SAE in discussions with Abundance Investment Limited regarding Atlantis Ocean Energy PLC debentures

27 April 2022

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

SAE in discussions with Abundance Investment Limited regarding Atlantis Ocean Energy PLC debentures

SAE has entered into discussions with Abundance Investment Limited regarding extending the timing of the repayment of the Atlantis Ocean Energy PLC debentures. As previously disclosed, the Atlantis Ocean Energy PLC debentures were issued in 2017 and the principal of £4.95m is currently due for repayment on 30 June 2022.

The following communication will be issued to Atlantis Ocean Energy debentures holders today:

“As you know, we are due to repay your capital with a final interest payment on 30 June 2022.  We have been making steady progress on the development of our sustainable energy projects, in particular at our Uskmouth site, and expect these projects to deliver a significant income stream to the Company.  It has become clear, however, that as a result of delays to these projects, we will need more time to repay the Atlantis Ocean Energy debentures.

We will write to you shortly to provide you with full details and to formally request an extension to the repayment date of the debentures and potentially a short deferral of the upcoming interest payment.  We intend to repay the debentures in full and to continue to pay interest until repayment, but we are requesting this extension in order to give us time to realise value from our projects.”

A further update will be provided by the Company as discussions progress.

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 Ben Griffiths
Arden Partners PLC – Joint Broker	+44 (0) 20 7614 5900
Ruari McGirr Richard Johnson Simon Johnson

Notes to Editors

SAE

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, and 100 per cent. of the Uskmouth site.

https://www.saerenewables.com/

More on the MeyGen Project: https://saerenewables.com/projects/meygen/

More on the Uskmouth Project: https://saerenewables.com/project-development-operation/simec-uskmouth-power/