Simec Atlantis Energy Share Discussion Threads

[wilc42] 12/8/2019 11:06

Why do you think.

[george stobbart] 12/8/2019 10:42

Going back to 7p

[wilc42] 12/8/2019 10:29

This could be a disaster. What is happening today to force this down ?

[wilc42] 18/7/2019 13:22

Wrong way however.

[clabburn] 16/7/2019 12:18

I was a bit concerned by no mention of Equitix in the last RNS. It was supposed to complete H1 2019 according to the RNS from 20 November. It feels like Uskmouth is the key project now unless they somehow pull a rabbit from the hat and get a CfD for Meygen (not likely). All the other potential catalysts (France, Indonesia, Tidal Range) are a pretty long way off. Im still positive on this one but not expecting the share price to recover much this year.

[ashtree2] 16/7/2019 07:39

Morgan Stanley Renewables reduced their holding in April,are they still selling?tia

[ashtree2] 16/7/2019 07:32

well have bought 2 lots this morning ,very unloved

[bamboo2] 15/7/2019 16:03

Following today's rns, I guess we could soon see some activity from Equitix Investment.
[I have 18/7/2019 marked as a potential turn day]

[llef] 10/7/2019 13:38

CNBC rehash of the RNS below (guess all PR is good PR)

[apollocreed1] 10/7/2019 10:09

I've just read all the posts on this board. It looks to me like this company may run out of cash before it becomes profitable, and it's concerning that the directors have not bought any shares themselves in the last year, but I'm happy to buy £500 of shares as a gamble.

[bamboo2] 10/7/2019 06:58

Good update on MeyGen

"Total system availability, a key performance metric, is approaching 90% for 2019 to date and during Q2 2019 was recorded at almost 98%"

[bamboo2] 02/7/2019 07:00

ic, Behind a paywall, can someone with access wait a few days then post the article? tia

[bamboo2] 28/6/2019 16:04

pdoc, you don't have to look very far on advfn to read far far worse than my post earlier. I like the co and I previously held ARL.

As I have said many times before, it would be nice if this went to the moon, but it probably never will!

That doesn't stop me from being a very keen supporter of tidal energy.

[manneken] 28/6/2019 11:58

Methinks somebody might be after Mygen on the cheap....at our expense. If I hadn't lost so much here already I'd bail out now.

[george stobbart] 28/6/2019 11:43

Heading below 10p again, I'm afraid guys.

[pdoc] 28/6/2019 11:33

Bamboo - Why are you copying and pasting the RNSs as though members of this board can't read from any official source? The reality is that £24m loss in the last year is a significant amount of money, so much so that if there is much more of it then the company will collapse. Havind a good idea and being the most efficient in the world at something does not shield a company from insolency. Get it right - this company is in trouble. The £5m from SIMEC is peanuts in comparison to the £24m. Something is up with this bunch since the takeover - I can't quite put my finger on it but it stinks.

[bamboo2] 28/6/2019 07:14

Sim, We have to be patient.
SIMEC look to be a supportive partner.

" We entered 2019 with the announcement of our intention to acquire the Green Highland Renewables ("GHR") Group of companies from the GFG Alliance. Having assessed the available financing options for the Group to purchase GHR, it was determined that an alternative transaction structure would be in the interests of shareholders and we will provide further information in the near future."

[simoore89] 28/6/2019 06:43

So are we not planning to buy GHR anymore

[bamboo2] 28/6/2019 06:37

Bank of 'Mum and Dad'? :o)

28 June 2019

SIMEC ATLANTIS ENERGY LIMITED

("Atlantis" or the "Company" ")

Update on the proposed acquisition of Green Highland Renewables

Atlantis provides the following update to the announcement made on 18 June 2019 regarding its conditional sale and purchase agreement ("SPA") to acquire Green Highland Renewables ("GHR") from the SIMEC group.

As announced on 18 June, the Company is considering an alternative transaction structure in relation to GHR. Atlantis now has agreed to release the SIMEC group from its obligations under the SPA in consideration for receipt of a payment in cash of approximately GBP5 million, pursuant to a payment agreement, (the "Payment Agreement") which will be deployed towards the delivery of its flagship 220MW Uskmouth waste-to-energy conversion project. Furthermore, SIMEC has agreed pursuant to a loan agreement made between Atlantis and SIMEC, subject to the satisfaction of certain conditions precedent, to make a GBP2 million interest free loan available to Atlantis (the "Loan Agreement"). Further information on these agreements is provided below.

Highlights

-- SIMEC has agreed to pay Atlantis the sum of GBP5.03 million in cash in order to be released from its obligations under the SPA

-- SIMEC has also agreed to make a GBP2 million interest free committed debt facility available to Atlantis

-- These additional financial resources will be deployed towards the delivery of its flagship 220MW Uskmouth waste-to-energy conversion project.

