Business
Acquisition of SIMEC Green Highland Renewables
Acquisition of SIMEC Green Highland Renewables.
About this update from Ampeak Energy Limited
[{"type":"text","content":"\n \nRNS Number : 3933I SIMEC Atlantis Energy Limited 23 November 2018 \n\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET ABUSE REGULATION (EU) NO. 596/2014 (\"MAR\").\nTHIS ANNOUNCEMENT, INCLUDING THE INFORMATION CONTAINED HEREIN, IS RESTRICTED AND IS NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO OR FROM THE UNITED STATES (INCLUDING ITS TERRITORIES AND POSSESSIONS, ANY STATES OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA) (COLLECTIVELY, THE \"UNITED STATES\"), CANADA, AUSTRALIA, JAPAN OR THE REPUBLIC OF SOUTH AFRICA OR IN OR INTO OR FROM ANY OTHER JURISDICTION IN WHICH SUCH PUBLICATION, DISTRIBUTION OR RELEASE WOULD BE PROHIBITED BY ANY APPLICABLE LAW.\nTHIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND IS NOT AND DOES NOT CONSTITUTE, CONTAIN OR FORM PART OF AN OFFER TO SELL OR ISSUE OR A SOLICITATION TO BUY, SUBSCRIBE FOR OR OTHERWISE ACQUIRE, ANY SECURITIES IN THE UNITED STATES, CANADA, AUSTRALIA, JAPAN OR THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH ANY SUCH OFFER OR SOLICITATION WOULD BE UNLAWFUL.\n \n23 November 2018\nSIMEC Atlantis Energy Limited\n(\"Atlantis\" or the \"Company\")\nProposed Acquisition of SIMEC Green Highland Renewables\n\nTransaction Highlights\n· Atlantis has conditionally agreed to acquire SIMEC Green Highland Renewables (\"SIMEC GHR\") at an agreed enterprise value of £124.7 million from the SIMEC group, part of the GFG Alliance.\n· Agreed enterprise value of £124.7 million which reflects that SIMEC GHR will be acquired with up to £95 million of long-term project financing already in place on terms satisfactory to Atlantis. In addition, GHR will benefit from a c.£24 million capex facility to fund all planned future capex needs as well as a c. £2 million revolving credit facility.\n· Taking into account the long-term project financing of up to £95 million, it is expected that at Completion of the Acquisition a maximum amount of £29.7 million will be paid for SIMEC GHR comprising: (i) a cash amount of £14.85 million for the shares of SIMEC GHR and the partial repayment of existing SIMEC GHR debt; and (ii) in the event that such repayment is to be funded by an equity fundraising, Atlantis will issue such nu...