SAE confirms amendment to Debenture Deed

RNS Number : 5248O

SIMEC Atlantis Energy Limited

10 June 2022

 

RNS

10 June 2022

SIMEC ATLANTIS ENERGY LIMITED
("SAE", the "Company" and, together with its subsidiaries, the "Group")

SAE confirms amendment to Debenture Deed

Following the update on the 25 May 2022, SAE is pleased to confirm that Atlantis Ocean Energy debenture holders have approved the amendment to the debenture deed which will:

· Extend the Maturity Date from 30 June 2022 to 30 June 2023

· Allow the interest due on 30 June 2022 to be paid late but no later than 30 September 2022

· Apply additional interest due to the amount that is being paid late at a rate equivalent to Barclays PLC published base rate +3% per year.

In the same update, the Company noted that it would also be requesting a deferral of interest due on 30 June 2022 in relation to Atlantis Future Energy debentures which mature on 23 March 2023 (£4.97m) and 30 September 2024 (£3.79m)

SAE has now written to Atlantis Future Energy debenture holders to formally request a short deferral of up to 3 months for interest payments due on 30 June 2022. Additional interest due to the amount that is being paid late will be applied at a rate equivalent to Barclays PLC published base rate + 3% per year.

SAE expects to use part of the initial proceeds of the approximately £10m of expected proceeds from the previously announced agreement with Uskmouth Energy Storage to deliver a Battery Energy Storage Site at Uskmouth, to repay the interest.

The request for the deferral requires the agreement of 75% by value of debenture holders. The voting period has now opened and the results of the vote are expected during week commencing 27 June 2022. SAE will continue to provide updates.

SAE would like to thank its debenture holders for their continued support.

For more information, please contact

SIMEC Atlantis Energy Limited	[phone]
Sean Parsons, Director of External Affairs
Investec Bank PLC - NOMAD and Joint Broker	[phone]
Jeremy Ellis Ben Griffiths
Arden Partners PLC - Joint Broker	[phone]
Ruari McGirr Simon Johnson

Notes to Editors

SAE is a global developer, owner and operator of sustainable energy projects with a diverse portfolio in various stages of development.

https://www.simecatlantis.com/

 

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