------- ----------- ------- ----------- -------- ----------- --------
Total comprehensive
income for the
period - - 4 - (5,868) (5,864) (239) (6,103)
------- ------- ----------- ------- ----------- -------- ----------- --------
Transactions with
owners
------- ------- ----------- ------- ----------- -------- ----------- --------
Contributions and
distributions
------- ------- ----------- ------- ----------- -------- ----------- --------
Issue of share - -
capital - - - - - -
------- ------- ----------- ------- ----------- -------- ----------- --------
Recognition of - - -
share-based
payments - - - - -
------- ------- ----------- ------- ----------- -------- ----------- --------
Transfer between - - -
reserves - - - - -
------- ------- ----------- ------- ----------- -------- ----------- --------
Total transactions
with owners - - - - - - - -
------- ------- ----------- ------- ----------- -------- ----------- --------
At 30 June 2020 188,018 12,665 7,083 740 (126,654) 81,852 6,076 87,928
------- ------- ----------- ------- ----------- -------- ----------- --------
Condensed consolidated statement of cash flows
For the six months ended 30 June 2020
Group
----- ----------------------------
Six months ended
----- ----------------------------
30 June 30 June
----- -------------- --------------
2020 2019
----- -------------- --------------
GBP'000 GBP'000
----- -------------- --------------
Cash flows from operating activities
----- -------------- --------------
Loss before tax for the period (6,176) (12,413)
-------------- --------------
Adjustments for:
----- -------------- --------------
Grant income (71)
-------------- --------------
Depreciation of property, plant and
equipment 4,497 4,454
-------------- --------------
Amortisation of intangible asset 821 765
-------------- --------------
Interest income (18) (7)
-------------- --------------
Finance costs 1,959 1,749
-------------- --------------
Share-based payments - 36
-------------- --------------
Provision movement - (1,054)
-------------- --------------
Net foreign exchange (23) 3
-------------- --------------
Operating cash flows before movements
in working capital 989 (6,467)
-------------- --------------
Movement in trade and other receivables 1,376 857
-------------- --------------
Movement in trade and other payables 1,625 (1,946)
-------------- --------------
Net cash used in operating activities 3,990 (7,556)
-------------- --------------
Cash flows from investing activities
----- -------------- --------------
Purchase of property, plant and equipment (3,514) (751)
-------------- --------------
Acquisition of subsidiary, net of
cash acquired - -
----- -------------- --------------
Net cash used in investing activities (3,514) (751)
-------------- --------------
Cash flows from financing activities
----- -------------- --------------
Proceeds from grants received 1,509 -
----- -------------- --------------
Proceeds from issue of shares (1) 4,000 5,030
-------------- --------------
Costs related to fund raising - (260)
-------------- --------------
Proceeds from borrowings 1,056 -
----- -------------- --------------
Repayment of borrowings (961) (65)
-------------- --------------
Deposits (pledged) / released (492) (1)
-------------- --------------
Payment of lease liabilities (235) (204)
-------------- --------------
Interest paid (547) (394)
-------------- --------------
Net cash from financing activities 4,330 4,106
-------------- --------------
Net increase / (decrease) in cash
and cash balances 4,806 (4,201)
-------------- --------------
Cash and cash equivalents at beginning
of period 3,602 8,351
-------------- --------------
Cash and cash equivalents at end
of period 8,408 4,150
-------------- --------------
Included in cash and cash equivalents in the statements of
financial position is GBP1.4 million (2019: GBP0.9 million) of
encumbered deposits.
(1) Shares were issued as part of March 2019 share placing. Cash
received from SIMEC in 2020.
Notes to the Consolidated Interim Financial Statements
The condensed consolidated statement of financial position of
SIMEC Atlantis Energy Limited (the "Company") and its subsidiaries
(the "Group") as at 30 June 2020, the condensed consolidated
statement of profit or loss and other comprehensive income, the
condensed consolidated statement of changes in equity and the
condensed consolidated statement of cash flows for the Group for
the six-month period then ended and certain explanatory notes (the
"Consolidated Interim Financial Statements"), were approved by the
Board of Directors for issue on 29 September 2020
These notes form an integral part of the Consolidated Interim
Financial Statements.
The Consolidated Interim Financial Statements do not comprise
statutory accounts of the Group within the meaning in the
provisions of the Singapore Companies Act, Chapter 50. The Group's
statutory accounts for the year ended 31 December 2019 were
prepared in accordance with Singapore Financial Reporting Standards
(International) (SFRS(I)) and International Financial Reporting
Standards (IFRS). SFRS(I)s are issued by the Accounting Standards
Council Singapore, which comprise standards and interpretations
that are equivalent to IFRS issued by the International Accounting
Standards Board. All references to SFRS(I)s and IFRSs are
subsequently referred to as IFRS in these financial statements
unless otherwise specified.
