Simec Atlantis Energy Share Discussion Threads

[pugugly] 24/5/2021 07:47

re 1229 Muckshifter - Very good point - especially re receivers - Good to see you are still around - Long time no chat.

[wheeze] 24/5/2021 07:07

A step closer to approval or still waiting on planning permission? High time this was given approval. Jobs and income for Wales.Further to the announcement dated 24 March 2021, SAE submitted a "Statement of Case" (SOC) to the Planning Inspectorate on 21 May 2021. The SOC is a routine part of the 'call in' process and addresses the matters raised in the 'call in' decision letter.The Newport City Council (NCC) planning case officer previously recommended approval of planning permission for the Uskmouth Conversion Project. The SOC refers to the content of the planning officer's report highlighting the following conclusion:-- "Planning permission is NOT sought for the conversion itself as a change in the fuel source from coal to waste derived pellets does not require planning permission and there is no change of use of the existing power station as its primary purpose would be thermal combustion to generate electricity."Additionally, the SOC confirms the following key points:-- The Uskmouth Power Station in planning terms remains an existing thermal combustion electricity generating station.-- The fuel pellets are specially engineered and manufactured to enable operations to continue at the Uskmouth power station for the primary purpose of generating electricity. There is no direct link between the operation of Uskmouth Power Station and the management of mixed municipal and residual wastes.-- From a technical planning perspective there were no objections from statutory consultees to prevent the proposals to bring the electricity generating power station back into operation.The next step in the 'call in' process is for the Planning Inspectorate to conduct a review of the environmental statement for the Uskmouth Conversion Project and SAE is looking forward to feedback in due course.

[skinny] 24/5/2021 07:03

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[muckshifter] 21/5/2021 12:25

My understanding of the situation is that assuming there is a receiver appointed for the 43% shareholder SUEH, the receiver has to gain exemption from the relevant take over code to avoid having to bid for the remaining shares of SAE, because the receiver suddenly possesses more than the 30% trigger point. That means that if the receiver sells (after gaining the exemption) to a single buyer, they then have the same problem, unless they arrange exemption, but if he sells to several buyers at less than 30% they can do whatever they wish.

Incidentally, my personal experience with receivers is that they damn near give away assets at unbelievably low prices.

[pugugly] 21/5/2021 09:21

So SUEH owns approximately 43% of the issued share capital of SAE. Now what could a vulture acquire at rock bottom price from the receiver - imo likley - As current mid price 6.3p may I suggest 3p might be a clearence price - A real scalper and would then only have to buy another 7.1% at the same price to control the company and all other holders would (imo) be stuffed.
Or is this too much a doomsday scenario?

[tempesttroy] 19/5/2021 07:29

Best thing for SAE now is to be bought by company with financial strength & one that is serious about renewable energy production. Meanwhile, it very much looks like the likelihood of SUP not passing go has now been built into the share price with only the overhang of GFG impacting on it. Unfortunately, this could easily see it dropping to 3p making the company almost worthless. Really needs a buyer with belief in its tidal & Hydro division. On a personal note, I've never been as down about a company as I am about SAE. The fundamentals still remain of course but it's been dogged with misfortune even before TC left the business.

[gbjbaanb] 19/5/2021 02:20

It's not there management's fault, It's big finance at fault. The guys who make a fortune fiddling with money like it's a game. Anyway I'm hoping a renewables fund company will pick them up for a song and make a fortune from than instead.

[escapetohome] 18/5/2021 23:11

Very very disappointing Simec Atlantis Energy.

I have a small but painful holding here.

Should be a go go stock , everything going for it in this environment, but it stumbles again and again and has had terrible ‘luck’.

We pay you to deliver, so start delivering Simec management.

[money multipier] 18/5/2021 23:04

Myles Macnulty’s tweets on SAE today:

[mdchand] 18/5/2021 22:19

3 large sales earlier today for 8.2m / 9.2m / 9.2m at 4.50p determined the price action today. ADVFN shows a balance of approx 30m sales to 10m buys which means the MMs have a huge overhang. Unless they can shift this stock to another institution, I can't see SIMEC rebounding anytime soon. However, the story about a receiver being appointed and SIMEC being solely targeted when nothing else has appeared in the media is very peculiar.

[gbjbaanb] 18/5/2021 16:11

So, some holding company is going under and one of their assets is a bunch of shares of SAE. So I suppose they'll be sold off quickly to raise some money (and a big fee for the receivers) and then things will get back to normal. I assume there's no financial liability like debt obligations for SAE in this. Perhaps if the holding company goes and SAE does turn out to owe them debt, will that debt be cancelled?

Once free of the holding company and all its current scandal, will they then float back to their true value?

I think this is more about the market getting panicky and selling up rather than then considering the long term future of the company. Once the dust settles and the situation becomes clear I think the share price will rise back to ... 8p :-)

[skinny] 18/5/2021 15:43

A bit more :-

[clabburn] 18/5/2021 13:17

Still trying to work this news out. As far as I understand it, it is the holding company set up specifically to own the stake in Atlantis that has been targeted, not Simec Energy as a whole making this a very targeted move. Not sure what this suggests. Maybe that Simec has borrowed against their shares in Atlantis or used them as collateral and that is now being called in?

[skinny] 18/5/2021 13:15

I know them both well - the songs that is ! :-)

[shrout] 18/5/2021 13:11

You're right Skinny, Emmylou did do a song of that name. I was thinking of this one by the M&P's..

[skinny] 18/5/2021 12:52

Wasn't that Emmylou Harris or even Thomas Fuller - but lets hope so!

[robertspc1] 18/5/2021 12:25

Maygen has more than 30 million of debt, including around half as secured creditors (Scottish Enterprise and Crown Estates), so unlikely much value for SAE equity holders

[shrout] 18/5/2021 12:07

As the Mamas & Papas said 'The darkest hour is just before dawn'. Just not sure the darkest hour has been reached yet.. or whether the dawn will be a false one.

[robertspc1] 18/5/2021 11:41

The CEO departure was a clear warning here. Liked the company when it was pure tidal with no Gupta involvement. Too much debt, dodgy inter company deals, then Uskmouth problems. Someone may well pick over the bones eventually but with SFO investigating Gupta it ain't gonna be pretty

[clabburn] 18/5/2021 11:21

I guess its important to remember that behind the Uskmouth problems there is a profitable hydro business and an impressive turbine division. Hopefully that wont go unnoticed.

[babbo1] 18/5/2021 11:10

Not someone but something..usually the sp

[skinny] 18/5/2021 10:50

I do hope someone realises the potential here at some point!

[kemche] 18/5/2021 10:46

Haven't heard from Boxer for a while. Is he a background buyer here?

[pugugly] 18/5/2021 10:44

Everything associated with Gupta and the GFG Alliance, including Cameron, now toxic - Was and is a great concept but now bargepole - (IMO)