Payment and Loan Agreements

In light of the 62,878,710 new Ordinary Shares in Atlantis issued to SIMEC in March 2019 pursuant to the sale and purchase agreement ("SPA"), Atlantis has agreed pursuant to the Payment Agreement entered into on 27 June 2019 to release the SIMEC group from its obligations under the SPA in consideration for the payment in cash of approximately GBP5 million. This sum is payable by SIMEC in instalments, as and when required by Atlantis, but with the full GBP5.03 million payment due by no later than 31 December 2020.

Furthermore, SIMEC has agreed pursuant to the Loan Agreement dated 27 June 2019 made between Atlantis and SIMEC subject to the satisfaction of certain conditions precedent to make a GBP2 million interest free loan available to Atlantis. The loan term ends on 31 May 2022 at which point SIMEC can elect to be repaid in cash or Atlantis Ordinary Shares at a price of 19p per Ordinary Share. SIMEC's right to be repaid in Atlantis Ordinary Shares by conversion of the loan shall be subject to the consent of the Board of Atlantis (not to be unreasonably withheld or delayed) if such conversion would cause SIMEC's shareholding in Atlantis to exceed 49.99 per cent. of its issued share capital. The loan is subject to the satisfaction of certain conditions precedent including Atlantis having made progress on the Uskmouth conversion project and other customary conditions and draw stops for a loan of this nature.

The Payment Agreement and the Loan Agreement are both classified as related party transactions under the AIM Rules for Companies since they involve transactions with a related party of the Company, SIMEC, which is a substantial shareholder of the Company (being the Company's largest shareholder which, as at the date of this announcement, owns approximately 49.99 per cent. of the Company's issued share capital. The independent directors of Atlantis (comprising John Neill, Tim Cornelius, Andrew Dagley, John Woodley and Ian Wakelin), having consulted the Company's nominated adviser, Cantor Fitzgerald Europe, consider that the terms of each of the Payment Agreement and the Loan Agreement are fair and reasonable insofar as shareholders are concerned.

The collaboration between Atlantis and its strategic partner, SIMEC, is governed by the terms of the relationship agreement entered into between SIMEC and Atlantis in 2018.

Tim Cornelius, CEO of Atlantis, commented:

"Although not the original intention, this is an excellent outcome for Atlantis. We will end up with more near-term cash to deploy on key development projects which are intended to deliver the largest possible returns for investors.

The cash injections SIMEC is making validates its commitment to building a world leading project development company with the Atlantis management team and we are very appreciative of its continued financial, commercial and supply chain support. We are now in an even stronger financial position and look forward to building a portfolio of scale, starting with the flagship Uskmouth conversion project, one of the largest waste-to-energy projects in Europe."

Jay Hambro, CEO of SIMEC Energy and Non-Executive Director of SIMEC Atlantis, commented:

"SIMEC firmly supports SIMEC Atlantis and believes these arrangements are a win-win for all parties involved. We are delighted to provide further funding to progress the ground-breaking Uskmouth conversion project which should create material value for all shareholders. We firmly believe that this project will become a blueprint for the responsible conversion of coal fired power stations around the world."

[bamboo2] 21/6/2019 08:53

For the first time since the Industrial Revolution, Britain is obtaining more power from zero-carbon sources than fossil fuels.

The milestone has been passed for the first five months of 2019.

National Grid says clean energy has nudged ahead with 48% of generation, against 47% for coal and gas.

[bamboo2] 20/6/2019 17:57

Potential turn on my chart for tomorrow.

[cwa1] 18/6/2019 10:57

18 June 2019

SIMEC ATLANTIS ENERGY LIMITED

("Atlantis" or the "Company" ")

Update on the proposed acquisition of Green Highland Renewables

Atlantis provides the following update further to the announcements made on 23 November 2018 and 28 March 2019 regarding its conditional purchase of the Green Highland Renewables ("GHR") portfolio of Scottish hydro schemes from its largest shareholder SIMEC Energy ("SIMEC").

After assessing the financing options available to purchase GHR, the independent Board Directors of Atlantis have now determined that an alternative transaction structure in relation to GHR would be in the interests of shareholders and therefore will not be proceeding with the acquisition of GHR as previously envisaged.

Atlantis confirms that it is in ongoing discussions with SIMEC, a third-party infrastructure fund and project financiers in relation to an alternative transaction structure to allow Atlantis to deliver on its mandate of creating shareholder value through the development of high value sustainable power generation projects throughout the UK and abroad. Further updates will be provided when appropriate. There can be no guarantee that any transaction in relation to GHR will reach a conclusion.