Company Update


18 May 2021

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

SAE, the global sustainable energy generation company and technology developer, wishes to announce that it has received correspondence in relation to the purported appointment of receivers over all of the shares of its major shareholder, SIMEC UK Energy Holdings Limited (“SUEH”), a GFG Alliance member, which SAE understands, owns approximately 43% of the issued share capital of SAE.

The GFG Alliance has informed SAE that it intends to challenge the validity of the appointment and is seeking appropriate advice.  For the avoidance of doubt, SAE wishes to make clear that the above process relates to its major shareholder, SUEH and not to SAE itself.  The GFG Alliance has also informed SAE that it wishes to make clear that SUEH is a holding company for the investment in SAE and the appointment of the receivers does not extend to the rest of the SIMEC group or other members of the GFG Alliance.

As a separate matter, SAE also notes that it will need to be determined from the receivers whether, assuming a valid appointment and enforcement of security pursuant to which that appointment is purported to have been exercised, a waiver from the Singapore Securities Industry Council to make a mandatory general offer for SAE under Rule 14 of the Singapore Code on Takeovers and Mergers arising from any such enforcement is required and, where required, has been obtained by the receivers.

SAE will make further announcements as required in relation to these matters and as further information becomes available. SAE also wishes to clarify again that, as announced on 7 April 2021, SAE is an independent company whose shares are admitted to trading on AIM and is not a member of the GFG Alliance.

For more information please contact:

SIMEC Atlantis Energy Limited +44 (0) 7739 832 446
Sean Parsons, Director of External Affairs  
Investec Bank PLC – NOMAD and Joint Broker +44 (0) 20 7597 5970
Jeremy Ellis

Sara Hale

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.

More on the MeyGen Project:

More on the Uskmouth Project:

Market Abuse Regulation

The information contained within this announcement is inside information as stipulated under MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain. The person responsible for arranging for the release of this announcement on behalf of SAE is Graham Reid, CEO of SAE.

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