The Group's statutory accounts for the year ended 31 December
2019 were approved by the Board of Directors on 11 August 2020 and
have been reported by the Group's auditors.
1 Domicile and activities
SIMEC Atlantis Energy Limited (the "Company") is a company
incorporated in Singapore. The Company's registered office address
is c/o Level 4, 21 Merchant Road, #04-01, Singapore 058267. The
principal place of business is Edinburgh Quay 2, 139
Fountainbridge, Edinburgh, EH3 9QG, United Kingdom.
The principal activity of the Group is to develop and operate as
a global sustainable energy provider. The Company is an inventor,
developer, owner, marketer and licensor of technology, intellectual
property, trademarks, products and services and an investment
holding company.
2 Significant accounting policies
Basis of preparation
The Consolidated Interim Financial Statements have been prepared
in accordance with the AIM Rules for Companies and are therefore
not required to comply with International Accounting Standard 34
Interim Financial Reporting to maintain compliance with IFRS. In
all other respects, the financial statements are drawn up in
accordance with International Financial Reporting Standards as
issued by the International Accounting Standards Board.
Selected explanatory notes are included to explain events and
transactions that are significant to an understanding of the
changes in financial position and performance of the Group since
the last annual consolidated financial statements as at and for the
year ended 31 December 2019.
The Consolidated Interim Financial Statements, which do not
include the full disclosures of the type normally included in a
complete set of financial statements, are to be read in conjunction
with the last issued consolidated financial statements of the Group
as at and for the year ended 31 December 2019.
Accounting policies
The accounting policies and method of computation used in the
Consolidated Interim Financial Statements are consistent with those
applied in the last issued consolidated financial statements of the
Group for the year ended 31 December 2019.
3 Critical accounting judgements and key sources of estimation uncertainty
In preparing this set of Consolidated Interim Financial
Statements, the significant judgements made by management in
applying the Group's accounting policies and the key sources of
estimation uncertainty were the same as those that applied to the
consolidated financial statements for the year ended 31 December
2019.
4 Going concern basis
The Group has prepared financial forecasts for a period beyond
30 September 2021, including sensitivity analysis. These forecasts,
which take into account the ongoing committed costs of the Group,
demonstrate that the Company is able to operate within its
available cash and funding balances for a period beyond 30
September 2021. The forecasts indicate that the Group is projected
to operate within its available cash facilities for the forecast
period although mitigating action may be required to be taken in
advance of periods when cash and cash equivalents available for use
are forecast to be limited.
While the Directors cannot envisage all possible circumstances
that may impact the Group in the future, the Directors believe
that, taking account of the forecasts, future plans and available
cash resources, the Group will have sufficient resources to support
the Company to meet all ongoing working capital and committed
capital expenditure requirements as they fall due. Further details
on the going concern assessment are provided in the 31 December
2019 consolidated financial statements published on the 11(th)
August 2020.
5 Other notes
(i) In respect of the six months to 30 June 2020, the diluted
earnings per share is calculated on a loss attributable to owners
of the Company of GBP5.8 million on the basic weighted average of
429,077,656 ordinary shares (30 June 2019: loss of GBP11.8 million
and basic weighted average shares of 399,201,964). Share options
were excluded from the diluted weighted average number of ordinary
shares calculations as their effect would have been anti-dilutive.
No dividends has been declared (2019: nil).
6 Events after the reporting date
On 11 August the Company raised GBP7.5 million, before expenses,
through the placing of 62,499,999 new ordinary shares at a placing
price of 12 pence per share.
COMPANY INFORMATION
NON-EXECUTIVE DIRECTORS AUDITOR
John Mitchell Neill Ernst & Young LLP
Mark Edward Monckton Elborne One Raffles Quay
George Jay Hambro North Tower, Level 18
Ian Raymond Wakelin Singapore 048583
John Anthony Clifford Woodley
EXECUTIVE DIRECTORS REGISTRAR
Timothy James Cornelius Boardroom Corporate & Advisory
Andrew Luke Dagley Services Pte Ltd
50 Raffles Place
#32-01 Singapore Land Tower
Singapore 048623
---------------------------------
REGISTERED OFFICE AND DEPOSITARY
COMPANY NUMBER Link Market Services Trustees
c/o Level 4, 21 Merchant Road, Limited
#04-01 The Registry
Singapore 058267 34 Beckenham Road
Company Number: 200517551R Beckenham BR3 4TU
---------------------------------
COMPANY SECRETARY GUERNSEY BRANCH REGISTER
Kelly Tock Mui Han Link Market Services (Guernsey)
21 Merchant Road Limited
#04-01 Royal Merukh S.E.A Mont Crevelt House
Singapore 058267 Bulwer Avenue
St Sampson
Guernsey GY2 4LH
---------------------------------
NOMINATED ADVISER AND BROKER
Investec Bank plc
30 Gresham Street
London
EC2V 7QP
---------------------------------
WEBSITE
www.simecatlantis.com
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