TIDMSAE

RNS Number : 2811N

SIMEC Atlantis Energy Limited

28 September 2021

RNS

28(th) September 2021

SIMEC ATLANTIS ENERGY LIMITED

("SAE", the "Company" and, together with its subsidiaries, the "Group")

   --      Interim Results (unaudited) 
   --      Proposed Share Placing 
   --      Directorate Change 

Interim Results

SAE announces its unaudited Interim Results for the six months ended 30 June 2021

Summary of Results

The overall loss before tax of GBP10.7 million for the six months ended 30 June 2021 compares to the loss of GBP6.2 million reported for the same period in 2020. There are a number of factors behind this increase. There was reduced revenue performance from the MeyGen project as a result of significant outages in three of its four turbines, which necessitated retrieval for onshore repair. 2021 results for the tidal turbine and engineering services division have seen a drop off following a very strong 2020, which benefitted from revenues on the phase 1 Japanese tidal project. GHR continued to deliver stable growth.

Overall, costs were in line with expectations, with increased contractors' costs being incurred in the MeyGen retrievals and the ongoing Uskmouth development costs.

Graham Reid, CEO of SAE, commented

"I am immensely proud and inspired by my team's unwavering commitment to the delivery of our projects and I can see that commitment paying off as our projects continue to make progress, in often challenging environments. Our projects, and the technologies we are developing with our partners, will be critical in the global fight against climate change. Energy is at the forefront of our minds as the impact of climate change becomes more common and extreme but so too is the cost and security of our energy. We have the solutions. Our projects tackle climate change, deliver predictable, local, low carbon electricity while creating jobs and powering vital industries. We are proud of our projects and will continue to focus on their successful delivery."

Share Placing

On 28 September 2021 the Company announced a proposed Placing at 2.5 pence per Ordinary Share to raise gross proceeds (before expenses) of approximately GBP2.5 million.

Directorate Change

SAE announces that Mr Jay Hambro has today resigned his position as a SIMEC representative on the SAE Board of Directors.

The Chairman and the Board of Directors would like to thank Mr Hambro for his support and hard work during his time on the Board and wish him well in his future endeavours.

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 
 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/

Chairman's Statement

SIMEC Atlantis Energy Limited ("SAE") commenced 2021 under the leadership of our new Chief Executive Officer, Graham Reid. As the economy started to return to some semblance of normality, we have continued to make progress in all key areas of our business.

Power Station Conversion

The Uskmouth conversion project continues to progress and the statement of case response to the Welsh Government's decision to call the planning in was made earlier this year. This outlined the existing consents that the power station holds and emphasised the broader economic case for the facility. Natural Resources Wales (NRW) is undertaking a final peer review before it issues an interim permit for public consultation. This supports the technical case for the project and gives increased confidence in the ability of the SAE team to deliver this 'first-of-a-kind' project.

The global significance of this project was further underlined by the announcement of our partnership with Remediiate (UK) Ltd, an integrated sustainable developer of patented technologies that utilise waste gases to deliver high value algae products. This technology has the potential to make the Uskmouth conversion project carbon negative and creates a high value economic product.

SAE's development of the detailed engineering design, fuel specification and CO(2) removal solution for the conversion of coal-fired power plants to burn low carbon waste derived fuel pellets on a carbon negative basis provides a significant contribution to the world's journey to net zero. Utilising end-of-waste plastics in the fuel pellets provides an important solution to the plastic waste issue. We look forward to moving ahead with the Uskmouth project following the grant of the permit from NRW and further developing a pipeline of coal-fired generation conversion projects globally to meaningfully contribute to the global challenges of carbon emissions and waste plastic pollution.

Marine Energy

MeyGen experienced interruption to generation during the first half of 2021. We expect the AR1500 turbine and Andritz turbine number 1 to be redeployed during Q4 of 2021, at which point 3 out of 4 turbines will be deployed and generating. Andritz turbine number 2 remains out of the water whilst waiting for long lead items, the delivery of which have been affected by COVID-19. Andritz turbine number 3 is deployed and has been generating successfully with above 95% availability since December 2018, continuing to prove the viability of tidal energy.

