Completion of Acquisition

RNS Number : 5676X

Atlantis Resources Limited

09 May 2016

 

9 May 2016

Atlantis Resources Limited

("Atlantis" or the "Company")

Completion of Acquisition of Projects from ScottishPower Renewables

Atlantis, a global leader in the tidal power sector, is pleased to announce that it has, through a wholly owned subsidiary of the Company, completed the acquisition of Scottish tidal project assets from ScottishPower Renewables (UK) Limited ("SPR") in exchange for a stake in the Company's wider development portfolio.

Accordingly, as consideration for the acquisition, Tidal Power Scotland Limited ("TPSL") has issued new ordinary shares to SPR resulting in a shareholding for SPR of 6% of the enlarged share capital of TPSL.  As a result of the transaction, TPSL has acquired development rights for an additional 110MW of projects in Scotland, including the seabed rights, grid access and consents for the 10MW Sound of Islay project.

TPSL is the holder of the Company's Scottish development portfolio, including an 85% shareholding in the 398MW MeyGen project. 

Enquiries:

Atlantis Resources	[phone]
Tim Cornelius, Chief Executive Officer
Simon Counsell, Chief Financial Officer
Peel Hunt LLP (Nominated Adviser and Broker)	[phone]
Daniel Harris Jock Maxwell Macdonald Euan Brown
FTI Consulting	[phone]
Ben Brewerton Alex Beagley Stephanie Blott James Styles

 

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