Simec Atlantis Share News (SAE)

(Sharecast News) - Sustainable energy generation and technology company Simec Atlantis Energy updated the market on the appointment of receivers over all of the shares of its major shareholder, Simec UK Energy Holdings (SUEH), a British Virgin Islands company, on Wednesday.
The AIM-traded firm said SUEH owns about 43% of its issued share capital.

Further to its announcement on 18 May, Simec Atlantis said the GFG Alliance, of which SUEH is a member, has commenced proceedings in the British Virgin Islands to challenge the validity of the appointment of receivers.

Separately, Simec Atlantis said it was also notified by the receivers that an application had been made by them to seek a waiver from the Singapore Securities Industry Council, which requires them to make a mandatory general offer for Simec Atlantis under the Singapore Code on Takeovers and Mergers arising out of their appointment.

"Simec Atlantis Energy will make further announcements as required in relation to the above matters as and when further information becomes available, including from the receivers," the board said in its statement.

At 1034 BST, shares in Simec Atlantis Energy were down 3.71% at 6.74p.