In Japan, the AR500 tidal turbine was recently recognised as an official power generation facility by the Ministry of Economy, Trade and Industry (METI), a key stakeholder in consenting renewable energy projects in Japan. The turbine tests, which were successfully passed during one of the strongest tides expected this year, follow an exhaustive process of inspection and verification of both the onshore facility and offshore equipment against national electrical standards.

Since January, the AR500 tidal turbine has generated over 100 MWh of power from the tidal flow in the Goto islands. It is the first large scale project of its kind in Japanese waters and continues to support Japan's ambition in further diversifying its energy supply towards renewable sources.

The Raz Blanchard project continues as planned through its development phase and we remain in close discussions with the French authorities around possible grants and feed in tariffs.

Hydro Power

SIMEC GHR Ltd ("GHR"), SAE's hydro division, has now commissioned three of the four schemes that remained under construction and continues to develop the asset management and operations and maintenance side of its business. GHR is providing asset management services for most of the circa 50 schemes that it has constructed, predominantly under long term agreements.

Share Placement Agreement

In March 2021 the Company received the second tranche investment of GBP2,000,000 under the share placement agreement with New Technology Capital Group LLC announced in December 2020. On 28 September 2021 the Company terminated the share placement agreement with New Technology Capital Group LLC. No further funds will be drawn down pursuant to the agreement. The balance of funds due to New Technology Capital Group of GBP930,000 will be settled as required through the issue of new SAE shares in due course, under the surviving terms of the agreement.

Share Placing

On 28 September 2021 the Company announced a proposed placing at 2.5 pence per Ordinary Share to raise gross proceeds (before expenses) of approximately GBP2.5 million.

Further Funding

As noted in the recent going concern statement in SAE's final results for the year ended 31 December 2020, as SAE continues to develop its key projects, it remains dependent upon external financing.

The Directors' assessment of going concern is described at Note 4 below. In concluding on the appropriateness of the going concern basis for preparation of the financial statements, the Directors have acknowledged the need for further funding in the short term to support continuing Group operations and the development of key projects.

The Board is considering a range of funding options for the Group including the disposal of certain non-core assets within the Group.

Summary of Results

The overall loss before tax of GBP10.7 million for the six months ended 30 June 2021 compares to the loss of GBP6.2 million reported for the same period in 2020. There are a number of factors behind the increase. There was reduced revenue performance from the MeyGen project as a result of significant outages in three of its four turbines and which necessitated retrieval for onshore repair. 2021 results for the tidal turbine and engineering services division have seen a drop off following a very strong 2020, which benefitted from revenues on the phase 1 Japanese tidal project. GHR continued to deliver stable growth.

Overall, costs were in line with expectations, with increased contractors' costs being incurred in the MeyGen retrievals and the ongoing Uskmouth development costs.

Depreciation, as expected, remains stable and is driven by the Uskmouth and MeyGen projects.

Finance costs in the current period are materially in line with the same period last year.

As noted above, in March 2021 the Company received the second tranche investment of GBP2,000,000 from a subscription for ordinary shares under the share placement deed announced in December 2020. On 28 July 2021 the Company issued 11,904,762 ordinary shares in relation to GBP500,000 of subscription under this share placement deed. On 20 August 2021 the Company issued 11,904,762 ordinary shares in relation to GBP500,000 of subscription under this share placement deed.

The unaudited consolidated cash position of the Group at 30 June 2021 was GBP3.6 million. Included in cash and cash equivalents in the statements of financial position is GBP1.5 million (2020: GBP1.4 million) of encumbered deposits. On 31 August 2021 GBP0.5m was released back to the Group.

On 28 September 2021, George Jay Hambro resigned his position on the Board. I would like to thank Jay for the contribution he made during his time on the Board.

