10 Jun 2022 15:12
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RNS10 June 2022
SIMEC ATLANTIS ENERGY LIMITED ("SAE", the "Company" and, together with its subsidiaries, the "Group")
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SAE confirms amendment to Debenture Deed
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Following the update on the 25 May 2022, SAE is pleased to confirm that Atlantis Ocean Energy debenture holders have approved the amendment to the debenture deed which will:
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· Extend the Maturity Date from 30 June 2022 to 30 June 2023
· Allow the interest due on 30 June 2022 to be paid late but no later than 30 September 2022
· Apply additional interest due to the amount that is being paid late at a rate equivalent to Barclays PLC published base rate +3% per year.
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In the same update, the Company noted that it would also be requesting a deferral of interest due on 30 June 2022 in relation to Atlantis Future Energy debentures which mature on 23 March 2023 (£4.97m) and 30 September 2024 (£3.79m)
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SAE has now written to Atlantis Future Energy debenture holders to formally request a short deferral of up to 3 months for interest payments due on 30 June 2022. Additional interest due to the amount that is being paid late will be applied at a rate equivalent to Barclays PLC published base rate + 3% per year.
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SAE expects to use part of the initial proceeds of the approximately £10m of expected proceeds from the previously announced agreement with Uskmouth Energy Storage to deliver a Battery Energy Storage Site at Uskmouth, to repay the interest.
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The request for the deferral requires the agreement of 75% by value of debenture holders. The voting period has now opened and the results of the vote are expected during week commencing 27 June 2022. SAE will continue to provide updates.
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SAE would like to thank its debenture holders for their continued support.
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For more information, please contact
SIMEC Atlantis Energy Limited | +44 (0) 7739 832 446 |
Sean Parsons, Director of External Affairs | |
Investec Bank PLC - NOMAD and Joint Broker | +44 (0) 20 7597 5970 |
Jeremy Ellis Ben Griffiths | |
 Arden Partners PLC - Joint Broker |  +44 (0) 20 7614 5900 |
 Ruari McGirr Simon Johnson  |
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Notes to Editors
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SAE is a global developer, owner and operator of sustainable energy projects with a diverse portfolio in various stages of development.
https://www.simecatlantis.com/