Business
Update on Proposed Acquisition of GHR
Update on Proposed Acquisition of GHR.
About this update from Ampeak Energy Limited
[{"type":"text","content":"\n \nRNS Number : 6147C SIMEC Atlantis Energy Limited 18 June 2019 \n\nThe information contained in this announcement is inside information under the Market Abuse Regulation (EU) No 596 / 2014. The person responsible for arranging the release of this announcement on behalf of SIMEC Atlantis Energy Limited is Tim Cornelius, Chief Executive Officer of SIMEC Atlantis Energy Limited. \n \n18 June 2019\n \nSIMEC ATLANTIS ENERGY LIMITED\n(\"Atlantis\" or the \"Company\" \")\n \nUpdate on the proposed acquisition of Green Highland Renewables \n \nAtlantis provides the following update further to the announcements made on 23 November 2018 and 28 March 2019 regarding its conditional purchase of the Green Highland Renewables (\"GHR\") portfolio of Scottish hydro schemes from its largest shareholder SIMEC Energy (\"SIMEC\"). \n \nAfter assessing the financing options available to purchase GHR, the independent Board Directors of Atlantis have now determined that an alternative transaction structure in relation to GHR would be in the interests of shareholders and therefore will not be proceeding with the acquisition of GHR as previously envisaged. \n \nAtlantis confirms that it is in ongoing discussions with SIMEC, a third-party infrastructure fund and project financiers in relation to an alternative transaction structure to allow Atlantis to deliver on its mandate of creating shareholder value through the development of high value sustainable power generation projects throughout the UK and abroad. Further updates will be provided when appropriate. There can be no guarantee that any transaction in relation to GHR will reach a conclusion. \n \n \nEnquiries:\n \n\n\n\nSIMEC Atlantis Energy Limited\n\n\nvia FTI Consulting\n\n\n\n\nTim Cornelius, Chief Executive Officer\nAndrew Dagley, Chief Financial Officer\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nCantor Fitzgerald Europe (Nominated Adviser and Joint Broker)\n\n\n+44 (0)20 7894 7000\n\n\n\n\nRick Thompson\nRichard Salmond\nDavid Porter\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nJ.P. Morgan Cazenove (Joint Broker)\nJames Deal\nMichael Wentworth Stanley\n\n\n+44 (0) 20 7742 4000\n\n\n\n\n\n\n\n\n\n\n\n\nFTI Consulting \nBen Brewerton\nAlex Beagley\n\n\n+44 (0)20 3727 1000\n\n\n\n \nNotes to Editors\n \nSIMEC Atlantis Energy \n \nSIMEC Atlantis En...