Duncan Black

Chairman

 
   Condensed consolidated statement of profit and loss and 
    other comprehensive income 
    For the six months ended 30 June 2021 
 
                                                                 Group 
                                                            Six months ended 
                                                          30 June      30 June 
                                                Note         2021         2020 
                                                          GBP'000      GBP'000 
 
Revenue                                                     5,203        7,935 
   Other gains and losses                                     696          154 
 
   Employee benefits expense                              (3,153)      (3,203) 
   Subcontractor costs                                    (4,237)      (2,251) 
   Depreciation and amortisation                          (5,378)      (5,318) 
   Acquisition costs                                            -            - 
   Other operating expenses                               (2,122)      (1,534) 
                                                      -----------  ----------- 
   Total expenses                                        (14,922)     (12,306) 
 
   Results from operating activities                      (8,991)      (4,217) 
 
   Finance costs                                          (1,741)      (1,959) 
 
   Loss before tax                                       (10,732)      (6,176) 
    Tax (charge)/ credit                                    (943)           69 
 
   Loss for the period                                   (11,675)      (6,107) 
 
Other comprehensive income: 
Items that are or may be reclassified 
 subsequently to profit or loss 
Exchange differences on translation 
 of foreign operations                                         34            4 
                                                      -----------  ----------- 
Total comprehensive income for 
 the period                                              (11,641)      (6,103) 
                                                      ===========  =========== 
 
   Loss attributable to: 
   Owners of the Group                                   (10,915)      (5,868) 
   Non-controlling interests                                (760)        (239) 
                                                      -----------  ----------- 
 
   Total comprehensive income attributable 
    to: 
   Owners of the Group                                   (10,881)      (5,864) 
   Non-controlling interests                                (760)        (239) 
                                                      -----------  ----------- 
 
   Loss per share (basic and diluted) 
    (pence)                                      5         (0.02)       (0.01) 
                                                      ===========  =========== 
 
 
 
   Condensed consolidated statement of financial position 
    As at 30 June 2021 
                                                       Group 
                                            30 June     31 December 
                                               2021            2020 
                                            GBP'000         GBP'000 
Assets 
Property, plant and equipment               128,011         131,085 
Intangible assets                            14,575          15,434 
Right-of-use assets                           1,563           1,739 
Investment in joint venture                     511             511 
Loan to joint venture                           410               - 
Non-current assets                          145,070         148,769 
                                       ------------  -------------- 
 
Trade and other receivables                   2,374           3,216 
Inventory                                       861             861 
Cash and cash equivalents                     3,626           5,814 
Current assets                                6,861           9,891 
                                       ------------  -------------- 
 
Total assets                                151,931         158,660 
                                       ============  ============== 
 Liabilities 
Trade and other payables                      9,245           8,055 
Lease liabilities                               231             327 
Provisions                                      126             162 
Loans and borrowings                          3,751           5,488 
Current liabilities                          13,353          14,032 
                                       ------------  -------------- 
 
 
Lease liabilities                             1,350           1,350 
Provisions                                   14,925          14,879 
Loans and borrowings                         45,422          43,041 
Deferred tax liabilities                      4,504           3,582 
                                       ------------  -------------- 
Non-current liabilities                      66,201          62,852 
                                       ------------  -------------- 
 
Total liabilities                            79,554          76,884 
                                       ------------  -------------- 
Net assets                                   72,377          81,776 
                                       ============  ============== 
 
Equity 
Share capital                               197,376         195,375 
Capital reserve                              12,665          12,665 
Translation reserve                           7,114           7,080 
Share option reserve                            901             787 
Accumulated losses                        (150,629)       (139,841) 
Total equity attributable to owners 
 of the Company                              67,427          76,066 
Non-controlling interests                     4,950           5,710 
                                       ------------  -------------- 
Total equity                                 72,377          81,776 
                                       ============  ============== 
 
 
Condensed consolidated statement of changes in equity 
 For the six months ended 30 June 2021 
                                  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 2020     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 
--------------------  -------  -------  -----------  -------  -----------  --------  -----------  -------- 
Total comprehensive 
income for the 
period 
Loss for the period         -        -            -        -     (13,211)  (13,211)        (366)  (13,577) 
Other comprehensive 
 income                     -        -          (3)        -            -       (3)            -       (3) 
--------------------  -------  -------  -----------  -------  -----------  --------  -----------  -------- 
Total comprehensive 
 income for the 
 period                     -        -          (3)        -     (13,211)  (13,214)        (366)  (13,580) 
 
