Business
Transaction Update
Transaction Update.
About this update from Ampeak Energy Limited
[{"type":"text","content":"\n \nRNS Number : 4827H Atlantis Resources Limited 13 March 2018 \n\n13 March 2018\nAtlantis Resources Limited\n(\"Atlantis\" or the \"Company\" or the \"Group\")\n \nTransaction Update\n \nAtlantis provides the following update on the transformational deal announced on 14 December 2017 whereby Atlantis will join forces with SIMEC Energy, a part of the GFG Alliance. The transaction is intended to create a listed platform which would own and operate a global portfolio of renewable generation assets. \n \nThe Company and its advisers have been making good progress on the acquisition of the Uskmouth power station in Wales, which is classed as a reverse takeover under the AIM Rules for Companies and Atlantis now expects to announce the finalised terms of the transaction and hold an Extraordinary General Meeting in Q2 2018 to allow shareholders to vote on the proposed transaction which, if approved, would see the Company recommence trading as SIMEC Atlantis Energy shortly thereafter. \n \nFollowing completion of the front end engineering design (\"FEED\") in H2 2018 and appropriate project based funding being secured, in relation to which discussions with project based debt and equity providers are on-going, the Uskmouth power station, which was previously coal-fired, will be converted to burn energy pellets, derived from non-recyclable waste products which would otherwise have been sent to landfill. The station will have an initial generation capacity of 220MW, with the option to convert a third unit in future, which would bring its capacity to 330MW.\n \nAs previously announced, the GFG Alliance will provide 20 year power purchase agreements and, along with its fuel supply partner, N+P Group, a 20 year fuel supply agreement which will allow this funding to be completed. As part of this transaction, Atlantis is also finalising a relationship agreement which will govern its interactions with the broader GFG Alliance and outline the Group's first right of offer to acquire energy assets from across the SIMEC portfolio. \n \nTim Cornelius, CEO of Atlantis said: \n \n\"I am pleased with the excellent progress we are making on what is a complex transaction involving negotiating land and property agreements, grid access rights, power purchase agreements, a fuel supply agreement with multiple parties...