Business
Bond repayment update & AIM Rule 26 website change
Bond repayment update & AIM Rule 26 website change.
About this update from Ampeak Energy Limited
[{"type":"text","content":"\n \n \n \n 23 February 2023\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n SIMEC Atlantis Energy Limited\n \n \n \n (\"SAE Renewables\", the \"Company\" and, together with its subsidiaries, the \"Group\")\n \n \n \n \n \n \n \n \n Bond repayment update and\n \n \n AIM Rule 26 website change\n \n \n \n \n \n \n \n \n SAE Renewables (AIM: SAE) is today issuing a communication to its bondholders outlining its plans for repayment of its\n three 5-year debentures, issued through Atlantis Future Energy (\"AFE\") and Atlantis Ocean Energy (\"AOE\") with the support of Abundance Investment Limited (\"Abundance\"), in 2017 - 2019.\n \n \n \n \n \n SAE continues to progress the 230MW / 460MWh\n Battery Energy Storage Solutions (\"BESS\") project at its Uskmouth site in Wales. The option agreement for the lease of the land at Uskmouth runs until 23 May 2023 before which we expect the company that owns the battery project, Uskmouth Energy Storage Limited (\"UES\"), to enter a 30-year lease with the Group. This triggers the payment of a £4m development premium to SAE, approximately 30 days later. In addition, SAE has appointed Gerald Eve LLP, specialist real estate advisers, as agent to monetise the lease and they are seeking offers in the region of £11.8 million. Part of the income from the above events will be applied toward the repayment of the AFE 2018 and AOE 2017 debentures. \n \n \n \n \n \n In light of the expected timing, and with the AFE 2018 capital due for repayment on 31 March 2023, SAE is requesting a deferral of the repayment date from AFE 2018 bondholders. A summary of the proposal to the bondholders is set out below.\n \n \n \n \n \n AFE 2018 debentures - repayment due 31 March 2023\n \n \n SAE is asking the bondholders for agreement to defer the repayment date of the debenture principal of £4.97m until such time as the funds from securitising the annual lease income of the BESS project is received by the Company. SAE estimates these funds will be received during either Q2 or Q3 2023. In recognition of the deferral, and the increase in interest rates during the past 12 months, AFE will offer an enhanced interest rate of 10% on the AFE 2018 debentures, to accrue from 1 April 2023 for the duration of the extension period.\n \n \n \n \n \n AOE 2017 debentures - repayment due 30 June...