Transactions with 
owners 
Contributions and 
distributions 
--------------------  -------  -------  -----------  -------  -----------  --------  -----------  -------- 
Issue of share 
 capital 
 net of issue costs     7,357        -            -        -            -     7,357            -     7,357 
Recognition of 
 share-based 
 payments                   -        -            -       71            -        71            -        71 
Transfer between 
 reserves                   -        -            -     (24)           24         -            -         - 
--------------------  -------  -------  -----------  -------  -----------  --------  -----------  -------- 
 
Total transactions 
 with owners            7,357        -            -       47           24     7,428            -     7,428 
                      -------  -------  -----------  -------  -----------  --------  -----------  -------- 
At 31 December 2020   195,375   12,665        7,080      787    (139,841)   76,066      5,710       81,776 
Total comprehensive 
income for the 
period 
Loss for the period         -        -            -        -     (10,915)  (10,915)        (760)  (11,675) 
Other comprehensive 
 income                     -        -           34        -            -        34            -        34 
--------------------  -------  -------  -----------  -------  -----------  --------  -----------  -------- 
Total comprehensive 
 income for the 
 period                     -        -           34        -     (10,915)  (10,881)        (760)  (11,641) 
 
Transactions with 
owners 
Contributions and 
distributions 
--------------------  -------  -------  -----------  -------  -----------  --------  -----------  -------- 
Issue of share 
 capital 
 net of issue costs     2,001        -            -        -            -     2,001            -     2,001 
Recognition of 
 share-based 
 payments                   -        -            -      241            -       241            -       241 
Transfer between 
 reserves                   -        -            -    (127)          127         -            -         - 
--------------------  -------  -------  -----------  -------  -----------  --------  -----------  -------- 
 
Total transactions 
 with owners            2,001        -            -      114          127     2,242            -     2,242 
                      -------  -------  -----------  -------  -----------  --------  -----------  -------- 
At 30 June 2021       197,376  12,665      7,114         901   (150,629)    67,427         4,950   72,377 
                      -------  -------  -----------  -------  -----------  --------  -----------  -------- 
 
 
 
 
 
 
Condensed consolidated statement of cash flows 
 For the six months ended 30 June 2021 
                                                                      Group 
                                                                  Six months ended 
                                                             30 June          30 June 
                                                                2021             2020 
                                                             GBP'000          GBP'000 
Cash flows from operating activities 
Loss before tax for the period                              (10,732)          (6,176) 
Adjustments for: 
Grant income                                                     (9)             (71) 
Depreciation of property, plant and 
 equipment                                                     4,531            4,497 
Amortisation of intangible asset                                 847              821 
Interest income                                                  (8)             (18) 
Finance costs                                                  1,741            1,959 
Share-based payments                                       241                      - 
Provision movement                                              (35)                - 
Net foreign exchange                                             190             (23) 
Operating cash flows before movements 
 in working capital                                          (3,234)              989 
Movement in trade and other receivables                          842            1,376 
Movement in trade and other payables                             819            1,625 
Net cash used in operating activities                        (1,573)            3,990 
                                                   -----------------  --------------- 
 
Cash flows from investing activities 
Purchase of property, plant and equipment                    (1,282)          (3,514) 
Loan to joint venture                                          (410)                - 
Net cash used in investing activities                        (1,692)          (3,514) 
                                                   -----------------  --------------- 
 
Cash flows from financing activities 
Proceeds from grants received                                      9            1,509 
Proceeds from issue of shares                                  2,250            4,000 
Costs related to fund raising                                  (249)                - 
Proceeds from borrowings                                           -            1,056 
Repayment of borrowings                                        (383)            (961) 
Deposits (pledged) / released                                   (18)            (492) 
Payment of lease liabilities                                   (147)            (235) 
Interest paid                                                  (544)            (547) 
Net cash from financing activities                               918            4,330 
                                                   -----------------  --------------- 
 
Net (decrease)/increase in cash and 
 cash balances                                               (2,347)            4,806 
Cash and cash equivalents at beginning 
 of period                                                     4,315            3,602 
Effect of foreign exchange on cash 
 held in currency                                                141                - 
Cash and cash equivalents at end 
 of period                                                     2,109            8,408 
                                                   =================  =============== 
 
 

Included in cash and cash equivalents in the statements of financial position is GBP1.5 million (2020: GBP1.4 million) of encumbered deposits. On 31 August 2021 GBP0.5m was released back to the Group

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 2021, 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 28 September 2021.

