Simec Atlantis Energy Share Discussion Threads

[our haven] 31/10/2022 11:34

JakNife. I did read it, but it does not explain the group debt situation.All the moving parts have contributed to this.

[boxerdogz] 31/10/2022 10:46

wheeze31 Oct '22 - 08:48 - 2814 of 2816
0 0 0
There are no shorters fool, the company is gumph


Sorry you never learnt to read boxerdog, did your master only teach you to sit ?


If you could read, you would have seen, there are posters on this board who have admitted to being short on Simec.


LOLLOLOL clown

[our haven] 31/10/2022 09:31

Judging by the market, in the absence of news, they gave away the business without much of the debt. We do not know of course.

[wheeze] 31/10/2022 08:48

There are no shorters fool, the company is gumph


Sorry you never learnt to read boxerdog, did your master only teach you to sit ?


If you could read, you would have seen, there are posters on this board who have admitted to being short on Simec.

[gepetto100] 31/10/2022 08:46

Bargain hunting time

[boxerdogz] 31/10/2022 08:32

wheeze31 Oct '22 - 08:01 - 2809 of 2810
0 1 0
Time for short sellers to feel some pain imho

Mark this post down now lol.

There are no shorters fool, the company is gumph

[muckshifter] 31/10/2022 08:03

If you look at the annual report, the vast majority of the debt is shown as loans to the "Group" with a much smaller amount to the "Company". I would assume that the "company" is SAE, so perhaps quite a big slice of the debt has gone to Proteus. But, no doubt some of that group debt will be held by Meygen. It's a pity SAE continue to treat shareholders like mushrooms.

[wheeze] 31/10/2022 08:01

Time for short sellers to feel some pain imho

Mark this post down now lol.

[wheeze] 31/10/2022 07:44

I believe Proteus has had a massive injection of private equity, the backers who will be well aware of the future value of green technology. I cannot imagine the board of Simec is stupid or corrupt, so would hope the deal has reduced our debt burden.

The share price has been shorted to where it currently sits. Why would they release information to the market ? Better to let the shorters dig themselves a deeper hole.

[gepetto100] 31/10/2022 07:41

The sale significantly reduces Group operating costs, and together with the net sale proceeds, provides additional funding to support Group operations and the development of key projects.

[noiseboy] 31/10/2022 07:31

That is the 50 Million dollar question!

[wheeze] 31/10/2022 07:27

Does the debt sit with ATES or Simec ?

I cannot see how the engineering division, IP and inventory can be otherwise sold for 0.5 million ?

[boxerdogz] 31/10/2022 07:19

Pizz poor but hey the managemnet bought this for peanutz

[david gruen] 31/10/2022 07:13

Win win!

Even our resident deramper Terminator couldn't put a negative spin on this one.

Unless of course he has another negative SAE article to justify.

[skinny] 31/10/2022 07:01

SAE is pleased to announce that on 19(th) October 2022 it agreed to the sale of a majority (approximately 79%) stake in its Advanced Tidal Engineering and Services division ("ATES") to Proteus Marine Renewables Limited ("Proteus"). This division has been responsible for the design of Atlantis' tidal turbines to date and the deployment and recovery of all turbines at the MeyGen site. The sale has no impact on SAE's majority ownership of MeyGen plc, with ownership of the full project development rights and all four turbines at the MeyGen site remaining with MeyGen plc. SAE remains focused on the development of the MeyGen site following the recent award of a 28MW Contract for Difference ("CFD").

The sale will allow the newly incorporated Proteus to grow its product and services offering across a broader scope of marine renewables whilst keeping its immediate focus on tidal energy.

SAE has retained a minority (approximately 21%) shareholding in Proteus and will continue to enjoy a strong relationship with the business and team through a Collaboration Agreement. SAE has also agreed on contracts to ensure the provision of ongoing services that will allow Proteus to provide continued support to the MeyGen operating tidal array.

SAE received an initial cash consideration for the sale of GBP0.5m and will receive a deferred cash consideration of up to EUR0.5m contingent on Proteus achieving financial close of the Raz Blanchard project. The sale significantly reduces Group operating costs, and together with the net sale proceeds, provides additional funding to support Group operations and the development of key projects. In 2021, ATES's pre- tax profit was approximately GBP0.4m and its net liabilities as at 30 June 2022 were approximately GBP0.5m.

The sale allows SAE to achieve its strategic objective of becoming a sustainable energy and battery storage project developer. The previous vertically integrated business model comprising a tidal turbine technology developer and a tidal project development business served its purpose in the early stages of the development of the tidal power industry. As the tidal power sector reaches maturity, as evidenced by the recent 28 MW MeyGen CFD award, it is the right time to separate the two businesses, allowing each to focus on its very different objectives.

Graham Reid, CEO of SAE, commented:

"We are proud to have developed the ATES business into what it is today and wish Drew and the team every success in the future. A key part of the sale is the agreements in place that ensure that it is business as usual for our existing tidal power projects but allows our focus to be on the delivery of the MeyGen site, the home of tidal energy."

Drew Blaxland, CEO of Proteus commented:

"The formation of Proteus and the injection of private equity capital will give both companies the focus and means to build a pathway to affordable tidal stream power. In addition to servicing its responsibilities at MeyGen, Proteus will also be focused on completing its next round of technology advancement. Key locations for this include Japan and France, where Proteus is now the majority shareholder in Normandie Hydroliennes, which aims to deploy a 12MW pilot array in 2025, as part of the EC's target of 1GW of marine energy by 2030."

[ne1sinvestor] 26/10/2022 21:17

My two penneth is not worth very much, but I’m hoping that this will have a positive impact on the ability to balance the books.

I’m hoping this divestiture allows SAE to focus on its targets and reduces operating costs. It did seem they were fighting on too many fronts, staying alive is the key to success.

However, if the terms of the deal were made public it would be easier pill for shareholders to swallow.

I’m holding, not worth selling now anyways

[david gruen] 26/10/2022 18:26

Maybe they know the terms!

[tempesttroy] 26/10/2022 18:05

The markets appear to be taking the MBO quite well despite any lack of RNS.