SIMEC Atlantis Energy Limited SAE signs Heads of Terms (5880F)
March 22 2022 - 5:45AM
UK Regulatory
TIDMSAE
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 GBP2 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:
+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, and 100 per cent. of
the 220MW Uskmouth Power Station conversion project.
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/
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END
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