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 2020 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 2020 were approved by the Board of Directors on 29 June 2021.

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 2020.

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 2020.

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 2020.

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 2020.

4. Going concern basis

In adopting the going concern basis for preparing the Interim Financial Statements, the Board has considered the Group's business activities, together with factors likely to affect its future development, its performance and principal risks and uncertainties. The Board has undertaken the assessment of the going concern assumptions using financial forecasts for the period to 31 December 2022.

The Directors cannot envisage all possible circumstances that may impact the Group in the future. However, after reviewing the current liquidity position, financial forecasts, stress testing of risks and taking account of future plans and available cash resources, the Directors have a reasonable expectation that 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. As a result, the Board continues to adopt the going concern basis of accounting in preparing the Interim Financial Statements. In arriving at this assessment the Directors have acknowledged the need to secure further funding in the short term to support continuing Group operations and the development of key projects. The Board is considering a range of funding options for the Group including the disposal of certain non-core assets within the Group.

On 28 September 2021 the Company announced a proposed placing at 2.5 pence per Ordinary Share to raise gross proceeds (before expenses) of approximately GBP2.5 million.

The Directors draw attention to the material uncertainties, highlighted in the 31 December 2020 consolidated financial statements, published on 29 June 2021, which may cast doubt upon the Group's ability to continue as a going concern:

   --   Access to related party loans from SIMEC UK Energy Holdings Ltd and SIMEC Group Ltd. 
   --   Refinancing of the Abundance bonds due for repayment in June 2022. 
   --   Timing of the repayment of EU grant funding. 

The Interim Financial Statements do not include any adjustments that would result if the Group were unable to continue as a going concern.

5. Other notes

In respect of the six months to 30 June 2021, the diluted earnings per share is calculated on a loss attributable to owners of the Company of GBP10.9 million on the basic weighted average of 514,099,831 ordinary shares (30 June 2020: loss of GBP5.8 million and basic weighted average shares of 429,077,656). Share options were excluded from the diluted weighted average number of ordinary shares calculations as their effect would have been anti-dilutive. No dividend has been declared (2020: nil).

6. Events after the reporting date

On 28 July 2021 the Company issued 11,904,762 ordinary shares in relation to GBP500,000 of subscription under the share placement deed announced to the market on 16 December 2020.

On 20 August 2021 the Company issued 11,904,762 ordinary shares in relation to GBP500,000 of subscription under the share placement deed announced to the market on 16 December 2020.

On 28 September 2021 the Company announced a proposed placing at 2.5 pence per Ordinary Share to raise gross proceeds (before expenses) of approximately GBP2.5 million.

On 28 September 2021 the Company terminated the share placing agreement with New Technology Capital Group LLC.

COMPANY INFORMATION

 
               NON-EXECUTIVE DIRECTORS                            AUDITOR 
          Mark Edward Monckton Elborne                  Ernst & Young LLP 
  George Jay Hambro (resigned 28/9/21)                   One Raffles Quay 
                   Duncan Stuart Black              North Tower, Level 18 
         John Anthony Clifford Woodley                   Singapore 048583 
 
                   EXECUTIVE DIRECTORS                          REGISTRAR 
                   Graham Matthew Reid     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 Group 
        c/o Level 4, 21 Merchant Road,                       10(th) Floor 
                                #04-01                     Central Square 
                      Singapore 058267               29 Wellington Street 
            Company Number: 200517551R                              Leeds 
                                                                  LS1 4DL 
 
                     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                            WEBSITE 
                     Investec Bank plc              www.simecatlantis.com 
                     30 Gresham Street 
                                London 
                              EC2V 7QP 
 
 
                                BROKER 
                    Arden Partners plc 
                  125 Old Broad Street 
                                London 
                              EC2N 1AR 
 

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